How much? You have to pay the piper and in residential closings there are quite a few pipers to pay. Title companies, lenders, surveyors, inspectors, appraisers, realtors, and lawyers all get paid for the services they provide. Of course, the State of Illinois, your County and most municipalities grab a percentage of most deals and don’t forget the tax prorations to cover the portion that was due but not payable How much is this house really going to cost me? How much will I actually receive from the sale of my home? These are important questions and ones we can help you with throughout the process. The interactive calculators will give you a geneal idea of closing costs, but once we have our file opened we can give you a better estimate until For our Buyers using a lender you will be provided within 3 business days after applying for the loan, a Loan Estimate.
For our sellers and cash buyers, we provide projected figures and bottom lines to you once we open your file. and update as we receive the firm numbers.
Ever wonder how they calculate our real estate taxes. The Cook County Assessor’s does a nice job of explaining it HERE. In short you take the most recent Assessed Value of your home and multiply it by an annual State Equalizer a factor designed in theory to balance tax bills throughout the State. This figure is then multiplied by the annual tax rate for the municipality that the home is located. If you are eligible for any exemptions, they get subtracted from this total. Below is a spreadsheet for a Chicago property