So you have had enough of Chicago living and you want to sell your River North condo, move out of the Chicago River North area and head out to the burbs.. The first thing you obviously need to do is speak to a experienced River North realtor such as myself to inform you about current happenings in the River North Real Estate market and what I can do to sell your River North condo in a timely and cost effective manner.
Next step is listing your River North Condo and getting it sold! (obviously!!)
As a condo seller, there are a few more fees than just paying a move out fee to your management company and hiring the movers. There are also Closing Costs That Sellers Pay For! So lets break down the most common Closing Costs that sellers have to pay for
1) TRANSFER STAMPS
When selling a River North Condo or any condo in Chicago, there are 3 Different Transfer Stamps that need to be paid.. The State, County and City of Chicago.. They all have their hands out just waiting to get more of your hard earned money..
State of Illinois Charges $1 per 1000 (if you are selling your condo for $300,000) you owe the state $300
Cook County Charges .50 per 1000 (if you are selling your condo for $300,00) you owe the county $150
City of Chicago Charges $3 per 1000 (if you are selling yoru condo for $300,000) you owe Chicago $900
So if you were to sell your River North condo for $300,000 you would pay $1350 in Transfer Stamps Tax
In Illinois the Seller is always responsible for the the State of Illinois Transfer Stamp and the Cook County and City of Chicago Stamp.. Other counties and villages vary.. To view more information about transfer stamps for all counties and villages in Illinois go to http://www.illinoisrealestate.com/chicago-transfer-tax.htm
2) TITLE INSURANCE
The seller must provide a policy of Title Insurance for the buyer.. The cost of this title insurance depends on the Sale price of the home.. Title insurance can run anywhere from a few hundred dollars to a few thousand..
3) CREDIT TO THE BUYER FOR UNPAID REAL ESTATE TAXES
Credit to the buyer for real estate taxes that were for the time period uou owned the home but will be billed after the closing date of the sale of your home..
4) BROKERS COMMISSION
Can vary anywhere from 4%-7% of the sales price
5) SURVEY
Sellers in Illinois are responsible for giving a potential buyer a Plat of Survey for the property. Surveys typically range between $200-$600
6) RECORDED RELEASE OF MORTGAGE
This verifies that your mortgage has been completely paid off.. This can run anywhere from $20-$150
7) ATTORNEY FEES
I strongly recommend utilizing the service of a attorney when you buy or sell your home.. I also recommend using a attorney who charges a flat fee instead of hourly. $450-$600 is what you should spend for a residential real estate transaction.. Anything more than $600 and you are paying too much!
Every title company is different and they all charge differentely or have different charges than what I have just provided your. However, the most common and most expensive of your seller closing costs have been outlined ablove
Are you looking to Buy Or Sell a River North Condo or Home? If so, please CONTACT ME any time day or night for all of your River North Real Estate and Short Sales needs ! Let my River North real estate experience help you!
Jim Kontos
President--Broker--River North Real Estate Expert--Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX River North
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jkontos@remax.net
www.rivernorthhomes.com
www.mychicagoshortsalesite.com
