Process and costs
Costs of Selling a House in Illinois
Illinois sellers pay several line items that surprise people the first time they see a settlement statement. Knowing them ahead of time makes any offer easier to evaluate.
Common seller line items
Amounts vary by county, municipality and the terms you negotiate. Your attorney or title company can give you a written estimate specific to your property before you commit to anything.
- State and county real estate transfer taxes
- Municipal transfer tax, where the city or village imposes one
- Attorney fees, which are customary in Illinois closings
- Title insurance and settlement charges
- Prorated property taxes, which are paid in arrears in Illinois
- Recording fees and payoff processing for any mortgage
The property tax proration surprise
Illinois property taxes are paid a year behind. At closing, sellers typically credit the buyer for taxes accrued but not yet billed, which can be a substantial figure in Cook and the collar counties.
This applies no matter who buys the house, so factor it into every comparison you make.
Costs a listing adds
Beyond the items above, a traditional sale can bring commissions, pre-listing repairs, staging and photography, and credits negotiated after the inspection.
A direct sale removes several of those, though transfer taxes, prorations and title work still apply. Ask any buyer specifically which closing costs they cover, and get the answer in writing.
This guide is general information about selling property in Illinois, not legal, tax or financial advice. Every situation differs, so confirm the specifics with a licensed attorney or tax professional before you act.