chicago buyer estimate of closing costs
DESCRIPTION
Estimate of buyer closing costs in the city of Chicago by Shay Hata, Realtor with Berkshire Hathaway Koenig Rubloff.TRANSCRIPT
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SALES PRICE $125,000 $250,000.00 $500,000.00 $750,000.00 $1,000,000.00
LOAN AMOUNT(based on 80% loan) $100,000 $200,000.00 $400,000.00 $600,000.00 $800,000.00
ESTIMATED LENDER COSTS
All lender cost estimates per Wells Fargo Home Mortgage
1- Appraisal $350-450 $350-450 $350-450 $400-500 $450-550
2- Lender Fees $850 $850 $850 $850 $850
TOTAL ESTIMATED LENDER COSTS $1200-1300 $1200-1300 $1200-1300 $1250-1350 $1300-1400
ESTIMATED TITLE COSTS
All title cost estimates per Fort Dearborn Land Title
Settlement or Closing Fee $750-795 $850-895 $950-1050 $1200-1300 $1400-1500
Mortgage Policy Insurance $400-500 $400-500 $400-500 $400-500 $400-500
Endorsements ($150/-EPA,ARM,Condo,etc.) $150 $150 $150 $150 $150
Commitment Update Fee (per update) $100 $100 $100 $100 $100
Record Fees (Deed and Mortgage) $100-150 $100-150 $100-150 $100-150 $100-150
State of IL Policy Fee $3 $3 $3 $3 $3
Closing Protection Letter $50 $50 $50 $50 $50
Misc. $100-200 $100-200 $100-200 $100-200 $100-200
TOTAL ESTIMATED TITLE COSTS $1653-1948 $1753-2048 $1853-2,223 $2103-2453 $2303-2653
ESTIMATED ADDITIONAL BUYER'S COSTS
Home Inspection Fees $300-500 $300-500 $400-600 $500-700 $600-800
Radon Inpection Fee $150-500 $150-500 $200-500 $200-500 $300-500
One yr Paid Homeowner's Insurance (K&S Insurance) $700-900 $700-900 $1200-1400 $1600-1800 $2000-2200
Home Warranty (American Home Shield) $435-780 $435-780 $435-780 $435-780 $435-780
Attorney Fees $500-800 $500-800 $500-800 $750-1050 $750-1050
Broker Commission (K&S) $250 + % per buyer rep agrmnt* $250 $250 $250 $250 $250
(*percentage portion typically paid by seller's broker - see your buyer rep agreement for details)
TOTAL ESTIMATED ADDL COSTS $2335-3730 $2335-3730 $2985-4330 $3735-5080 $4335-5580
ESTIMATED REAL ESTATE TAX & OTHER CREDITS
Tax Credits ____________ ____________ ____________ ____________ ____________
Escrow Deposit( Earnest Money) ____________ ____________ ____________ ____________ ____________
Transfer Stamp ____________ ____________ ____________ ____________ ____________
TOTAL ESTIMATED REAL ESTATE TAX & CREDITS
TOTAL ESTIMATED COSTS $5188-6975 $5288-7078 $6038-7833 $7088-8883 $7938-9633
SUBURBAN
BUYER'S ESTIMATE OF CLOSING COSTS
This document is intended to provide an initial overview and estimtate of potential costs related to a residential real estate transaction. It is not a subsitutute for or
related to a Good Faith Estimate or any part of a mortgage application. Koenig & Strey Real Living personnel are not mortgage brokers, lenders or attorneys. You
should not rely on mortgage rates or product information contained in this document. To learn about currently available mortgage rates and products, and transaction costs, please consult your lender and attorney. The information in this document is valid through June 30, 2012.
Buyer's Estimate of Closing Cost-Chicago/Suburban APRIL 2012
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SALES PRICE $125,000 $250,000.00 $500,000.00 $750,000.00 $1,000,000.00
LOAN AMOUNT(based on 80% loan) $100,000 $200,000.00 $400,000.00 $600,000.00 $800,000.00
ESTIMATED LENDER COSTS
All lender cost estimates per Wells Fargo Home Mortgage
1- Appraisal $350-450 $350-450 $350-450 $400-500 $450-550
2- Lender Fees $850 $850 $850 $850 $850
TOTAL ESTIMATED LENDER COSTS $1200-1300 $1200-1300 $1200-1300 $1250-1350 $1300-1400
ESTIMATED TITLE COSTS
All title cost estimates per Fort Dearborn Land Title
Settlement or Closing Fee $750-795 $850-895 $950-1050 $1200-1300 $1400-1500
Mortgage Policy Insurance $400-500 $400-500 $400-500 $400-500 $400-500
Endorsements ($150/-EPA,ARM,Condo,etc.) $150 $150 $150 $150 $150
Commitment Update Fee (per update) $100 $100 $100 $100 $100
Record Fees (Deed and Mortgage) $100-150 $100-150 $100-150 $100-150 $100-150
State of IL Policy Fee $3 $3 $3 $3 $3
Closing Protection Letter $50 $50 $50 $50 $50
Misc. $100-200 $100-200 $100-200 $100-200 $100-200
TOTAL ESTIMATED TITLE COSTS $1653-1948 $1753-2048 $1853-2,223 $2103-2453 $2303-2653
ESTIMATED ADDITIONAL BUYER'S COSTS
Home Inspection Fees $300-500 $300-500 $400-600 $500-700 $600-800
Radon Inpection Fee $150-500 $150-500 $200-500 $200-500 $300-500
One yr Paid Homeowner's Insurance (K&S Insurance) $700-900 $700-900 $1200-1400 $1600-1800 $2000-2200
Home Warranty (American Home Shield) $435-780 $435-780 $435-780 $435-780 $435-780
Attorney Fees $500-800 $500-800 $500-800 $750-1050 $750-1050
Broker Commission (K&S) $250 + % per buyer rep agrmnt* $250 $250 $250 $250 $250
(*percentage portion typically paid by seller's broker - see your buyer rep agreement for details)
TOTAL ESTIMATED ADDL COSTS $2335-3730 $2335-3730 $2985-4330 $3735-5080 $4335-5580
ESTIMATED REAL ESTATE TAX & OTHER CREDITS
Tax Credits ____________ ____________ ____________ ____________ ____________
Escrow Deposit( Earnest Money) ____________ ____________ ____________ ____________ ____________
Transfer Stamp ($7.50 per $1000 of purchase price) $750 $1,875 $3,750 $5,625 $7,500
TOTAL ESTIMATED REAL ESTATE TAX & CREDITS
TOTAL ESTIMATED COSTS $5438-7178 $5538-7328 $6288-8083 $7338-9133 $8188-9883
BUYER'S ESTIMATE OF CLOSING COSTS
CITY OF CHICAGO
This document is intended to provide an initial overview and estimtate of potential costs related to a residential real estate transaction. It is not a subsitutute for or
related to a Good Faith Estimate or any part of a mortgage application. Koenig & Strey Real Living personnel are not mortgage brokers, lenders or attorneys. You
should not rely on mortgage rates or product information contained in this document. To learn about currently available mortgage rates and products, and transaction costs, please consult your lender and attorney. The information in this document is valid through June 30, 2012.
Buyer's Estimate of Closing Cost-Chicago/Suburban APRIL 2012