In Illinois, residential real estate property sellers incur a number of fees and charges when selling their homes. These include state and county transfer taxes, title insurance, real estate broker commissions, attorney fees, plats of survey, FHA or VA charges, unpaid real estate taxes, and any recorded mortgage on the property. Transfer taxes are based on the sale or appraisal value of the home and some exemptions exist. Sellers are also responsible for title search and insurance costs based on the sale value, as well as attorney and broker fees that can vary. Survey and FHA/VA charges depend on additional factors like the law firm, broker, and sale price of the property.
2. For over a decade, Heidi Scott has been providing
legal services to clients in Mt. Sterling, Illinois, and
the surrounding area. As the owner of Schuyler
Brown Land Title and a practicing attorney and CPA
in Illinois, Heidi Scott focuses on estate planning, tax
law, and real estate.
In Illinois, residential real estate property sellers incur
a number of charges and fees when selling their
homes. These include state and county transfer
taxes, title insurance, real estate broker commissions
and attorney fees, plats of survey, and FHA or VA
charges.
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3. The transfer tax is a percentage of the sale or appraisal value of a
house. It's crucial to note that property transfer tax is not always
mandatory. Some exemptions include property transfers of less
than $500, transfers where the property is collateral for certain
debt, property transfers involving a tax deed as the deed, transfers
that arise when a subsidiary company surrenders its stocks to its
parent, and transfers that are part of a confirmed plan under
bankruptcy.
Residential real estate property sellers are responsible for the
costs associated with title searches and title insurance in Illinois.
The selling value of the property sets the benchmark cost, while
the choice of title insurance company can also influence the cost
minimally. Attorney fees depend on the law firm and broker
commission also depends on the broker retained. Meanwhile, law
firms in Illinois charge different rates for plats of survey and FHA or
VA charges depend on a property's sale price.
Sellers must also settle unpaid real estate taxes before property
transfers. In addition, if a mortgage is recorded on a property, the
seller is required to pay the debt.
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