Whose Responsibility is All of This, Anyway?
A real estate transaction involves more than the purchase price. Typical fees and expenses to the seller include the following:
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Unpaid mortgages, liens and judgments
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Realtor’s commission
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Fee for preparation of the warranty deed and Real Estate Transfer Tax Declaration
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Real estate taxes, prorated through the date of possession
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Recording fees for the release of any existing mortgages, liens and judgments
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Title policy
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Transfer taxes to the State of Illinois and any applicable municipality
Typical fees and expenses to the buyer include the following:
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Termite, whole house and other inspections
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Loan fees charged by the financial institution granting any loan and mortgage
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Fee for mortgage policy, if applicable
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Closing fees
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Fee to record the deed and mortgage
