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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:

  • Unpaid mortgages, liens and judgments
  • Realtor’s commission
  • Fee for preparation of the warranty deed and Real Estate Transfer Tax Declaration
  • Real estate taxes, prorated through the date of possession
  • Recording fees for the release of any existing mortgages, liens and judgments
  • Title policy
  • Transfer taxes to the State of Illinois and any applicable municipality

Typical fees and expenses to the buyer include the following:

  • Termite, whole house and other inspections
  • Loan fees charged by the financial institution granting any loan and mortgage
  • Fee for mortgage policy, if applicable
  • Closing fees
  • Fee to record the deed and mortgage
Awarded the 2007 Peoria Journal Star Reader's Choice Award for Attorneys Our Locations:

101 N.E. Randolph Avenue
Peoria, IL 61606
Phone: 309.265.0812
Fax: 309.673.8759
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1811 S. Main Street
Eureka, IL 61530
Phone: 309.467.5457
Fax: 309.467.5448
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100 N. Main Street
Morton, IL 61550
Phone: 309.938.4296
Fax: 309.266.8759
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