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