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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