On average, sellers in Illinois can expect to pay 2.99% of their home's final sale price in closing costs. For a $267,383 home — the median home value in Illinois — you'd pay around $8,006.
In most real estate transactions, closing costs come right out of your sales profits. You'd only have to pay out of pocket if your closing costs exceed the amount you earn from the sale — which rarely happens.
For sellers in Illinois, real estate agent commission fees alone can easily exceed their total closing costs. However, you can save thousands on realtor commissions by using an agent-matching service like Clever Real Estate.
Clever pre-negotiates low listing fees with highly experienced agents across the country to help you keep more money in your pocket after selling your home.
Keep reading to find out which closing costs sellers are responsible for in Illinois and how much you can expect to pay for each of them. You can also use our Illinois seller closing costs calculator to get a personalized estimate of your closing costs!
How much are seller closing costs in Illinois?
Seller closing costs include all of the required fees for finalizing your Illinois home sale.
Illinois seller closing costs | Average rate | Average cost* |
|---|---|---|
0.35% | $928 | |
0.25% | $660 | |
0.15% | $401 | |
0.05% | $125 | |
2% | $5,348 | |
Varies | Varies | |
Total | 2.99% | $8,006 |
*Based on a sale price of $267,383, the typical home value in Illinois (Zillow August 31, 2022) | ||
In Illinois, you'll pay about 2.99% of your home's final sale price in closing costs. This doesn't include realtor fees.
Remember that this number is an estimate, and may differ based on your unique situation. While you can't skip paying many of these costs, you can negotiate which expenses will be paid by you or the buyer.
For best results, you'll want a great agent with experience negotiating with buyers. Clever can help by matching you with a top local agent who will keep your best interests in mind and score you a great deal.
» MORE: See how Clever can match you with a local expert
Both parties will have to pay unique closing costs to settle a real estate transaction. In Illinois, sellers are usually responsible for paying title and closing service fees, owner's title insurance policy, transfer taxes, and recording fees. Buyers usually pay for appraisal and mortgage fees — learn more about what they pay at closing.
Title fees: 0.35%
Title fees cover the costs of your title search and title transfer.
A title search makes sure there aren't liens or claims against your property, while the title transfer legally transfers the home to the buyer.
Buyers and sellers in Illinois usually each pay for their own title company or closing agent. For sellers, this usually ends up being 0.35% of the sale price.
Owner's title insurance: 0.25%
An owner's title insurance policy protects your buyer if there's a problem with the property title. This can include clerical errors or ownership disputes, among other things. If issues arise, title insurance covers legal fees or possibly reimburses the value of the home.
Seller cover the cost of an owner's title insurance policy in most cases in Illinois, but like most closing fees, you can negotiate who pays it.
In Illinois, title insurance usually costs around 0.25% of your home's final sale price — around $660 for a $267,383 home. However, the rate for your specific property will likely vary.
» MORE: What is title insurance, and why do you need it?
Illinois Transfer tax: 0.15%
Illinois will charge you about 0.15% of your property's final sale price to transfer the title to the new owner. For a $267,383 house — the median home value in Illinois — you'd pay around $401.
However, transfer taxes can vary a lot depending on your home value and location. The city of Chicago, for example, imposes a total transfer tax of $5.25 per $500 of the home sale price. To further complicate this matter, it's common for buyers and sellers in this city to split the transfer tax fee. Buyers usually pay $3.75, and sellers cover the remaining $1.50 for every $500.
To find out how much you'll owe in transfer taxes based on your local ordinances, ask your real estate agent.
» FIND: Learn more about transfer taxes in Illinois
Illinois recording fees: $125
You pay a recording fee to your city or county so they can record your property's mortgage and deed information. The exact amount will vary by location, but you can expect to pay about $125 in Illinois. This is another fee you might be able to negotiate for the buyer to cover.
Most counties will have information about their recording fees on their websites. For example, Adams County charges $71 to process and record real estate documents with fewer than 50 pages. In Lake County, on the other hand, the standard document recording fee is $60 regardless of how many pages are included.
Buyer incentives: 2%
Buyer incentives make your home seem more appealing to house hunters. In tough markets, paying some of the buyer's closing costs, providing repair credits, or including valuable items — like appliances or new furniture — can increase your offers.
Sellers spend about $5,348 on average for buyer incentives in Illinois.
Don't forget about property taxes!
When you sell a home in Illinois, you'll still have to pay property taxes for the months you owned the property. Using this prorated system, you won't be on the hook for the full 12 months of taxes. However, this does make it more difficult to estimate how much you'll owe at closing.
The average property tax rate in Illinois is #N/A, but this can vary quite a bit depending on your county.
For instance, Winnebago County has the highest property tax rate in the state at 2.99%. Meanwhile, Hardin County residents have the lowest property tax rate at just 0.84%.
Be sure to check with your real estate agent so you can find out exactly you'll need to pay in property taxes.
Other Illinois closing costs for sellers
No matter how prepared you are, selling an Illinois home will often lead to a few surprise fees. For instance, you might need to pay out of pocket for an appraisal on your historic Chicago townhome, or you may want to retain a real estate attorney to overlook the sale of your Champaign investment rental.
» LEARN: The total cost of selling a house
Regardless of your individual situation, you should prepare for a couple of miscellaneous expenses. Some of the most common extra fees include:
- Homeowners Association (HOA) fees
- Mortgage payoff and/or prepayment penalties
- Property appraisal fees (averages $260)
- Settlement or attorney fees (averages $268)
Finding a local expert who understands local closing costs and fees is a great way to help you save. A great agent will also have valuable local knowledge that will allow them to understand what features buyers want most in a new home.
When you use Clever, you'll be paired with an experienced local realtor with the insights you need to maximize your profits.
Illinois closing costs calculator
Use this Illinois closing costs calculator to see how much money you'll actually take home after the sale.
Just remember — this calculator is only an estimate of your Illinois home sale profits! What you pay in closing costs depends on local fees and how much you negotiate with the buyer.
How to save on Illinois closing costs
Although closing costs aren't usually the biggest expense for sellers in Illinois, there are a few things you can do to reduce these fees.
Shop around for better prices
You may be able to save money by shopping for cheaper rates on services like title insurance and closing fees.
Before you do, understand that these costs are usually low and fairly consistent between companies. Even though you may be able to save $50 or there, the research you do for these discounts probably isn't worth your time.
Negotiate for the buyer to pay
When it's a seller's market, it's common to ask the buyer to cover additional closing costs. You'll have the upper hand because competition since buyers will do everything they can to make their offer stand out.
Even if you're not in a seller's market, buyers may accept paying more closing costs if they can get a discount on the sale price.
» MORE: How to negotiate with buyers before accepting an offer
Save on realtor fees
Realtor fees are often the biggest expense when selling a home — but because of that, they're also where you can save the most. Illinois real estate commissions usually add up to $14,011, which can be more than all of your other closing costs combined!
Thankfully, there's a way to save big by selling with Clever. With listing fees of just 1.5%, you'll save up to 50% on realtor commission, putting more money in your pocket.
Frequently asked questions
In Illinois, expect to pay about 2.99% of your home’s sale price in closing costs — not including realtor fees. At the median home value of $267,383, this equates to around $8,006 at closing. Learn more about what makes up seller closing costs in Illinois.
Buyers and sellers each pay for different closing costs to finalize a sale. In Illinois, sellers typically pay for title fees, transfer taxes, owner's title insurance expenses, and recording fees at closing. Learn more about who pays closing costs in Illinois.
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