Buyer Costs When Purchasing a Home
As the Buyer you may be responsible for the following costs:
Attorney's Fees
$400 - $1000
Property Inspection
$250 - $400
Lead Paint Inspection
$200 - $350 (Optional)
City of Chicago Transfer Tax (Stamps)
$7.50 per $1000 of Purchase price
Homeowners Insurance
Varies
Settlement or Escrow Closing Fee
Paid to title company to handle closing
$175 up to $100,000 Plus $.50 for every Additional $1,000
Costs Associated With Lender:
Loan Application (& Appraisal)
$250 - $400
Closing Points or Loan Origination Fee
$0-3% of loan (Optional)
Private Mortgage Insurance (PMI)
Required if loan amt is less than 80% of purchase price
Discuss with lender
Underwriting Fee
$250 - $500
Document Preparation or Recording Fee
$100 - $150
Flood Certification Fee
$20 - $40
Lenders Title Insurance Policy
$150 - $400
Tax Service Fee (if taxes held in escrow)
$50 - $100
Reserve Fund for Tax Escrow
27 months prepaid Estate taxes (may be received as credit from from seller)
Prepaid Interest
Interest on loan from closing date to end of month
