Buying a home in Western Springs is exciting, but the final number you wire on closing day can feel like a moving target. You want a clear picture of what you will owe, who gets paid, and when funds are due. In this guide, you will learn what Illinois closing costs include, what is typical in Cook County, how much to budget, and how to prepare so there are no surprises. Let’s dive in.
What closing costs include in Illinois
Closing costs are the fees and prorated charges you pay in addition to the purchase price to complete the sale. They include lender fees, third-party fees like appraisal and title, recording charges, transfer taxes, and prepaids for taxes and insurance.
If you are financing, your lender must provide a Loan Estimate within three business days of application and a Closing Disclosure at least three business days before closing. Cash buyers receive a settlement statement that lists all buyer and seller charges. These documents show the final cash to close so you can plan with confidence.
Who pays what in a typical deal
In most Illinois transactions, buyers usually cover lender fees, appraisal, inspections, the lender’s title policy, recording fees, and prepaid escrows for taxes and insurance. You also bring your down payment.
Sellers typically pay real estate commissions, their mortgage payoff and related fees, and their share of prorated property taxes and HOA dues. The owner’s title policy is often paid by the seller in many Illinois markets, but local custom can vary. Always confirm the split for your Western Springs contract.
Buyer line items and typical ranges
While every loan and property is different, these buyer costs are common:
- Earnest money deposit: credited to your closing funds. Amount is negotiated, often 1% to 3% of price.
- Lender fees: origination, underwriting, and processing. Typical range is 0.5% to 1.5% of the loan amount.
- Appraisal: usually required by lenders. Typical range is $400 to $900.
- Credit report: typically $25 to $50.
- Title insurance: the lender’s policy is required; the owner’s policy is optional but recommended. Premiums vary by price and rate schedules.
- Settlement or escrow fee: title or attorney closing services typically $300 to $1,000+.
- Recording fees: county charges to record the deed and mortgage, generally in the low hundreds.
- Prepaid items and escrows: several months of property taxes and homeowners insurance, based on timing.
- Private mortgage insurance: if you put less than 20% down, PMI may apply.
- Inspections: home and specialty inspections commonly $300 to $1,000+ depending on scope.
- Survey: sometimes requested, often $200 to $1,000+ depending on the lot and complexity.
As a planning rule of thumb, buyers often budget approximately 2% to 5% of the purchase price for closing costs, excluding the down payment. The exact number depends on your loan program, rate choices, and how taxes and title charges shake out.
Cook County and Western Springs specifics
- Property taxes: Cook County taxes are billed in arrears. Expect a proration at closing so each side pays their share of the year. The exact proration is based on the most recent tax amounts available.
- Recording and administrative fees: Cook County charges to record deeds and mortgages. These fees are required but modest compared to the purchase price.
- Transfer taxes: Illinois imposes a state transfer tax. There can also be county or municipal transfer taxes, and who pays can depend on local practice. Confirm what applies for your Western Springs address before you finalize numbers.
- Village and HOA items: Many suburbs do not levy a separate local transfer tax, but always check with the Village of Western Springs or your title company. If the home is in an HOA, plan for transfer or setup fees at closing.
How much to budget: quick examples
The illustrations below use a typical financed-buyer range of 2.5% to 4% of the purchase price for closing costs. Your numbers can be higher or lower based on loan terms, rate points, and escrow timing.
Example A: $350,000 purchase
- Estimated buyer closing costs: $8,750 to $14,000
- With 20% down: $70,000 down payment
- Estimated total cash to close: $78,750 to $84,000
Example B: $650,000 purchase
- Estimated buyer closing costs: $16,250 to $26,000
- With 20% down: $130,000 down payment
- Estimated total cash to close: $146,250 to $156,000
Example C: $1,000,000 purchase
- Estimated buyer closing costs: $25,000 to $40,000
- With 20% down: $200,000 down payment
- Estimated total cash to close: $225,000 to $240,000
These are planning ranges, not quotes. Factors like lender fees, seller credits, jumbo loan rules, and title policy custom can shift your bottom line.
How and when you pay
- Earnest money: You typically deliver earnest money soon after contract acceptance. It is held in a trust or escrow account and credited to your closing funds.
- Final cash to close: Most title companies require a wire transfer or cashier’s check. Always verify wire instructions by phone using a known number. Wire fraud is a real risk, so never rely on email-only instructions.
- Closing day: You will review a final Closing Disclosure or settlement statement that shows your exact amount due. You sign loan documents if financing, funds are disbursed, the deed and mortgage are recorded, and keys are released per your contract.
- Escrows: Your lender may collect initial escrow for taxes and insurance. This increases funds due at closing but helps keep future bills on track.
Quick checklists
Buyer checklist
- Review your Loan Estimate and later your Closing Disclosure. Ask for explanations of any line items you do not recognize.
- Confirm who pays the owner’s title policy for your contract and Western Springs custom.
- Budget for earnest money, down payment, closing costs, and move-in expenses.
- Schedule inspections early and plan to pay those fees when service is performed.
- Request a fresh estimated cash-to-close figure about one week before closing.
- Verify wire instructions directly with your title company by phone before sending funds.
Seller checklist
- Ask for a seller net sheet that includes commission, payoff amounts, transfer taxes, and prorated taxes or HOA dues.
- Order a preliminary payoff from your mortgage servicer so you know exact payoff and release fees.
- Confirm who will pay for the owner’s title policy based on local custom and your contract.
Get a tailored estimate for Western Springs
You deserve numbers you can trust before you write an offer or accept one. If you are buying, request a personalized Loan Estimate from your lender and compare it to your agent’s estimate of property tax proration and local fees. If you are selling, ask for a detailed net sheet that reflects your price, payoff, and timing.
If you want a clear, local, and confidential estimate for a specific Western Springs property, reach out to schedule your complimentary market consultation with Deidre Rudich. We will walk through your timeline, price point, and loan type and provide a concise closing-cost or net-proceeds view so you can move forward with confidence.
FAQs
What are typical buyer closing costs in Western Springs?
- Most financed buyers should budget approximately 2% to 5% of the purchase price for closing costs, excluding the down payment. Your loan terms and escrow timing can shift this range.
Who usually pays for the owner’s title policy in Illinois?
- In many Illinois transactions the seller pays for the owner’s title policy, but local custom varies by area and can change. Confirm the split for your Western Springs contract.
How are Cook County property taxes handled at closing?
- Cook County taxes are billed in arrears, so buyers and sellers typically prorate taxes at closing based on the most recent figures to ensure each party pays their share of the year.
Are there municipal transfer taxes in Western Springs?
- Many Chicago suburbs do not charge an extra municipal transfer tax, but practices differ. Always confirm with your title company or the Village of Western Springs clerk for your address.
What is the safest way to send closing funds?
- Most title companies require a wire or cashier’s check. Verify wire instructions by phone using a trusted number, since email-only instructions can be targeted by wire fraud schemes.
