Standard Seller Costs In Central Illinois

Title insurance: Sellers provide what is called owner's title insurance to the buyer which insures good title. This amount depends on the sales price, if you have a prior title policy and other search factors. Please call for a quote on your sale.

County revenue stamps: This is figured at $0.25 per $500.00 of sales price.

State revenue stamps: This is figured at $0.50 per $500.00 of sales price.

City of Peoria transfer charge: This is figured at $2.50 per $1000.00 sales price. This applies only is the home is within City of Peoria limits. Other cities may have transfer charges. 

City of Peoria zoning inspection certificate: This is needed for other than single family homes such as a duplex. The application charge is $95.00.

Real estate taxes: the owner pays all real estate taxes up to possession date. A credit off the sales price is given for unbilled taxes on a per diem basis.

Assessments: The owner pays all outstanding assessments for improvements that are a lien such as for sidewalk or lighting installed by the City.

Attorney fees: Attorney fees can be by the hour at generally no less than $150 per hour. I charge a flat rate to sellers of single family homes of $650 which includes all work necessary for a standard home sale including attending closing.  The flat rate also does not include any pre-litigation or litigation work that arises out of the contract or sale of the home and applies only to single family homes. It does not apply to repeated sales or contracts of the same home to different buyers when the initial sale for which I am retained has been cancelled. If you decide not to proceed with the sale or if the contract is cancelled you will be charged on a time basis not to exceed the flat rate.

Courier and wire charges: Express mailing charges for payoffs of mortgages  are charged at up to $25 per express mailing. The sending of funds by bank wire is $40.

Payoff Requests: Many lenders will charge $20 or more for a written payoff request of your current mortgage(s) and more for a quick response.

Other costs a seller may have:

Termite treatment: If the termite inspection reveals infestation the owner pays for treatment. This can be expensive for a whole house. An estimate from a termite company will be needed but can be up to $2000 for a medium size home.

Realtor commission: customarily 7% of purchase price but many realtors will accept 6%. There may be a minimum charge for lower priced homes.

Repairs or remediation costs. The buyer may submit repair amendments based on the various house inspections. The seller is not obligated to perform repairs in most contracts and can negotiate with the buyer on how repairs are to be paid.

Buyer assistance: A seller can assist the buyer with points and closing charges or repairs required by the lender. This is optional if your contract is prepared correctly.

Power of attorney sales by a seller generally means an extra costs of $50 to the seller to close the sale.