Are you trying to budget for closing and wondering what those fees actually cover in Orland Park? You are not alone. Whether you are buying your first home or selling a move‑up property, knowing who pays what can save time and stress. In this guide, you will see the typical line items, what they usually cost, local Cook County details to confirm, and smart ways to reduce your out‑of‑pocket total. Let’s dive in.
What closing costs include
Closing costs are the fees and prepaid items due at the end of your transaction. They include lender charges, third‑party services like appraisal and title work, and prepaid taxes and insurance. Your final numbers are shaped by your loan type, local customs, and what you and the other party negotiate in your contract.
Typical totals in Illinois
- Buyers: budget about 2% to 5% of the purchase price for closing costs, in addition to your down payment.
- Sellers: plan for about 6% to 10% of the sale price, with agent commissions often the largest expense.
Buyers receive a Loan Estimate within three business days of applying for a loan and a Closing Disclosure at least three business days before closing that shows your exact “cash to close.” Sellers can request a detailed net sheet early so there are no surprises.
Buyer closing costs: common line items
Most buyer costs are tied to the loan and third‑party services. Amounts vary by lender and property, but these are common in suburban Cook County:
- Loan origination and lender fees: typically 0.5% to 1.5% of the loan amount or flat fees.
- Discount points: optional, 1 point = 1% of the loan amount.
- Appraisal: usually $300 to $700.
- Home inspections: $300 to $600 for a general inspection, with add‑ons for radon, sewer scope, or pests.
- Title and settlement charges: settlement fee often $300 to $900. The buyer typically pays the lender’s title policy when financing.
- Recording fees: generally $50 to $300, depending on document count.
- Prepaid items and escrow deposits: several months of property taxes and homeowners insurance, plus any prepaid mortgage interest.
- Mortgage insurance: PMI or FHA MIP if your down payment or loan type requires it.
- Survey and flood certification: survey $150 to $500 if required, flood cert $10 to $25.
- HOA transfer fees when applicable: often $100 to $400.
Seller closing costs: common line items
Seller costs are driven by marketing, transfer, and payoff items. Here is what most Orland Park sellers should expect:
- Real estate commissions: commonly 5% to 6% of the sale price in total, split between listing and buyer brokers per the listing agreement.
- Owner’s title insurance policy: in many Illinois suburbs it is customary for the seller to provide the owner’s policy as a one‑time premium tied to price. Confirm in your contract.
- State, county, or municipal transfer taxes: amounts vary by jurisdiction and custom. Confirm who pays in your contract and with your title company.
- Mortgage payoff and any release or recording fees for the discharge.
- Prorated property taxes and utilities: the seller usually covers taxes for the portion of the year they owned the home up to the closing date, with the buyer taking responsibility from closing forward.
- Negotiated repairs, credits, or a home warranty if offered (typical warranties $300 to $700).
Title insurance in Cook County
Title insurance is a one‑time premium that protects ownership and lender interests. In many transactions the buyer pays the lender’s policy when there is a mortgage. In parts of Cook County it is common for the seller to pay for the owner’s policy, though this is contract‑dependent. Title insurance premiums are based on the purchase price, and some settlement fees may be negotiable. Ask your title company for Cook County premium tables and a line‑item estimate.
Orland Park and Cook County items to verify
Local fees and timing can change your bottom line. Before you finalize numbers, confirm:
- Illinois state real estate transfer tax and who pays it in your contract.
- Any county or municipal transfer taxes or village requirements that apply to Orland Park.
- Cook County recording fees for deeds, mortgages, and releases, which vary by document and page count.
- Property tax proration in Cook County, including which tax year and installment are being prorated and whether any special assessments exist.
- Municipal utilities or special assessments, such as sewer or sidewalk, that may need payoff or proration.
- Local custom for who pays the owner’s title policy on your specific deal.
What is negotiable and how to save
You have options to control costs. Here are practical ways buyers and sellers can improve their net numbers:
- Seller concessions: you can negotiate for the seller to pay part of the buyer’s closing costs or discount points. The amount depends on the market and loan guidelines.
- Lender shopping: compare Loan Estimates and ask about underwriting or processing fee reductions. Some lenders offer lender credits in exchange for a slightly higher rate.
- Title and settlement fees: title insurance premiums are usually fixed by rate schedules, but some settlement charges can vary. Request quotes.
- For buyers: larger down payments may reduce PMI, and lender credits can lower upfront cash.
- For sellers: price the home realistically to limit concessions, address known repairs before listing when strategic, and review commission structure with your agent.
How to estimate your costs: a quick example
To understand scale, use this simple illustration.
- Purchase price: $300,000
- Buyer closing costs at 2% to 5%: about $6,000 to $15,000. This includes lender fees, appraisal, inspections, title and lender policy, recording, and escrow deposits.
- Seller closing costs at 6% to 10%: about $18,000 to $30,000. This includes commissions, owner’s title policy if customary, transfer taxes, and prorated taxes. The seller also pays off any remaining mortgage.
Your actual numbers will depend on your loan, fees, and contract credits. Ask your lender and title company for itemized estimates early.
Checklist: questions to ask early
Bring these to your first calls with your lender, agent, and title company:
Plan ahead to avoid surprises
Closing costs in Orland Park are predictable if you ask for the right figures early and confirm local details. Use the 2% to 5% guide for buyers and the 6% to 10% guide for sellers, then refine with a lender quote, a title estimate, and your agent’s net sheet. A little preparation keeps your timeline on track and your budget steady on closing day.
Ready to price your home, structure credits, or get a precise estimate for your situation? Reach out to Michelle Madden for local guidance and a clear plan from offer to close.
FAQs
How much are buyer closing costs in Orland Park?
- Most buyers should budget about 2% to 5% of the purchase price for lender fees, appraisal, inspections, title charges, recording, and prepaid taxes and insurance.
Who usually pays owner’s title insurance in Cook County?
- In many Cook County suburbs the seller provides the owner’s title policy as a one‑time premium, but this is a local custom and contract point you should confirm with your title company and agent.
What taxes apply when selling a home in Illinois?
- Illinois has a state real estate transfer tax, and some counties or municipalities add their own; confirm which taxes apply in Orland Park and who pays them in your contract.
How are property taxes prorated at closing in Cook County?
- The seller usually pays their share for the time they owned the home up to closing, while the buyer covers from closing forward; verify the exact tax year and installment being prorated.
Can a seller pay the buyer’s closing costs in Illinois?
- Yes, seller concessions are common and can cover part of the buyer’s costs or discount points, subject to loan program limits and what you negotiate in the contract.
What documents show my final cash to close as a buyer?
- You receive a Loan Estimate shortly after applying and a Closing Disclosure at least three business days before closing that lists your final line items and cash to close.
