Closing costs can sneak up on you and change your bottom line. If you are buying or selling in Skokie, it helps to know who typically pays what in a suburban Cook County closing. In this guide, you will learn the common buyer and seller fees, how Skokie differs from the City of Chicago, and a simple way to estimate your cash to close or net proceeds. Let’s dive in.
What buyers usually pay in Skokie
Every deal is unique, but these buyer costs are common in suburban Cook County closings like Skokie. If you finance your purchase, expect more loan-related items than a cash buyer.
Loan and lender fees
- Origination and processing fees, underwriting, application, and credit report
- Lender-required appraisal
- Optional discount points if you buy down your interest rate
Title and settlement charges
- Lender’s title insurance policy, typically required by your lender
- Closing or escrow fee and title search
- Owner’s title insurance policy, which is often a seller-paid item in Chicago-area practice, but this is negotiable and should be confirmed with your title company
Government and recording
- Recording fees for the deed and mortgage. Fee schedules are set by the county and can be verified with the Cook County Clerk recordings
- Real estate transfer taxes if applicable based on jurisdiction and the terms of your contract
Prepaids and escrows
- Prepaid property taxes and homeowner’s insurance to fund your escrow
- Prepaid interest
- HOA or condo-related items, such as move-in fees or capital contributions, if applicable
Inspections and other items
- Home inspection and optional pest or specialist inspections
- Survey, if required by your lender or negotiated in your contract
- Small admin charges, such as flood certification, courier, or notary
Buyers with a mortgage often see total closing costs equal to a few percent of the purchase price. Your lender’s Loan Estimate will provide a custom breakdown for your scenario.
What sellers usually pay
Seller costs in Skokie tend to center on commissions and title items, plus any payoff and proration adjustments.
Commission and brokerage
- Real estate commission is usually the largest seller cost. The total rate is negotiable and varies by listing and market conditions
Title-related charges
- Owner’s title insurance premium is commonly paid by the seller in many Chicago-area transactions, but this is negotiable
- Title search and closing or escrow fee, which may be split or assigned by local custom
Payoffs and prorations
- Payoff of your current mortgage and any home-equity line
- Prorated property taxes, HOA dues, and utilities through the date of closing
Government and recording
- Recording fees for releases of mortgage and deed preparation, if applicable
- Transfer taxes if your municipality or the contract assigns that responsibility to the seller
Other seller costs
- Repairs agreed to during negotiations
- Any seller credits or concessions to the buyer
- Attorney fees if you use an attorney, and payoff of any liens or judgments
Total seller expenses often fall in the mid to high single-digit percentage range of the sale price, with commissions being the largest component. Ask your listing broker for a preliminary net sheet early in the process so you can plan.
Skokie vs. Chicago: what actually differs
Skokie is a suburb in Cook County. It follows county and state rules and any local village requirements. The City of Chicago sets its own transfer tax rules, so buyers and sellers often see different cost allocations when they cross the city line.
Transfer taxes
- Chicago imposes its own municipal real property transfer tax with rates and payment conventions that are different from the suburbs. For current rules, review the City of Chicago Department of Finance
- Suburbs like Skokie do not follow Chicago’s transfer tax system. Some suburbs have minimal or no municipal transfer tax beyond county and state charges. Confirm current rules with the Village of Skokie and your title company
Title insurance custom
- In many Chicago-area transactions, the seller provides the owner’s title policy while the buyer pays for the lender’s policy. This is a custom, not a rule, and can be negotiated. Verify who pays which policy on your contract and with your title company
Recording and property tax specifics
- Recording fees are county-set. You can confirm current schedules with the Cook County Clerk recordings
- Cook County property taxes are billed on a specific schedule that can lag the tax year. Prorations at closing are typically based on the most recent available bill or an estimate, which means the final settlement may be adjusted based on local practice. For tax timing and payment details, see the Cook County Treasurer
Estimate your cash to close
You can build a clear estimate with a simple formula: Cash to close equals your down payment plus closing costs and prepaid items, plus closing adjustments, minus any seller credits.
Follow these steps:
- Start with your lender’s Loan Estimate for itemized loan fees, prepaid interest, taxes, insurance, and required reserves. Learn how the form works using the CFPB Loan Estimate guide
- Add title and settlement charges, plus recording fees, from your title company
- Add inspection costs, appraisal, HOA-related fees, and any survey
- Subtract seller credits or concessions written into your contract
If you want a quick directional view, run a calculator for payment and cash to close using a trusted tool like the Bankrate mortgage calculator. Your lender will provide a Closing Disclosure at least three days before closing so you can confirm the final number. You can preview the format with the CFPB Closing Disclosure guide
Estimate your net proceeds
A seller net sheet gives you a snapshot of what you will take home after closing. The formula is straightforward: Net proceeds equal the sale price minus commissions, mortgage payoffs, seller closing costs, prorations and other adjustments, and any seller credits.
Work through it step by step:
- Start with the signed contract sale price
- Subtract the negotiated broker commission
- Subtract the payoff balance for any mortgage or home-equity line, plus any payoff or wire fees
- Add your expected seller-side closing costs, such as an owner’s title policy if customary, recording charges, and any transfer taxes assigned to you by local rules or contract
- Subtract any seller credits to the buyer and prorations for property taxes or HOA dues
Ask your listing agent for a preliminary net sheet and request a written payoff from your lender so you are working with real numbers.
Special situations to know
- Condos or HOAs. Expect association transfer or move-in fees, estoppel letters, and document fees that add to closing costs for one or both sides
- Cash purchases. You avoid lender fees and the lender title policy, but you will still see title, recording, and transfer-related charges
- New construction. Builders may handle or credit certain costs differently, so review the contract carefully
- Short sales or foreclosures. Extra approvals and atypical payoffs can change timing and fees
Where to verify exact numbers
For precise, current fees, go to the source and loop in your lender and title company.
- Recording fees and procedures. Check the Cook County Clerk recordings
- Property tax timing and recent bills. Review the Cook County Treasurer
- Local village requirements. Contact the Village of Skokie
- City of Chicago transfer tax, for comparison if you are buying or selling in the city. Visit the City of Chicago Department of Finance
- Federal consumer disclosures. See the CFPB Loan Estimate guide and CFPB Closing Disclosure guide
A local partner who runs the numbers with you
You should not be surprised on closing day. If you want a clear plan for cash to close or net proceeds, plus smart negotiation on credits and timing, our team is here to help. We combine data-driven prep with smooth, tech-enabled execution so you get to the closing table with confidence. Connect with Spacematch Inc. and We Spacematch you to the right home.
FAQs
Who pays the owner’s title insurance in Skokie?
- In many Chicago-area deals the seller provides the owner’s policy, but it is negotiable. Confirm responsibility with your contract and your title company
Is there a Skokie transfer tax like Chicago’s?
- Chicago has its own municipal transfer tax that suburbs do not follow. In Skokie you will follow county, state, and any village rules, so verify details with the Village of Skokie and your title company
How much should a buyer budget for closing costs in Skokie?
- It varies by loan, lender fees, taxes, and credits, but financed buyers commonly see total costs equal to a few percent of the purchase price. Use your Loan Estimate for specifics
How do Cook County property-tax prorations work at closing?
- Because bills can be issued after the tax year, prorations usually use the most recent bill or an estimate. Your closing statement will show the credit or debit based on local practice
Can a seller pay a buyer’s closing costs in Skokie?
- Yes. Seller credits are common and can cover some buyer costs, but loan program rules limit the maximum credit. Your lender can confirm the cap for your loan type
What costs do sellers usually pay in suburban Cook County?
- Typical items include commission, owner’s title policy in many cases, recording and payoff fees, prorations, and any negotiated credits or repairs
Where can I find exact fees for my address in Skokie?
- Check recording fees with the Cook County Clerk, tax timing with the Cook County Treasurer, and any village requirements with the Village of Skokie, then confirm title premiums with your title company
Do cash buyers still have closing costs in Skokie?
- Yes. Cash buyers avoid lender fees but still pay for title and settlement charges, recording, transfer-related items, and inspections or surveys as needed
