Hey, I'm Anant Deoras again from @ properties. Today's video I'm talking about buyer closing costs. Buyer closing costs is step #6 in my 13 part video series buying a Chicago home. Watch to learn more!
A majority of them are variable costs. The one fixed is the transfer taxes. Both buyers and sellers have to pay transfer taxes when you're dealing with residential property in the city of Chicago, it's $7 and fifty cents per 1000 of purchase price. OK? So that's simple calculation and that it's fixed. So you can write off the bat, that's what you're going to be paying. As far as other variable important variable costs, uh, let's kind of go through them real quick. Um, we have, uh, your lender fee, your lender will be charging, which is going to depend on the lender you choose. I'm happy to refer you a lender, however you have ultimately is your choice.
So I would your mark anywhere up to a thousand dollars and that can change. It could be a little bit more, a little less for the lender fee, right? Closing fee. Every title company, in the city here, the title company will charge a closing fee if you are financing, if you're financing for your cash buyer, that is typically either waived or split with the seller, um, but you will be paying a closing fee. Again, you're probably up to a thousand dollars and three, you have three costs, appraisal, which is part of the lender fees, your attorney and your home inspector. So let's quickly go through each of those. Appraisal fee is going to be anywhere from 250 to $400 to get the appraisal to your attorney. Fees will range anywhere from 500 to 800 home inspector, one of the most important things. You cannot stress enough. I'm an, I'll probably have a video on the later regarding beds specifically, but that I'm inspector fee will be based on square footage of the property of your choice.
You don't pay my commission, the commission is paid by the seller. And basically that commission is what is called a cooperatively shared between both the listing agent and myself, the buyer's agent. OK. So that's when I am. the bottom line here is kinda devote up to three percent of the purchase price to these closing costs. I call the inspector and the attorney more of like contract that closing costs. But overall closing costs and what at least up to three percent and of this doesn't include the down payment. So definitely buying is not a cheap endeavor. I'm just trying to properly set expectations. But with the right lender and the right kind of stakeholders in there, you can save money here and there. I'm happy to help you on that. Or of course you can choose your own.