Answers to Frequently Asked Questions - Buyers:

In addition to the purchase price, what other costs should I expect to pay?

• Attorney Fee

• Loan/Lender Costs

• Title Company Fees

• County Recording Fees

• Municipal Transfer Tax (depends on the municipality):  Municipal transfer taxes are usually based on a portion of the purchase price.  For example, buyers in Chicago, Wilmette and Lake Forest pay a tax on the purchase price as follows:

  • Chicago ($3.75/$500.00)

  • Wilmette ($3.00/$1,000.00) and

  • Lake Forest ($4.00/$1,000.00) 

In some municipalities, such as Evanston, Highland Park and Skokie, the seller pays, and in other municipalities, like Winnetka, Kenilworth and Glencoe, there are no municipal transfer taxes.  For example, if a buyer purchased a home in Wilmette for $700,000.00, the buyer would owe $2,100.00 in municipal transfer taxes.

Why do I need a financing contingency in my contract if I have been pre-approved for a loan?

A loan pre-approval letter from a lender is generally just an indication of your creditworthiness, and does not mean that the lender is giving you a commitment for a loan to buy a particular home.