Closing Services 

Don’t forget to ask about our Title Insurance Rebate!​

We specialize in FSBO & Flat Fee transactions

Flat Fee Closing Service

Realty Flat Fee Brokerage has partnered with their sister company, Illinois Residential Title Services and created a format to offer a discount off your title fees and work with you from the beginning to the very end. And as always, with iRealty you will be saving money with the sale of your home without compromising quality.

iRealty Flat Fee Brokerage has partnered with reputable real estate attorneys and created a format to offer a cohesive format and work with you from the beginning to the closing table. And as always, with iRealty you will be saving money with the sale of your home without compromising quality.

Closing services included but, not limited to:

Attorney and Inspection review
Legal issues
Title search and clearance
Issuing Title Insurance Policies
Tax certification
Municipal lien letters
Ordering payoffs and payoff verification
Document and deed preparation
Coordinating and scheduling a smooth seamless closing

For an estimation of your closing costs, please fill out the form below.

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Closing process

The closing processsThe closing process is just as vital as any other during a real estate transaction. When choosing the closing company, be sure to pick one which will take care of all the work for you while keeping you informed throughout the process. iRealty is dedicated to service all sellers of real estate by providing efficient closing guidance and service to all real estate transactions in a professional and timely manner.

We will help you at coordinating the transfer of property from the moment an offer is accepted until the buyer receives the title in hand and is done by taking care of all the paperwork, including the transfer of funds through the escrow company of the client’s choice.

What is Title Insurance?

Title insurance makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title. During the title search the title company also looks for any outstanding mortgages, liens, judgments or unpaid taxes associated with the property, as well as any restrictions, easements, leases or other issues that might impact ownership. The title company may also require a property survey, which determines the boundaries of the plot of land.

*Underwritten by First American Title Insurance Company –  the nation’s largest title insurance company through its title insurance underwriters  – that collectively issue more title insurance policies than other title companies in the United States.

SELLER TITLE FEES EXPLAINED

Owner’s Title Insurance Policy protects the home buyer in case of an ownership claim on the property. Illinois contracts generally require the seller to order a title search and title insurance for the buyer.

Cost is based on the sale price and only varies slightly between title companies.

Policy Update fee is a normal part of the process of updating title after closing prior to issuing the title policy.

$200

Title Processing fee is a charge from the title company to cover the administrative costs of closing. Title companies generally cover escrow fees (handling of and disbursement of funds), survey and notary fees, deed prep fees and other fees associated with title search.

$200

IL Agent Registration fee Each title insurance company shall remit, for all of its title insurance agents subject to this Act for filing an annual registration of its agents.

$3.00

Wire Processing fee These are legitimate charges when they represent the actual cost incurred by the title company in sending and receiving wire transfers.

$50

Closing Protection Letter The issuer of the CPL agrees to indemnify recipients of the CPL if the closing agent/underwriter mishandles money or essential documents.

$50

Survey shows visible evidence of boundaries, improvements, rights of way, easements, use and measurements of all parcel lines and must be dated not more than six (6) months prior to the date of Closing. In some cases, if the seller has a survey that is older than 6 months, a request can be sent to the buyer asking if they will accept the survey in possession.

$550

The closing or escrow fee pays for the title company that manages the closing process. Typically, the buyer pays the closing fee, except in a cash or seller financed transaction when it is split between the buyer and seller.

Cost is based on the sale price and only varies slightly between title companies.

Illinois Recording and Transfer Taxes

State – .50 / $1000 of sale price

County – .25 / $500 of sale price

Municipal – each municipality is different.

Real Estate Property Taxes in Illinois are paid in arears. Depending on the close date we can have two tax years to deal with. The taxes due are the responsibility of the seller up to the date of closing and the buyer will receive a credit at closing.

In the suburbs, the tax proration is 105% and in Chicago where there is an anticipated larger than normal tax increase is prorated at 110%.

Example:

Last year’s total taxes $5,000 1st and 2nd installments not paid and not due yet.

$5000 – credit to buyer and prorated with if anything owed in current year per day

Last year’s taxes 1st installment paid and 2nd installment not paid and not due yet.

$2,500 – credit to buyer and prorated with if anything owed in current year per day

Last years taxes 1st and 2nd installments paid already only pro rate the daily due for current year.

How to calculate

Close date of May 17th.

1st installment of last year’s taxes paid (if due and not paid check is sent to county)

Tax Proration at 105%

$5,000 / 365 days =$13.698 per day (use last years taxes)

Jan 1 – May 17 = 137 days

$13.698 x 137 days = $1,876.62

$1,876.62 + $2500 = 4376.62

4376.62 x 105% = $4595.45

$4,470.45 due at closing from seller and credit to buyer