Trio Tower :: Chicago, USAClosing CostsThere is no stamp duty in the US, rather a much lower tier of transfer taxes. Below are some estimated closing costs that are the buyer’s responsibility.
Please note that closing costs total approximately 3% of unit purchase price.
Loan Application Fee
Paid to mortgage company to cover appraisal and credit report-$350.00-$550.00
Final Inspection/Recertification of Value
$75.00- $100.00
Charged by Lender
$175.00- $250.00
Processing Fee
Paid to mortgage broker to process loan and reimburse miscellaneous expenses- $150.00- $200.00
 Document Preparation Fee
The cost to prepare closing documents- $100.00- $150.00
Tax service Fee
Charged by lender to obtain real estate tax bills and monitor payments of real estate taxes.-$60.00- $98.00
Flood certification Fee
Charged by lender in order to ascertain if property is in an area of flood hazard- $25.00-$30.00
Lender’s Title Insurance Policy
Carried out to insure lender’s interest in property is the first mortgage- $150.00- $400.00
Settlement/Escrow Closing Fee
Paid to title company to act as lenders’ agent in handling closing- $100.00- $350.00
Transfer Taxes
Varies by local ordinance- $7.50 per $1,000 (Chicago)
Recording charges
Charges by recorder’s office to record mortgages and assign mortgage and deed or release- $60.00- $130.00
Condominium Charges
Condominium associations may charge an application fee, move-in fee, etc.
Mortgage Insurance Premium (MIP)
Paid to HUD to insure mortgage against default. A one-time premium is required on all single family and 2-4 units of 2.25% of loan at closing. Annual premium is 0.5%, paid monthly on all property types.
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