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    Michna Law Group
    Closing Cost Estimator
    Enter requested amounts in the fields below to view your estimated closing costs
     
    Projected Sales Price
    Payoff of Mortgage :
    Remember when you make your payment on the first of the month, you are paying last month's interest. You must add principal balance and interest through date of closing (e.g., $300,000 principal and $600 interest through 15th day of month).
    Payoff of Equity Loan (IF ANY)
    Real Estate Commission (IF ANY)
    Check with your Realtor

    Real Estate Taxes - Credit to Buyer :
    Since taxes are paid one year behind, Sellers give Buyers a one year’s tax credit plus 5%. Therefore, if your taxes were $4,000, you would give the Buyer $4,200 at closing.
    SURVEY - Estimate
    (Not applicable to Condominiums)
    Seller's Title Insurance :
    10% - 15% below competitors; based on sales price
    Approximately $2,100 for a $400,000 sales price

    State Transfer Tax :
    $1.00 per $1,000
    ($400,000 sales price = $400.00)

    County Transfer Tax :
    $0.50 PER $1,000
    ($400,000 sales price = $200.00)

    Village Transfer Tax:
    (For Buffalo Grove, Skokie, Evanston)
    $3.00 - $5.00 PER $1,000
    ($400,000 sales price = $400.00 X 3 = $1200 )

    Repair Credits (IF ANY)
    (e.g. $50.00 for faucet or $1,000 for roof)
    Attorney Fees
       
    Estimated Seller's Proceeds
    Negative Amounts = Amount Estimated to be due at closting
    Positive Amounts = Amount Estimated to be received
       
    If you would like assistance with this form
    CALL BERNARD J. MICHNA AT 847-446-4600 or Email BJM@MichnaLaw.com
    IF YOU NEED HELP WITH THIS FORM.
       
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