How Much Does It Cost to Close a FSBO Deal in Illinois?
- Tom
- May 6
- 5 min read
Updated: May 10
For homeowners in Illinois choosing to sell their property without a real estate agent—commonly referred to as For Sale By Owner (FSBO)—the promise of saving on hefty commission fees is a significant draw. However, while FSBO transactions cut out the agent's costs, they still incur a variety of closing costs that sellers need to prepare for.
If you’re considering a FSBO route in Illinois, understanding the true cost to close the deal is critical to setting realistic expectations and ensuring a smooth sale. In this guide, The Real Estate Law Firm breaks down every cost associated with closing a FSBO home sale in Illinois so you can plan your sale confidently.
1. What Is FSBO?
FSBO, or For Sale By Owner, refers to selling your home without the assistance of a licensed real estate agent. While this route can save you around 5%–6% in agent commissions, it requires more hands-on work and awareness of legal requirements, negotiations, and closing procedures.
2. Common FSBO Closing Costs in Illinois
Let’s break down the typical expenses you can expect when closing a FSBO deal in Illinois:
1. Attorney Fees: $500 – $1,500
Illinois is one of the few states where hiring a real estate attorney is highly recommended—and often expected—for home sales. FSBO sellers often rely on legal professionals to draft contracts, review offers, and guide the closing process. The Real Estate Law Firm offers FSBO-specific legal services to help you comply with Illinois real estate laws and protect your interests.
2. Title Insurance: $1,000 – $2,500
Title insurance protects the buyer (and sometimes lender) from any title disputes, unpaid taxes, or liens. In Illinois, it is customary for the seller to pay for the owner’s title insurance policy. Rates vary based on the property value and title company.
3. Survey Fee: $350 – $650
Most lenders will require a plat of survey to confirm property boundaries, especially for single-family homes. As the seller, you may be expected to provide this unless otherwise agreed upon.
4. Transfer Taxes:
State Transfer Tax: $0.50 per $500 of the sale price.
County and Local Transfer Taxes: Varies by municipality. For example, Chicago charges $5.25 per $500 in sales price—$3.75 of which is the buyer’s responsibility, and $1.50 is the seller’s. Consult with The Real Estate Law Firm to calculate your exact transfer tax obligations based on your local jurisdiction.
5. Property Taxes (Prorated): Varies
In Illinois, property taxes are paid in arrears. This means that at closing, the seller must credit the buyer for the unpaid taxes accrued during the year of the sale. This amount can be substantial depending on your location and property tax rate.
6. HOA Fees & Resale Certificates: $100 – $500 (if applicable)
If your property is part of a homeowners’ association (HOA), you may be responsible for paying prorated dues and purchasing a resale certificate.
7. Recording Fees: $50 – $100
This is the cost of officially recording the new deed with the county recorder’s office.
8. Home Inspection Repairs/Concessions: Negotiable
Buyers often request repairs or credits after their inspection. While not technically a "closing cost," these expenses can significantly impact your net proceeds.
3. Optional (But Recommended) FSBO Expenses
While not required, these optional costs can boost your chances of a successful FSBO sale.
1. Pre-Sale Home Inspection: $300 – $500
Conducting a home inspection in advance can help you identify and fix issues that could later become negotiation points.
2. Professional Photography & Staging: $150 – $800
High-quality visuals can help you sell faster and at a better price.
3. Flat-Fee MLS Listing: $100 – $500
To reach a wider audience, FSBO sellers often pay a flat fee to list their property on the Multiple Listing Service (MLS) without using an agent.
4. Who Pays for What in an FSBO Sale?
Even in a FSBO transaction, many costs are negotiable. However, here’s a typical breakdown in Illinois:
Expense | Typically Paid By |
Title insurance (owner’s) | Seller |
Transfer taxes | Seller |
Attorney fees | Both (individually) |
Survey | Seller |
Recording fees | Buyer |
Appraisal and inspection | Buyer |
HOA docs/certificates | Seller |
Property tax proration | Seller (as credit) |
5. Total Estimated Cost to Close a FSBO Deal
For a $300,000 home in Illinois, your estimated FSBO closing costs as the seller could look like this:
Category | Estimated Cost |
Attorney Fees | $1,000 |
Title Insurance | $1,500 |
Survey | $500 |
Transfer Taxes | $300–$3,000+ |
HOA Fees (if any) | $200 |
Recording Fees | $75 |
Property Tax Credit | $3,000–$6,000+ |
Total | $6,000–$12,000+ |
Of course, these numbers vary based on location, property value, and buyer negotiations. Partnering with a firm like The Real Estate Law Firm ensures you understand and prepare for every cost in advance.
6. How The Real Estate Law Firm Helps FSBO Sellers
Selling your home without an agent doesn’t mean you have to go it alone. The Real Estate Law Firm specializes in FSBO transactions and offers:
Flat-fee or hourly pricing options
Contract review and drafting
Negotiation support
Closing coordination
Title and document guidance
Local ordinance and tax compliance
With our help, Illinois homeowners save thousands in commissions without compromising legal security.
10 FAQs About FSBO Closing Costs in Illinois
1. Do I need a real estate attorney to close a FSBO deal in Illinois?
Yes. While not legally required in all cases, it’s strongly recommended. Illinois real estate transactions are complex, and legal guidance ensures everything is done correctly.
2. How much do attorneys charge for FSBO closings?
Expect to pay between $500 and $1,500, depending on the services required and property complexity.
3. Can I avoid paying for title insurance?
No. It’s customary for the seller to pay for the owner’s policy in Illinois.
4. How are property taxes handled at closing?
Sellers credit the buyer for the current year’s property taxes since Illinois pays taxes in arrears.
5. Who orders the survey, and is it always required?
The seller usually orders and pays for it. It’s typically required by the buyer’s lender for detached properties.
6. Are there hidden costs I should watch out for?
HOA fees, inspection repair credits, and unexpected title issues can add unplanned expenses.
7. How much can I save with FSBO vs. using a real estate agent?
On a $300,000 home, you could save $9,000–$18,000 in commissions. However, you’ll still face $6,000–$12,000 in closing-related expenses.
8. Is it worth hiring a flat-fee MLS service?
Yes, if you want broader exposure without paying a listing agent. It helps you appear on platforms like Zillow and Realtor.com.
9. What if the buyer is using an agent?
Do I still pay commission? Possibly. Buyers’ agents typically expect 2%–3% commission. You can negotiate this directly with the buyer.
10. Can The Real Estate Law Firm handle the entire FSBO process for me?
Absolutely. From contracts to closing, we help FSBO sellers in Illinois navigate every legal and procedural step smoothly.
Final Thoughts
Closing a FSBO deal in Illinois comes with its own unique costs—even without paying agent commissions. With a solid understanding of what to expect and support from professionals like The Real Estate Law Firm, you can confidently sell your home, protect your legal interests, and walk away with more money in your pocket.
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