IL
Illinois
Overview
- Title Insurance Rates
- Not Filed
- Forms of Conveyance
- Warranty Deed; Special Wty; Quitclaim; Trustee's Deed
- Encumbrance Forms
- Mortgage; Trust Deed (allowed but disfavored)
- Customary Closing Entity
- Title company; attorney; others
- Commitment Issued / Duration
- Y — 6 months
- When Is Invoice Issued
- With commitment
Taxes
- Deed Transfer Tax
- Yes — Real Estate Transfer Tax (State, County, sometimes local)
- Mortgage Tax
- No
- Leasehold Tax
- Yes — Certain leasehold transfers may be subject to tax
Customary Fee Splits
- Transfer Taxes
- Varies for cities
- Closing Fees
- Divided equally or by contract; Residential sale with loan: Buyer pays
This information is supplied as a service. State laws and procedures change — please contact your Proper Title account executive or consult a local attorney for specific questions of law.