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Seller guide

Understanding Closing Costs & Net Proceeds in Illinois

Illinois uses a layered transfer tax: a small statewide base rate, plus optional Cook County, City of Chicago, and Chicago CTA transit taxes when applicable. The state and CTA portions are seller-paid, the Cook County portion is seller-paid, and the City of Chicago portion is customarily buyer-paid — so Chicago transactions have a much larger closing-cost stack than the rest of the state, and it's important to know which line belongs to which party. Illinois does not require an attorney to close, but attorney review of the contract is common practice in the Chicago area.

Key local custom breakdown

• State transfer tax: Illinois charges $0.50 per $500 of sale price (0.10%), customarily paid by the seller. This base rate may have recently changed — confirm the current rate with your title company.
• Cook County add-on: Cook County adds another $0.25 per $500 (0.05%), also seller-paid. Most counties outside Cook do not impose a separate county transfer tax.
• Chicago city + CTA: Inside Chicago city limits, add a $3.75 per $500 city transfer tax (0.75%) that is customarily buyer-paid, and a $1.50 per $500 Chicago CTA transit tax (0.30%) that is seller-paid. So a Chicago seller pays state + Cook + CTA (~0.45% of price), and the buyer separately pays the 0.75% city portion.
• Attorney review: Illinois does not legally require an attorney at closing, but a short attorney-review period after signing is common practice in Chicago-area contracts. Sellers should budget for a few hundred dollars in attorney fees if they choose to use one.

How the Illinois transfer tax is calculated

Illinois transfer tax (layered):
  State:          $0.50 per $500 of sale price (0.10%, seller-paid)
  Cook County:    +$0.25 per $500       (0.05%, seller-paid)
  Chicago city:   +$3.75 per $500       (0.75%, buyer-paid)
  Chicago CTA:    +$1.50 per $500       (0.30%, seller-paid)

Frequently asked questions (Illinois real estate)

Why is Chicago's transfer tax so much higher than the rest of Illinois?

Chicago layers three additional charges on top of Illinois's base state transfer tax. The state charges $0.50 per $500 of sale price (0.10%, seller-paid). Cook County adds another $0.25 per $500 (0.05%, seller-paid). Inside Chicago city limits you also owe a $3.75 per $500 city transfer tax (0.75%, customarily buyer-paid) plus a $1.50 per $500 Chicago Transit Authority (CTA) tax (0.30%, seller-paid). On a $500,000 Chicago sale that's roughly $500 (state) + $250 (Cook) + $3,750 (city, buyer) + $1,500 (CTA, seller) — so a Chicago seller typically pays about $2,250 in transfer taxes while the buyer pays about $3,750, versus just $500 for a comparable sale in a county outside Cook.

In a Chicago home sale, which parts of the transfer tax does the seller pay and which does the buyer pay?

The seller pays the Illinois state tax ($0.50/$500, 0.10%), the Cook County tax ($0.25/$500, 0.05%), and the Chicago CTA transit tax ($1.50/$500, 0.30%). The buyer pays the Chicago city transfer tax ($3.75/$500, 0.75%). Both sides can renegotiate who pays what in the purchase contract, but those are the customary defaults.

Do I need an attorney to sell a house in Illinois?

No — Illinois does not legally require an attorney to close a residential real estate sale, and closings outside the Chicago metro are often handled by a title company alone. That said, attorney review of the contract is common practice in the Chicago area and many suburban markets, and buyers/sellers there often hire an attorney even though it isn't required by law.