Condo Closing Costs in Chicago: Who Pays What (2026)

Last reviewed: November 8, 2026 · Chicago Condo Loans Editorial Team · How we research

Quick answer On top of the usual loan costs, a Chicago condo buyer pays the City of Chicago’s real property transfer tax of $3.75 per $500 of the price (0.75%), or $2,625 on a $350,000 condo. The seller pays the city’s $1.50 per $500 transit portion plus Cook County’s $0.25 and Illinois’s $0.50 per $500. Condo purchases also bring association costs: prorated monthly assessments, any capital contribution or move-in fee the building charges, and possibly a fee for the lender’s condo questionnaire. Because Cook County property taxes are billed a year in arrears, buyers usually receive a property tax credit from the seller at closing. If you’re on the other side of the deal, see selling a condo in Chicago for the seller’s share, the Full Payment Certificate and seller credit limits.

This is part of our complete guide to condo loans in Chicago.

What are the transfer taxes on a Chicago condo?

Tax	Rate	Paid by	On a $350,000 condo
City of Chicago real property transfer tax	$3.75 per $500	Buyer	$2,625
City of Chicago CTA portion	$1.50 per $500	Seller	$1,050
Cook County transfer tax	$0.25 per $500	Seller	$175
Illinois transfer tax	$0.50 per $500 ($1 per $1,000)	Seller	$350

Each tax is charged per $500 of the price or fraction of $500. Sources: City of Chicago Department of Finance, Real Property Transfer Tax (7551); Chicago Title Transfer Tax List, July 1, 2026. Who pays is the customary split and what the city’s ordinance assigns; your contract can change it.

In total, transfer taxes on a Chicago sale come to $6.00 per $500, or 1.2% of the price, with the buyer paying 0.75% and the seller 0.45%. Chicago voters rejected the March 2024 “Bring Chicago Home” referendum, which would have replaced the city’s flat rate with higher tiers on sales over $1 million, so the flat rate still applies at every price. One exception helps older buyers: a buyer aged 65 or older who pays $250,000 or less and lives in the unit as their home for at least a year can ask the Department of Finance to refund the CTA portion (City of Chicago Real Property Transfer Tax page, checked November 8, 2026). The city also taxes co-op sales, including a transfer of co-op shares; see our guide to co-op loans in Chicago.

What closing costs are specific to condos?

Cost	Usually paid by	What to know
Section 22.1 disclosure package	Seller	Illinois law lets the association charge the unit seller a reasonable fee of up to $375 (adjusted yearly for inflation), plus up to $100 for delivery within 72 hours
Lender’s condo questionnaire	Often the buyer	The association or its manager sets the fee; we found no Illinois cap. Ask the lender how it’s charged
Prorated monthly assessments	Split at closing	The seller pays through the closing date; you may also prepay the next month
Capital contribution or working-capital fee	Varies	Some declarations charge new owners a one-time fee, often a set number of months of assessments. Check the declaration and the 22.1 documents
Move-in fee or elevator deposit	Buyer	Common in high-rises. Ask the management company before closing and book the elevator
Special assessments	Per your contract	Settle who pays any approved or pending assessment. See our special assessments guide

Sources: 765 ILCS 605/22.1; building practices vary, so confirm each item with the association.

Chicago’s certificate of zoning compliance applies to non-condo residential resales, so a typical condo resale doesn’t need one, according to Chicago Title’s transfer tax list. The seller still has to clear the city’s water and sewer requirements before the city transfer tax stamps are issued.

How are property taxes handled at closing?

Cook County bills property taxes a year behind. The first-installment bill, due in early March (March 4 in 2025), equals 55% of the previous year’s total tax (Cook County Treasurer, January 29, 2025), and the second installment, using new rates and values, comes later in the year. So when you buy, the seller has usually lived in the condo for months whose taxes haven’t been billed yet. At closing the seller gives you a credit for those months, and you pay the bills when they arrive.

Contracts often prorate on a percentage of the most recent full-year bill, because the next bill isn’t known yet. The percentage is negotiable, so ask your attorney what your contract uses. If your lender escrows taxes, it will also collect an initial escrow deposit at closing, which is often one of the largest prepaid items.

What loan and title costs should I expect?

Lender fees: origination or underwriting fees, any points, the appraisal and the credit report.
Government loan fees: FHA’s upfront mortgage insurance premium of 1.75% of the base loan, or VA’s funding fee. Both can be financed. See our FHA and VA condo guides.
Title and closing: the lender’s title policy, closing or escrow fees, and recording the deed and mortgage with the Cook County Clerk. Who pays for the owner’s title policy is set by your contract.
Attorney: most Chicago buyers hire a real estate attorney to handle contract review and closing.
Prepaid items: the first year of your HO-6 insurance premium, initial escrow deposits and interest from closing to the end of the month. Our post on 2026 condo insurance requirements covers what the HO-6 must include.

Your lender must give you a Loan Estimate after you apply and a Closing Disclosure at least three business days before you close, so you can compare the final costs with the estimate (Consumer Financial Protection Bureau). If this is your first purchase, our first-time condo buyer checklist shows where these documents fit in the process.

Can the seller pay my closing costs?

Yes, within limits set by the loan program. On a Fannie Mae loan, seller and developer contributions are capped at 3% of the lower of price or appraised value when the loan-to-value is above 90%, 6% from 75.01% to 90%, and 9% at 75% or less (2% for investment properties). VA caps seller concessions at 4% of the home’s reasonable value but doesn’t count ordinary closing costs toward that cap. On a new building, see our guide to new construction condo loans.

Closing-cost checklist for Chicago condo buyers

Budget 0.75% of the price for the Chicago transfer tax you’ll pay as buyer.
Ask management about move-in fees, elevator reservations and any capital contribution.
Read the 22.1 documents for unpaid charges and planned assessments.
Ask your attorney how the contract prorates property taxes and who pays the owner’s title policy.
Compare your Loan Estimate and Closing Disclosure line by line.

Frequently asked questions

Who pays the Chicago transfer tax, the buyer or the seller?

Both. The buyer pays $3.75 per $500 of the price (0.75%) and the seller pays the $1.50 per $500 CTA portion. The seller customarily also pays the Cook County and Illinois transfer taxes.

How much is the transfer tax on a $350,000 Chicago condo?

The buyer’s Chicago tax is $2,625. The seller pays $1,050 for the CTA portion, $175 to Cook County and $350 to Illinois, for $4,200 in total.

Who pays the condo’s 22.1 disclosure fee?

Illinois law lets the association charge the unit seller a reasonable fee of up to $375, adjusted yearly for inflation, plus up to $100 for rush delivery within 72 hours.

Why do I get a property tax credit at closing?

Cook County bills property taxes a year in arrears, so the seller credits you for the months of the current year they owned the condo that haven’t been billed yet.

Sources

Educational content only, not legal, tax or lending advice. Tax rates can change; confirm current rates with the City of Chicago, Cook County and the Illinois Department of Revenue. See our Disclaimer.