Trying to pin down how much you will pay at closing in Orland Park? You are not alone. Many buyers focus on the down payment and get surprised by fees, prepaids, and escrow deposits due at signing. This guide breaks down what closing costs include, what is common in Cook County, typical ranges, and smart ways to plan so you can buy with confidence. Let’s dive in.
Closing costs basics
Closing costs are one-time fees and prepayments you owe in addition to your down payment. They cover lender charges, third-party reports, title and recording services, prepaid insurance and property taxes, and sometimes transfer or HOA fees.
A common planning range for buyers is 2 percent to 5 percent of the purchase price. Your total depends on your loan type, price point, and local taxes and fees. Budget separately for prepaids and escrow deposits since they can be several thousand dollars by themselves.
Orland Park and Cook County specifics
Local practices matter in the Chicago suburbs. In Orland Park and across Cook County, the following items can affect your bottom line:
- Transfer taxes: Illinois has a state transfer tax, and some municipalities add their own. Who pays can vary by town and by contract. Verify current rates and who customarily pays with your title company, the Village of Orland Park clerk, or the Cook County Recorder.
- Property taxes: Cook County taxes are billed annually and typically paid in arrears. At closing, taxes are prorated so the seller covers their share up to the closing date and you take over after. Review tax history with the Cook County Treasurer or Assessor to estimate your first-year escrow needs.
- Title practices: In some Chicago-area deals the seller pays the owner’s title policy, but customs vary. Confirm early with your agent, attorney, and title company.
- HOA and condos: If you buy a condo or townhome, you may see HOA transfer fees, resale certificates, or questionnaire charges. These vary by association and are sometimes paid by the seller.
- Inspections: Expect a general home inspection. Radon testing is recommended in Illinois. Many buyers also order termite and sewer scope inspections for older homes.
Typical line items and ranges
Loan and lender fees
- Loan origination or lender fee: often 0.5 percent to 1 percent of the loan amount
- Discount points: optional to reduce your rate, 1 point equals 1 percent of the loan amount
- Appraisal: typically $300 to $800
- Credit report: about $25 to $50
- Lender’s title insurance policy: required by your lender, typically several hundred to low-thousands based on loan size
- Small lender charges: flood cert, tax service, and system fees, about $10 to $200 total
- Upfront mortgage insurance if applicable: varies by program and profile
Title, escrow, and attorney
- Owner’s title insurance policy: who pays varies locally. Premium scales with price and can be several hundred to a few thousand dollars
- Title search, closing, and settlement fees: about $300 to $900
- Attorney fees: about $500 to $1,500 or more depending on complexity
Inspections and reports
- Home inspection: about $300 to $600
- Radon test: about $100 to $200
- Termite or pest inspection: about $50 to $200
- Sewer scope: about $150 to $400
- Well or septic inspections if applicable: variable
Prepaids and escrow deposits
- Homeowner’s insurance: typically pay the first year at closing
- Property tax escrow: lender collects several months of taxes plus a small cushion for your escrow account
- Mortgage insurance: first month or an upfront premium if required
- First month’s mortgage payment: often collected at closing
Government and recording
- Deed recording fee: usually tens to a few hundred dollars depending on pages
- Transfer taxes: state and any municipal amounts. Who pays depends on local rules and negotiation
HOA and condo items
- Transfer fee, resale packet, or condo certificate: often $100 to several hundred dollars
Miscellaneous
- Courier, wire, and overnight fees: usually $20 to $100
- Escrow adjustments: prorations for taxes, HOA dues, and utilities
Example buyer budgets
Below are estimate ranges to help you plan. Your lender’s Loan Estimate and your final Closing Disclosure will show your actual numbers.
Example A: $350,000 single-family home
- Estimated total closing costs excluding down payment: 2 percent to 4 percent, about $7,000 to $14,000
- Lender fees, appraisal, credit, underwriting: $2,000 to $5,000
- Title and closing fees, including lender’s policy: $800 to $2,000
- Prepaids and escrow deposits: $3,000 to $6,000
- Inspections and third-party reports: $400 to $1,200
- Recording, transfer, and misc: $200 to $1,000
Example B: $600,000 conventional purchase
- Estimated total closing costs: 2 percent to 4 percent, about $12,000 to $24,000
- The same line items apply, with higher dollar amounts tied to price and loan size
The biggest drivers are lender fees and points, plus prepaids for taxes and insurance. In Cook County, the tax escrow can be a large piece, so review the property’s tax history early.
Timing, documents, and who pays
- Loan Estimate: Your lender must send this within three business days of your mortgage application. Use it to compare 2 to 3 lenders.
- Closing Disclosure: You must receive this at least three business days before closing. Review every line, especially escrows and any changes since the Loan Estimate.
- Who pays what: It depends on local custom and your contract. Seller concessions toward buyer closing costs are allowed up to loan program limits. In some Chicago-area transactions the seller often pays the owner’s title policy, but confirm locally.
- Typical timeline: Expect about 30 to 45 days from contract to close, depending on financing and title work.
Ways to save and plan ahead
- Compare lenders: Request itemized lender fees and ask which are negotiable. Run a side-by-side with at least three quotes.
- Shop title and settlement: Ask for an itemized estimate from the title company or closing attorney. Fees can vary.
- Verify transfer taxes early: Confirm rates and who customarily pays in Orland Park with your title company or the Village clerk.
- Check Cook County taxes: Pull the property’s tax history from the Assessor or Treasurer to estimate escrow deposits and prorations.
- Be strategic with points: Only pay discount points after calculating your break-even timeline.
- Budget for inspections: Include general, radon, and any specialty inspections in your contingency window.
- Prepare funds safely: Keep closing funds in a traceable account. Always verify wire instructions with the title company by phone to avoid fraud.
Next steps
If you are shopping in Orland Park, a clear closing cost plan can keep your purchase on track and stress-free. Start by requesting a fresh Loan Estimate, pulling the property’s Cook County tax history, and confirming local transfer and title customs with your team.
When you are ready, connect with the Lifestyle & Legacy Group for a calm, concierge path from offer to keys. We will help you compare estimates, line up inspections, and coordinate with your lender and title so you close with confidence. Reach out to the Lifestyle & Legacy Group to talk through your budget and next steps.
FAQs
What are typical total closing costs for an Orland Park homebuyer?
- A common planning range is 2 percent to 5 percent of the purchase price, including fees, prepaids, and initial escrow deposits.
How much cash do I need at closing beyond the down payment?
- Budget for your down payment plus closing costs and prepaids. For a $350,000 home, many buyers see $7,000 to $14,000 in closing costs.
Who pays property taxes at closing in Cook County?
- Taxes are typically paid in arrears and prorated at closing. The seller covers their share up to the closing date and you take responsibility going forward.
Can a seller help pay my closing costs in Orland Park?
- Yes. Seller concessions toward buyer closing costs are allowed up to loan program limits and are negotiated in your contract.
Who usually pays for the owner’s title insurance policy locally?
- In some Chicago-area transactions the seller often pays the owner’s policy, but customs vary by deal and municipality. Confirm with your title company.
How much should I budget for inspections in the south suburbs?
- Many buyers spend $400 to $1,200 total for a home inspection, radon test, and any termite or sewer scope based on the home’s age and size.
What is an escrow or impound account for my mortgage?
- If required by your lender, you will deposit several months of taxes and insurance at closing, plus a small cushion. The lender pays those bills from escrow.
When will I get the Closing Disclosure and what should I check?
- You must receive it at least three business days before closing. Review loan terms, cash to close, prepaids, and any changes from your Loan Estimate.
Are there transfer taxes or recording fees unique to Orland Park?
- Illinois has a state transfer tax, and municipalities may add their own. Verify current rates and who pays with the Village of Orland Park and your title company.
