Illinois is a state of contrasts and complexities. Home to the notorious (for settlement services purposes, that is!) Cook County, Illinois is a place that certainly keeps loan officers and title agents preparing CD’s and LE’s on their toes.

The Challenges of Cook County

Home to the nation’s third largest city, Cook County is well-known for having virtually blurry lines for property fee and tax purposes. That includes geographic areas that would for all intents and purposes seem outside of Cook County jurisdiction, but are just the same. We’ll simply say that one would do well to pay extra attention as to the true jurisdiction of many parts of Cook County—or, better yet, make use of LodeStar’s Closing Cost Calculator!

Keep in mind that, in Cook County, real estate taxes are paid in arrears. They’re also payable only via direct debit—no checks please!

Throughout the State of Illinois

Throughout Illinois, it can be very easy to underquote a fee or tax, although the penalties for doing so are anything but inexpensive. It’s also a state of many town or city-specific taxes. While most of these are seller-paid, there are some on the buyer side of the transaction. Most of the fees tend to be fixed, based upon the amount of the purchase price. City-specific transfer taxes are also not uncommon.

Finally, be aware that Illinois imposes a predatory lending surcharge.

Statewide Recording Fees and Zone-Based Title Premiums

In Illinois, title insurance premiums can vary by zone. The zones tend to be comprised of groupings of counties, rather than simply county-by-county.