- 16 - REAL ESTATE LAWS & CUSTOMS BY STATE ©2025 Fidelity National Title Insurance Company (08/25) ILLINOIS Title Insurance Rates Not filed Form of Conveyance Warranty Deed State Encumbrance Forms Mortgage; Trust Deed Customary Closing Entity Title company; attorney; others Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment 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 Owner’s Policy Premium Seller pays Loan Policy Premium Buyer pays Title Search & Examination Seller pays Survey Charges Seller pays Deed Transfer Tax State: Seller; County: Either party; but customary for Seller to pay; Municipalities: Varies Mortgage Tax Not applicable Closing Fees Commercial: divided equally or by contract Residential and Commercial cash deals: divided equally or by contract Residential sale with a loan: Buyer pays Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances
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