Chicago, IL real estate: buy or sell with a local AXEN agent
Chicago has condos, two-flats, bungalows and single-family homes, and attorneys play a bigger role here than in most places. Transfer taxes, condo documents and property tax rules change the cost. An AXEN agent who works here walks you through each one.
Buying a home in Chicago: what to know
The steps are the same everywhere. These are the Illinois and Chicago details that trip people up.
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Hire a real estate attorney. Most Chicago-area buyers and sellers use an attorney, and the standard contract has an attorney review period right after signing.
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Buying a condo? Read the 22.1 disclosure. Illinois condo sellers must provide the association's documents, budget, reserves and any special assessments. Read them before attorney review ends.
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Plan for transfer tax. Chicago charges its own transfer tax on top of the state and county taxes, and part of it is paid by the buyer.
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Two-flat or older home? Inspect the roof, masonry, electrical and sewer line. Older buildings can hide big repairs.
Selling a home in Chicago
Fill out the disclosures
Illinois sellers must give a Residential Real Property Disclosure Report and a radon disclosure. Be complete; it protects you.
Know your transfer taxes
The state charges $0.50 and Cook County $0.25 per $500 of price. Chicago adds its own tax, split between buyer and seller.
Have the condo documents ready
Condo buyers need the association's documents quickly. Order them when you list.
Chicago real estate questions
Do I need an attorney to buy a home in Chicago?
It is not required by law, but most Chicago-area buyers and sellers use one, and the standard contract includes an attorney review period.
What transfer taxes are there in Chicago?
Illinois charges $0.50 and Cook County $0.25 per $500 of price, and the City of Chicago adds its own transfer tax, part paid by the buyer and part by the seller. Your attorney will give you the exact amounts.
What is a 22.1 disclosure?
Under the Illinois Condominium Property Act, a condo seller must give the buyer the association's documents, budget, reserve and assessment information.
Does it cost anything to talk to an AXEN agent in Chicago?
No. Talking with an AXEN agent about buying or selling in Chicago is free.