Page 17 - Real Estate Laws and Customs - State by State Guide by Old Republic Title

State Locations

A STATE - BY - STATE GUIDE
REAL ESTATE LAWS AND CUSTOMS ILLINOIS

Title Insurance Rates ILLINOIS
Unregulated

Form of Conveyance ILLINOIS
Deed (Various Forms)

State Encumbrance Forms ILLINOIS
Mortgage

Customary Closing Entity ILLINOIS
Title Company

Commitment Issued? Duration? ILLINOIS
Yes; 6 Months

When Is Invoice Issued? ILLINOIS
With Commitment

Deed Transfer Tax? ILLINOIS
Yes

Mortgage Tax? ILLINOIS
No

Leasehold Tax? ILLINOIS
Yes

Remote Online Notarization (RON) Status ILLINOIS
Law Passed, But Not in Effect
CUSTOMARY SPLITS

Owner’s Policy Premium ILLINOIS
Commercial Only but Varies (Usually 30%)

Loan Policy Premium ILLINOIS
Not Applicable

Title Search and Exam Fees ILLINOIS
Negotiable; Buyer Pays Loan Policy

Survey Charges ILLINOIS
Seller Pays

Deed Transfer Tax ILLINOIS
Varies for County/Municipality Taxes

Mortgage Tax ILLINOIS
Not Applicable

Closing Fees ILLINOIS
Buyer Pays

Recording Fees ILLINOIS
Buyer Pays

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oldrepublictitle.com/ncs Updated 07/2023