Your net proceeds are your sale price minus your mortgage payoff and your selling costs. For a downtown Chicago condo, those costs include your agent commission, seller transfer taxes of about 0.45% of the price (state, Cook County, and the CTA portion of Chicago's tax), an owner's title insurance policy, your attorney, condo document fees, and a property tax credit to the buyer, because Cook County taxes are billed a year behind. Special assessments, deeded parking, and tenants can each move the number.
Two condos can sell for exactly the same price and leave their owners with very different amounts at closing. The difference comes down to mortgage balances, property taxes, special assessments, deeded parking, and even the date you close.
Most sellers start with the sale price and work down. That's the right instinct, but the list of deductions in a downtown high-rise is longer than most people expect — and a few of the largest items have nothing to do with your agent or your attorney.
Here's every cost of selling a condo in downtown Chicago, what drives it, and where the number comes from.
The Two Numbers That Matter Most
Your mortgage payoff. This is usually the largest deduction, and it isn't the balance on your last statement. Your lender's payoff letter adds interest through the payoff date and any fees. If you have a home equity line of credit, it's paid off at closing too. Your attorney orders the official payoff letter, but you can request an estimate from your lender before you list.
Commission. Commission is negotiable and set in your listing agreement. Since the 2024 changes to how buyer-agent compensation works, you also decide whether to offer compensation to the buyer's agent — and buyers may ask for it in their offer instead. Talk through both before you list, because the choice affects your net and how your listing competes.
Chicago Condo Seller Closing Costs
Transfer taxes. Three governments tax the transfer, and the seller customarily pays three of the four pieces:
- Illinois: $0.50 per $500 of the sale price
- Cook County: $0.25 per $500
- City of Chicago, CTA portion: $1.50 per $500
Together that's $2.25 per $500, or 0.45% of your price. The larger city portion — $3.75 per $500 — is the buyer's. These rates are current as of mid-2026, and your attorney confirms them for your closing. (Buying your next place in the city? Here's how the Chicago transfer tax works for condo buyers.)
The city also won't issue its transfer stamps until water and sewer charges tied to the property are paid. In many downtown buildings, water is billed to the association rather than to you, so your attorney and the title company handle this requirement in the background.
The property tax credit. This is the line that surprises sellers most. Cook County property taxes are paid in arrears — the bill you pay this year covers last year. So at closing, you credit the buyer for taxes that built up while you owned the condo but haven't been billed yet.
Two things set the size of that credit:
- Timing. Depending on when you close, the credit can cover the unpaid part of last year's taxes plus everything from January 1 through your closing date.
- The proration percentage. Because the next bill isn't known yet, Chicago contracts commonly estimate it at 105% of the last full-year bill, and sometimes higher when a reassessment is expected. That percentage is negotiated in your contract.
If you receive a homeowner exemption or recently won a property tax appeal, tell your attorney early — either can change how the credit should be calculated.
Owner's title insurance. In Chicago, the seller customarily pays for the buyer's owner's title policy. The premium is based on the sale price. The title company also charges smaller items, typically a share of the closing (escrow) fee, a policy update fee, and the cost of recording the release of your mortgage.
Your attorney. In Chicago, both sides typically hire a real estate attorney to review the contract, negotiate inspection items, and handle the closing documents. Most charge a flat fee for a standard condo sale, commonly somewhere between $500 and $1,500. Get the quote in writing before you sign your listing agreement.
Condo Costs Most Sellers Don't See Coming
This is where a downtown condo sale differs from selling a house — and where most online estimates miss.
Section 22.1 disclosures. Illinois requires you to give the buyer the building's declaration, bylaws, rules, budget, reserve information, and other documents under Section 22.1 of the Condominium Property Act. The association or management company can charge you for assembling them. State law caps that fee — $375 when the cap took effect in 2023, adjusted each year for inflation. Ask your management company for its full fee schedule, because items such as a paid assessment letter or rush delivery may be priced separately.
Monthly assessments. You pay assessments through closing. Depending on your contract, the current month is prorated between you and the buyer.
Special assessments. Many downtown high-rises are funding large projects such as riser replacements, façade repairs, and other capital work. If your building has approved a special assessment, who pays the remaining balance depends on your contract — and it's often a negotiation. Buyers frequently ask the seller to pay it off or credit it at closing. If one is approved or under discussion in your building, factor it in before you set your price. (Here's what sellers should know about the Lakeshore East special assessment.)
Move-out fees and deposits. Many downtown buildings charge a move-out fee or hold a refundable deposit, plus an elevator reservation. They're small, but they come straight out of your pocket.
Deeded parking. If your parking space has its own property index number (PIN), it has its own tax bill — and its own property tax credit at closing. Transfer taxes apply to the full price, condo and parking together. If you're deciding whether to sell the space with the unit or separately, here's how to think about including parking in the price.
A tenant in place. If your condo is rented, the tenant's security deposit (with any interest owed) and any prepaid rent are typically credited to the buyer at closing. (More on selling a tenant-occupied condo in Chicago.)
Preparation and buyer credits. Painting, cleaning, small repairs, and staging happen before closing, but they still reduce what you keep. So do credits you agree to after the buyer's inspection, during attorney review. Budget for both.
Taxes on your gain. Capital gains tax isn't paid at closing, but it affects what you keep. If the condo was your primary residence for at least two of the last five years, federal law lets you exclude up to $250,000 of gain ($500,000 for married couples filing jointly). Investment condos don't qualify for that exclusion. Check with your tax advisor before you list.
How to Estimate Your Number Before You List
The math itself is straightforward: expected sale price, minus your mortgage payoff, minus selling costs, minus credits to the buyer. Gathering the inputs is the real work, and you can do it before you commit to anything:
- Request a payoff estimate from your lender, and from your home equity lender if you have one.
- Pull your last full-year Cook County tax bill — for the condo and for any deeded parking.
- Ask your management company for its 22.1 package fee, its move-out fees, and any approved or pending special assessments.
- Get a flat-fee quote from a real estate attorney.
- Decide how you'll handle commission and buyer-agent compensation.
The piece you can't pull from a document is the sale price itself. It depends on how your unit compares with the others buyers can tour in your building right now — floor plan, view, condition, parking, and building finances. It's also the number every other line in your estimate depends on, which is why I start there with every seller. Pricing it right from the start, without underpricing it, protects your net more than trimming any single cost.
Frequently Asked Questions
What transfer taxes does a seller pay in Chicago?
Sellers customarily pay the Illinois tax ($0.50 per $500), the Cook County tax ($0.25 per $500), and the CTA portion of the Chicago tax ($1.50 per $500) — about 0.45% of the sale price in total. The buyer pays the larger city portion of $3.75 per $500.
Why do Chicago sellers give buyers a property tax credit at closing?
Cook County property taxes are paid a year behind, so the buyer will receive bills covering time you owned the condo. You credit the buyer for that period at closing. The credit is commonly estimated at 105% of the last full-year tax bill, though the percentage is negotiable.
How much does the Section 22.1 condo disclosure package cost?
Illinois caps what an association can charge for the Section 22.1 resale disclosures. The cap started at $375 in 2023 and is adjusted each year for inflation. Some management companies charge separately for other documents, such as a paid assessment letter.
Who pays a special assessment when you sell a Chicago condo?
It depends on your contract. Buyers often ask the seller to pay the remaining balance or give a credit at closing, so it's usually part of the negotiation. Your attorney reviews how it's handled before you sign.
Do I need an attorney to sell a condo in Chicago?
In Chicago, it's standard practice for both buyers and sellers to hire a real estate attorney. Your attorney reviews the contract, negotiates inspection issues, coordinates the payoff, and prepares the closing documents. Most charge a flat fee for a standard condo sale.
Your Sale Price Matters. Your Net Matters More.
Your net comes down to three things: your mortgage payoff, your sale price, and a set of Chicago and condo-specific costs you can estimate before you list. Of the three, the sale price is the one your strategy controls.
That's why I sell condos using my 3P-TO-SOLD™ strategy: Prepared. Priced. Protected. Your condo is prepared to show better than the units around it, priced against the listings buyers will compare it to, and protected through skilled negotiation and a carefully managed closing.
Thinking about selling your downtown Chicago condo in the next year? Start with a condo selling strategy — a look at what your condo could sell for, what's worth fixing first, how it compares with others in your building, and what you could expect to net. Request yours at ChicagoHomeSellingStrategy.com.
About Larissa Brodsky
Larissa Brodsky is a Chicago real estate broker affiliated with Compass and has been in Chicago real estate since 2008. She specializes in downtown Chicago condominiums, including Lakeshore East, Streeterville, River North, and the Gold Coast, while also serving clients throughout Chicago. With a background in technology and a strategic, detail-oriented approach, Larissa helps sellers navigate pricing, property preparation, marketing, negotiations, and the closing process.
This article provides general educational information. Closing costs, tax treatment, contract terms, and association requirements vary. Consult your real estate attorney, title company, or tax advisor about your specific sale.
