Escrow & Title
In Illinois, the real estate transfer tax at closing is typically paid by:
AThe buyer only
BThe seller only
CSplit equally between buyer and seller
DNegotiable between the parties✓ Correct
Explanation
In Illinois, the state real estate transfer tax is typically paid by the seller, but the parties may negotiate who pays. However, certain counties and municipalities (such as Chicago) impose their own additional transfer taxes with varying rules about who pays.
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