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Closing Costs

 

Completing your purchase properly 

On occasions we're asked about Quit Claim transfers.  Some over the years have successfully handled their closing this way.  Yet there are several whos experience changed years later when they sold, and were hit with a large bill.

For that reason, completing your sale should be directed by a Realtor.  The cost is less than $400 on each side of the transaction.  A small price to pay for Clear Title Insurance, for now and in the future.  Below is a list of items involved in your closing;

A Title Search is performed using Sauk Valley Title Ins Co.,a local company working in the Lee County area. This step in the process finds discrepancies, liens, and verifies who currently owns the property. Clearing Title let's Buyer's receives a policy insuring their new campsite free and clear of any doubt of ownership. A final search is performed just prior to the issuance of policy.

An Attorney is involved to create the County and State required forms of transfer and reviews Title work.  Required by law legal documents must be created by an attorney.  Whether you choose to use your own or one of our local attorneys, we will work with them and provided the necessary information to see a timely sale.

Personal Property.  Sellers will be transferring ownership of any included Travel Trailer or a Park Model, with a valid SOS issued Title.  Sellers who are having difficulty finding the title, should contact the SOS. Expedited services are available here, EXPEDITED SERVICES  Remaining items, i.e.... sheds, decks, LP tanks, etc. will be accounted for with a Bill of Sale.

Joining the Woodhaven Lakes Association.   At Woodhaven By Owner, we take care of notifying WHL of your new ownership.  An application form will be completed, copies of the Covenants/Declarations, Bi-law's and Rules and Regulations, will be available to you at closing.  In addition, an ESAC review of the property will be performed prior to closing to assure violations are disclosed and remedied.

Real Estate Taxes and Association Assessments Prorations.  Like residential real estate, taxes on your campsite are payable in arrears.  At closing taxes will be paid for any prior years and proration of current year through closing will be given to the Buyer as a credit for the following County Tax Bill.  The Association calendar year, starts April 1st and ends March 31st.of every year.  Association assessments at time of purchase will be prorated from date of closing.  Assessments are required to be paid in full the first year, after which you can use the payment plan offered by the Association.

Closing Only.  The office ISV Realty Group Inc. performs closings in relation to sales of Woodhaven By Owner a DBA of ISV Realty Group.  Our proficiency in this area assists in the maintaining of records for our County and State and Disbursement.  

Buyer and Seller Closing fees average $398 each

  Additional fees. Double Lot purchases, Real Estate Transfer tax stamps, Additional Recordings, i.e.... mortgage, Survey per contract, and/or Assessment corrections or any unforeseen requirement on title commitment, mailings, split closings, wire fees. 

For a complete list of additional items that may relate to your sale, an estimate of closing will be provided to both parties.

Private sale closings available at the same rate listed here.  We do ask, you put your transaction in writing with signatures.  An editable sample link you can use to fit your needs. Return via email.  Your closing agent will be in contact with you to clarify and proceed on your behalf.

 

"Fair and Friendly Service"

(815) 857-7011