Fee circus

Gerry Lorenzi, a senior mortgage banker at National City Mortgage, estimates the closing costs involved in buying a $300,000 condo in Chicago. Large print: It ain’t cheap. Here’s the fine print.

Appraisal $295 The appraiser’s fee to verify the property’s value

Processing fee $300 The bank’s fee to process all the documentation

Underwriting fee $250 To ensure the loan meets lending guidelines

Tax service fee $77 Covers the title company’s handling of taxes

Flood certificate $5 To ensure the property isn’t in a known flood zone (yes, even if it’s on the 75th floor)

Credit report $10 The cost of the buyer’s complete credit report

Title insurance and settlement $1,400 To ensure the title is clear and no liens exist (e.g., the current owner doesn’t owe anybody for work on the property)

Attorney $500 The average cost for legal representation

City transfer stamp tax $2,250 ($3,150 after April 1) That’s $7.50 per $1,000. On April 1, this one-time tax will go up to $10.50 per $1,000.

Escrow taxes $750 ($375 per month for two months, based on a 1.5 percent tax rate.) This is like a savings account in your name to cover property taxes.

Interest $662 That’s at $44 per day, if you close on the 15th of the month.

Estimated total closing costs (not including the down payment)