Make the estimate auditable
Give each row a description, amount, source, and status. A lender payoff supplied for a particular date differs from a balance remembered from a monthly statement. A negotiated credit differs from an estimated title charge. Keep those distinctions visible so the worksheet can be revised without losing track of what changed. Include every property interest and obligation identified by the appropriate legal and closing review.
Build offer-specific versions from the same base worksheet. Then reconcile the final closing statement with the current version and ask about unfamiliar charges, missing credits, or changed dates before signing. Keep preparation, carrying costs, and moving beside the statement rather than forcing them into a document where they may not appear. Finally, separate the cash result from any income-tax estimate. The worksheet's job is to explain the transaction cash flow and its uncertainties. It does not establish tax liability, lien resolution, or completion of a city requirement merely because a row has been assigned a number.
- Record source and status for each row.
- Compare offers from the same base.
- Reconcile before signing.
This answer belongs to Chicago closing costs and property taxes: build a transparent seller worksheet. Read the guide for the wider transaction context.
Sources and effective dates
Read the original guidance and use the version applicable to your property and transaction. Practical planning suggestions are distinguished from legal or program requirements.
- Cook County Treasurer: Property taxes
Use the property's PIN, actual bill and applicable tax year. Seller bills do not establish the buyer's future liability.
Source checked · Cook County, Illinois - CFPB: Explore a Closing Disclosure
Use the actual lender-issued disclosure for transaction amounts and timing.
Source checked · United States