Some questions: 1)Is there any way of looking up on line to see if transfer taxes have been paid to chicago on a particular sale? Or do I have to go downtown? If so, where? 2) When a buyer pays the transfer tax, is he issued a reciept (stamps)? Are they really stamps? Thanks.
You will not be able to close on a property without the transfer tax being paid.
The title company will not close on the property and transfer title without paying this at closing. In some cities, the sellers have to go to the City Hall and actual stamps are given to the seller to bring to closing. The city of Chicago has gotten a bit crazy with this Transfer Tax and is ultimately hurting the property values. I want to see if taxes will go down with the decrease in homes values, or will they just raise the multiplier?
Commenting by HaloScan
