Most towns in Illinois impose a Transfer Tax on purchasing Real
Estate, it is a tax that goes directly to that city government.
If imposed, Transfer Stamps most of the time get paid by the
Seller-BUT you need to be aware of the towns where the tax
is divided between Seller and Buyer on the transaction.
Why?-because it will impact the amount of dollars you will
need to bring to closing.
Although this tax has nothing to do with your loan costs-it is
not a requirement of the lender, it is a requirement of the
local government where the property is located in.
Chicago recently increased their total real estate tax on a
property transfer, the increase in tax was voted by the City
Council to be beared upon the Seller of their property.
In Chicago the Transfer Stamps are divided between Seller and
Buyer.
To find out which towns impose Transfer Stamps to the Buyer
and how much the tax is, please feel to call me.
Estate, it is a tax that goes directly to that city government.
If imposed, Transfer Stamps most of the time get paid by the
Seller-BUT you need to be aware of the towns where the tax
is divided between Seller and Buyer on the transaction.
Why?-because it will impact the amount of dollars you will
need to bring to closing.
Although this tax has nothing to do with your loan costs-it is
not a requirement of the lender, it is a requirement of the
local government where the property is located in.
Chicago recently increased their total real estate tax on a
property transfer, the increase in tax was voted by the City
Council to be beared upon the Seller of their property.
In Chicago the Transfer Stamps are divided between Seller and
Buyer.
To find out which towns impose Transfer Stamps to the Buyer
and how much the tax is, please feel to call me.
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Transfer Stamp Tax For A Purchase in Illinois
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| Daily Mortgage Blogging From Deb Sineni |
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