We all know by now the transfer tax stamp for Chicago Real Estate was raised to $10.50 per $1,000 in purchase price. I was pretty silent on the blog here, but called and emailed my Alderman several times to plea...beg.... and ask WTF? Those crazies didn't listen and voted something like 41-6 in favor of raising the transfer tax on YOU 40% to pay CTA employee pensions... do you have a pension? I don't.
Now, Chicago wants to pick you up and shake you down even if you "default" leaving your down payment or earnest money and don't close.
From City Room:
"Another's to have the city keep the tax even when a buyer forfeits a down payment and the deal's nixed."