Tuesday, November 21, 2017

No real estate transfer stamps... no sale!

Our single family home listing at 706 Cynthia, Glendale Heights IL 60139 is closing next week.
Real estate transfer stamp programs can vary from city to city, village to village. The application process, cost and time line to get transfer stamps on a real estate sale are important details few sellers and buyers consider. However these small details can become costly and hold up a sale! We recommend hiring a local real estate attorney familiar with the various village requirements early on in the sale process.

We recently sold a house in Glendale Heights where all homes must pass a city inspection before the transfer stamp may be applied. An escrow amount in lieu of transfer stamps is held by the city until; 1) the seller cures the inspection violations or, 2) the buyer signs a disclosure (and pays the escrow) acknowledging they will cure the issues. This is a much different process in Chicago where no physical city inspection takes place as part of the real estate transfer.  

In Glendale Heights, a seller pays $3.00 per $1,000 of the sale price as a real estate transfer tax while Chicagoans also pays $3.00  per $1,000 (buyers pay $7.50 per $1,000!).

The more you know!

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