|Our single family home listing at 706 Cynthia, Glendale Heights IL 60139 is closing next week.|
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!