Bulletin: IL2008001

Date:
March 28, 2008
To:
All Illinois Issuing Offices
RE:
City of Chicago Real Estate Transfer Tax

Dear Associates:

On March 13, 2008, the City of Chicago passed Municipal Code 3-33-020 establishing a new amount to be charged for the sale or transfer of real estate within the city limits. The raised transfer tax is to meet the City of Chicago's obligation toward the Chicago Transit Authority funding plan passed in January. The new ordinance becomes effective on April 1, 2008.

The new ordinance requires a total payment of $10.50/$1,000 on the transfer of real estate within city limits. The Buyer is to pay $7.50/$1,000; the Seller of the real estate is to pay the $3.00/$1,000 as set forth in the Code. Water certifications and Building registration and zoning certifications will still be required prior to recording.

If you have any questions concerning this topic please contact:

Eileen Van Roeyen
Vice President and General Counsel
National Land Title Insurance Company
2800 West Higgins Road, Suite 835
Hoffman Estates, IL 60169
PHONE: (847) 884-2332 TOLL FREE:
(800) 533-6584 Ext. 332
E-mail: EVANROEYEN@STEWART.COM


New Transfer Tax Form (Click Here to View)

 

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None