Transfer Stamps-What Are They?

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 free to call me.