Lawsam.com Estate Planning, Real Estate, Elder Law

Village Transfer Taxes

If you are selling real estate, you may have to deal with transfer taxes. Personally I consider the whole idea of transfer taxes to be a big intrusion on sellers at a stressful time, but what do I know. This is a tax on the seller for selling his or her home. Some towns tax the Buyer, like Mt. Prospect and Naperville. In those towns the Buyer must get the transfer stamp.

Click this link Does My Town Have a Transfer Tax? to see if your town requires a transfer stamp.

If your town requires a transfer stamp, you must call to obtain a final water reading at least one week prior to closing. Then when the final reading is available proceed to village hall with the following:

1. A copy of the real estate sales contract;

2. The town's transfer tax declaration form completed;

3. A check to pay the final water bill;

4. Another check to pay for the transfer stamp.

This should result in the transfer stamp being issued. Some towns like Park Ridge and Berwyn requires inspections before closing.

Below are some forms from the more enlightened villages and towns that provide them on-line. These are PDF files and you will need acrobat reader to open the files. If you need a free copy of the program click the icon below.

Village of Mt. Prospect Transfer Tax Declaration

Village of Rolling Meadows Transfer Tax Declaration

City of Park Ridge Transfer Tax Declaration