Attorney at Law
Fax: 773 275-7115
With a population of nearly 3 million people, the city is the third largest in the United States.
It is the anchor of the Chicago metropolitan area, (Chicagoland), which has a population of over
9.5 million people.
Effective 1 April 2008 the Chicago Real Estate Transfer Tax will increase to $10.50/$1,000 of purchase price.
The City of Chicago imposes a transfer tax of $3.75/$500 of purchase price. This tax is imposed on the purchaser of real estate
in the city whether it is commercial or residential real estate. All real estate transaction require a final water reading and
proof of final payment. Residential real estate requires zoning certifications and/or proof of registration with the building
department. Condominium are generally exempt from the zoning certification requirement imposed by
Chicago on property transactions. Condo units do require final water readings and full payment certifications.
On March 12, 2008 the City Council amended the tax increase so that the tax increase $3/$1,000)
will be imposed on the Seller. Sellers, who now pay combined real estate transfer taxes of $1.50 per
$1,000 of sales price to Cook County
and the state, will be required to pay an additional $3 per $1,000 to the city beginning April 1.
So if your looking to purchase or sell a house, a condominium unit or other real esate in Chicago and need an attorney
to advise and guide you through the process, please contact my office at 773 275-0754.
Edward Balcsik is an attorney whose practice includes real esate law, particularly the purchase and sale of residential real estate. Please note: The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and that the certificate, award or recognition is not a requirement to practice law in Illinois.
Single family house or condominium unit closing from just
purchasers - $295
sellers - $195
closing special details
Effective 1 January 2008 the sale of a house or condo unit is subject to another disclosure reuirement.
Sellers now must give a Radon Disclosure.
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City of Chicago