-Transfer Tax

Most counties and some municipalities charge transfer taxes to sellers, buyers, or both. The State of Illinois also charges a transfer tax.  Some also require village inspections of certain aspects of property.  We always verify municipal requirements by calling a specific village as soon as we open a transaction file.  The following list provides a rough overview of transfer taxes for all areas we cover.  Transfer Tax Ticor Title List

-Turning on/off utilities

As soon as a buyer taxes possession of a home, they should contact the requisite utility companies and have the utilities put in their name.  Common utility companies in the area include:

Nicor Gas – Most suburbs – 1 (888) 642-6748

People’s Energy – City and some suburbs – 1 (866) 556-6001

Com-Ed – Electricity – 1 (800) 334-7661

Water – Is most municipalities the buyer should make the sure the water account is transferred.

Sellers should turn off all utilities the day after a closing has occurred.

-Condition of home upon sale/possession

-Property Tax Pro-Rations

In Illinois our property taxes are paid in arrears.  This means that when you buy a property, you generally get a pretty large credit from the seller for property taxes that were incurred during the sellers ownership during the year prior to the sale, but that are not yet due.  When you sell, the opposite is true.

-Documents needed for closing for Sellers

Deed, Affidavit of Title, Alta, Bill of Sale, Powers of Attorney if Applicable, Transfer tax documents (PTAX), Municipal forms including final water bill, local transfer tax forms, Title Company Forms, Tax Documents.

-Property Tax Escrow Accounts

If you have a property tax escrow account, i.e. each month you pay your bank an installment for your property taxes and, in turn, your bank pays the county when the taxes are due, you will need to request that your bank send you the balance from your escrow account at your new address.  Banks do not credit the balance of an tax escrow account at closing.