THE CITY OF PARK RIDGE MOURNS THE LOSS OF MAYOR DAVID F. SCHMIDT
The City of Park Ridge is deeply saddened to announce that Mayor David Schmidt died on Wednesday, March 4, after a sudden illness.
Property (Real Estate) Transfer
Information About the Property Transfer Process
Persons selling a home in Park Ridge must pay a real estate transfer tax. Applications are processed in the Community Preservation and Development Department. It takes a minimum of five business days to process an application. The process includes an inspection of the exterior of the property for compliance with City zoning requirements and a search of City financial records for any outstanding payments due the City.
Q. Whose responsibility is the payment of the transfer tax?
A. By City Ordinance, (Article 2, Chapter 18, Sections 2 & 3) the transfer tax is a seller’s obligation at $2 pr $1,000 of full actual consideration or fraction thereof.
Q. What is the time frame for completing the process?
A. The process takes a minimum of five business days. This may take longer if violations are determined as part of the review process.
Q. What does the review involve?
A. SALES: (Note: ALL sales and/or exempt transfers which result in change of ownership.) The review involves screening the property for zoning or subdivision violations. A finance review is processed to determine any outstanding monies owed the City by the grantor/seller and final water reading and the final water bill must be paid prior to the issuance of the transfer stamp.
EXEMPT: The review involves review of legal description and finance review for monies owed the City by the grantor/seller of the property. Some transfers warrant an inspection of the property if known violations exist. All monies owed must be paid in full prior to the issuance of the transfer document.
Foreclosures are NOT exempt from transfer tax. Tax due is $2 per thousand based on the outstanding loan amount.
Q. Does the Park Ridge Transfer Declaration Form have to be completed for an exempt transfer?
A. Yes, ALL information is required to be completed on the form, including grantor/seller and grantee/buyer information at the bottom of the form
Q. What exemption paragraph should be referenced when there is no consideration?
A. Paragraph M of the transfer tax ordinance should be used in this case. Also, explanation as to the exemption should be indicated. Exemptions are listed on the reverse side of the Declaration Form or listed in the Transfer Tax Ordinance (Article 2, Chapter 18, Section 6).
Q. Can the transfer stamp be issued after closing?
A. Yes; however, it is not advisable since recording of the transfer document will be delayed until the transfer stamp is issued.
Q. Can the process be completed by mail?
A. Yes. Upon completion of the process the applicant will be notified or if directed the appropriate documents will be returned to the applicant.
Q. Can the application be submitted by FAX?
A. Yes. The COMPLETED Transfer Declaration Form may be faxed to 847-318-6411 to begin the process. The balance of the required documents must be submitted and appropriate tax or fees must be paid in full prior to the issuance of the transfer stamp.
Q. Where can the Park Ridge Transfer Declaration Form be obtained?
A. Forms may be obtained at the City of Park Ridge, Department of Community Development, on the second floor at City Hall; mailed or faxed upon request; or on the City’s Website, CLICK HERE . Any inquiries on the Property Transfer process may be directed to 847-318-5289.
Real Estate Transfer Form
Relevant Code listing Exemptions