Edgewater
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Lincoln Square
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Irving Park
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Portage Park
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Dunning
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O’Hare
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Edison Park
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Transfer Taxes: What You Need to Know
If you’re thinking about buying or selling your home, make sure you know about transfer taxes. These taxes are part of your cost when your home is sold and the title goes from one individual (you, the seller) to another individual (the new homebuyer).
The state or city charges transfer taxes to complete a sale and title transfer. Your property’s assessed value and classification determine the total cost of your these taxes.
Chicago follows the Real Property Transfer Tax law. This law states that the transfer tax costs $5.25 per $500 of the transfer price. Three dollars and 50 cents of the $5.25 goes to the city, while the other $1.50 provides financial assistance to the Chicago Transit Authority (CTA). In Chicago, the buyer is responsible for paying $3.75 and the seller is responsible for $1.50.
Certain circumstances may lead to exemptions or credits on transfer taxes. Check out the city’s website to see if you fall into one of these categories.
You will pay these taxes during the closing of the property’s sale, so make sure to figure in the price when buying or selling a home! Make sure to talk to your REALTOR® if you have any questions or concerns about your transfer taxes.
A Monthly, Quarterly & Yearly Home Maintenance Checklist To Keep In Your Back Pocket
Maintaining your home’s value is important for when you potentially sell it in the future, and it can be vital for your personal health and wellness. Don’t feel daunted by this responsibility! Here’s your ultimate yearly home maintenance list for monthly, quarterly and yearly upkeep.
Monthly
- Clean kitchen disposal with diswashing detergent and a combination of salt and ice cubes. Follow these steps!
- Vaccuum out excess lint from the dyer vent. Follow these steps!
- Dust all of your surfaces. Your sinuses will thank you!
- Test the batteries in your fire and carbon monoxide detectors to make sure they’re still working.
- Replace your air filter, or at least check whether it needs to be replaced, each month.
Quarterly
- Descale your coffee maker to remove any build up for a fresh brew. Follow these steps!
- Check the salt levels in your water softener.
- Clear out your gutters to remove and debris left from storms.
- Flush unused toilets and run water through unused sinks to avoid grime build up.
- Clean your windows and screens to keep the sun shining in dirt-free.
Yearly
- Service your air conditioning unit and hire a professional to remove dust and debris from your air ducts.
- Check for termites or bug infestation, especially in the attic or basement.
- Inspect your roof for leaks and damage and hire a professional to fix any issues.
- Check your faucets, toilets and pipes for leaks.
Every 5-10 Years
- Seal cracks in your driveway to make your exterior look better and avoid major safety issues down the road.
- Recaulk bathroom grout or window sealant to prevent mold, help save on energy an more.
- Paint your exterior to cover up external damage that can happen over time.
Download our yearly home maintenance checklist and keep it handy to keep up with your projects.
