Chicago Illinois Real Property - Schedule A - Form 6A - Post 2005

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Chicago
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US-BKR-F6A
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Description

This form is Schedule A. The form may be used to list information concerning the description and location of real property; the nature of the debtor's interest in the property; and the amount of the secured claim. This form is data enabled to comply with CM/ECF electronic filing standards. This form is for post 2005 act cases.



Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 is a legal document that provides detailed information about a particular piece of real estate located in Chicago, Illinois. This form is commonly used in real estate transactions and serves as a comprehensive record of the property's ownership, boundaries, and other essential details. The content of Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 typically includes the following information: 1. Property Identification: This section includes the property's unique identification number, commonly known as the Tax Identification Number (TIN). It also mentions the property's address, legal description, and any additional identifiers. 2. Ownership Information: The form lists all current owners of the property, including their full names, addresses, and percentage of ownership. It may also specify whether the property is owned as joint tenants, tenants in common, or by any other legal arrangement. 3. Encumbrances and Liens: This section provides details about any existing encumbrances or liens on the property. These could include mortgages, easements, rights-of-way, or any other legal claims against the property. The form specifies who holds the encumbrance or lien, the amount owed, and any applicable recording information. 4. Boundaries and Improvements: This section outlines the property's boundaries, either through a legal description, a reference to a survey, or a plat map. It may also describe any permanent structures or improvements on the property, such as buildings, fences, or driveways. 5. Zoning and Land Use: Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 may include information about the property's zoning designation and any applicable zoning restrictions or regulations. It may also note any environmental issues or special land use designations that affect the property. Different types of Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 may exist depending on the specific details and conditions of the property being described. The form may vary slightly for residential, commercial, or industrial properties. Additionally, variations may arise based on specific legal requirements, such as properties within historic preservation districts or properties subject to special assessments or government regulations. Overall, Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 is a crucial document in real estate transactions that provides a comprehensive overview of a property's ownership, encumbrances, boundaries, and other significant details. It ensures transparency and accuracy in property dealings while protecting the rights and interests of all parties involved.

Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 is a legal document that provides detailed information about a particular piece of real estate located in Chicago, Illinois. This form is commonly used in real estate transactions and serves as a comprehensive record of the property's ownership, boundaries, and other essential details. The content of Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 typically includes the following information: 1. Property Identification: This section includes the property's unique identification number, commonly known as the Tax Identification Number (TIN). It also mentions the property's address, legal description, and any additional identifiers. 2. Ownership Information: The form lists all current owners of the property, including their full names, addresses, and percentage of ownership. It may also specify whether the property is owned as joint tenants, tenants in common, or by any other legal arrangement. 3. Encumbrances and Liens: This section provides details about any existing encumbrances or liens on the property. These could include mortgages, easements, rights-of-way, or any other legal claims against the property. The form specifies who holds the encumbrance or lien, the amount owed, and any applicable recording information. 4. Boundaries and Improvements: This section outlines the property's boundaries, either through a legal description, a reference to a survey, or a plat map. It may also describe any permanent structures or improvements on the property, such as buildings, fences, or driveways. 5. Zoning and Land Use: Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 may include information about the property's zoning designation and any applicable zoning restrictions or regulations. It may also note any environmental issues or special land use designations that affect the property. Different types of Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 may exist depending on the specific details and conditions of the property being described. The form may vary slightly for residential, commercial, or industrial properties. Additionally, variations may arise based on specific legal requirements, such as properties within historic preservation districts or properties subject to special assessments or government regulations. Overall, Chicago Illinois Real Property — Schedule — - Form 6A - Post 2005 is a crucial document in real estate transactions that provides a comprehensive overview of a property's ownership, encumbrances, boundaries, and other significant details. It ensures transparency and accuracy in property dealings while protecting the rights and interests of all parties involved.

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FAQ

The recorder of deeds or registrar of titles in each county collects the tax through the sale of revenue stamps which counties purchase from the Department of Revenue. The same stamp may also provide evidence of the payment of a county real estate transfer tax.

In Chicago, the RETT is currently imposed by the State of Illinois, Cook County and the City of Chicago. The City imposes the tax as both a municipal and home rule real estate transfer tax. 2 The composite rate of the RETT is $6.00 per $500 in property value transferred, or a rate of 1.2%.

Transfer tax rates are frequently charged per each monetary unit of sale price. The state of Illinois has a transfer tax that is typically paid by sellers at a rate of $0.50 per $500, or $500 per $100,000 of property value. In addition, counties may apply an additional tax of $0.25 per $500.

Transfer Taxes ? The State of Illinois charges a transfer tax of $1 per $1000 of the sale price. The county will charge $. 50 per $1000 of the sale price. For example, a sale price of $350,000 will generate a state and county transfer tax of $525.

Tax Rate: $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50.

In Chicago, the RETT is currently imposed by the State of Illinois, Cook County and the City of Chicago. The City imposes the tax as both a municipal and home rule real estate transfer tax. 2 The composite rate of the RETT is $6.00 per $500 in property value transferred, or a rate of 1.2%.

Who Pays Transfer Taxes: Buyer or Seller? Depending on the location of the property, the transfer tax can be paid either by the buyer or seller. The two parties must determine which side will cover the cost of the transfer tax as part of the negotiation around the sale.

This option includes Option 1 above plus obtaining local municipal transfer stamps, and recording the deed with the county recorder's office. Total fees for this service ranges from $360 for townships that don't require a municipal transfer stamp to $800+ for municipalities that do require a transfer stamp.

Tax Rate: $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50.

The Illinois Real Estate Transfer Tax Law imposes a tax on the privilege of transferring a title to real estate or a beneficial interest in real property located within Illinois. By state statute, the Recorder of Deeds is required to collect the tax at the time of recording.

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Chicago Illinois Real Property - Schedule A - Form 6A - Post 2005