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Feeding the Combine: Part IV

By Peter Olson, Esq.

Well, ya knew it was coming right? Of COURSE the Chicago City Council passed the $3 increase to the Chicago Transfer Tax. Who wouldn't say no to Mayor Daley's pleas about not having bus and train service if the tax increase isn't passed? Of course the $$ is going towards the CTA's pension fund for employees, not that bus route you take every day.

The increase to $10.50 per $1,000 (from $7.50) takes effect April 1st.

What to do?

I'd suggest pushing any near April 1 closings to before April 1. We just have one Chicago contract in the office right now but I think it's expected to close in March...I better take a close look at the file Monday.

How does this impact a transaction where a Buyer now can't afford to close? How do you get out of that contract? I thought my law school contracts book had some "public policy" cases but I thought the person arguing "public policy" always lost.

Full post as published by Closing Real Estate in Chicago on February 09, 2008 (boomark / email).