Effective January 1, 2016, all City of Chicago transfer tax declarations must be filed online through MyDec. MyDec allows individuals, law firms, and settlement agencies (e.g. title companies) to file transfer tax declarations online and view declarations they have already created. Users can track the status of, and make corrections to, the declaration at any time before the declaration is finalized. Penalties may be imposed for failure to comply with the ruling. The full ruling can be found at URPO Ruling #5.
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December 21, 2016
Summary: The new law requires that the transfer of real property (real estate) to a trust have a transfer of legal title to the trustee.
There are two new rules regarding the transfer of property to trust.
(1) The transfer of real property to a trust requires a
transfer of legal title to the [...]
If you’re a Chicago landlord with a Chicago rental property, there are many “disclosures” and “notices” that you must provide to your [prospective] tenant. If a landlord fails to comply with properly providing these disclosures, the landlord could very likely end up in court, owing the [...]