Schedule of Rates for Residential Title Insurance & Related Services - Effective January 2, 2009

See attached PDF document for our new residential rates effective January 2, 2009. For our commercial rates please contact your Chicago Commercial Center sales rep or use our Contact Us page.

Residential Rates Effective January 2, 2009

Important Predatory Lending Information - Effective July 1, 2008

Effective July 1, 2008, the Anti Predatory Lending Database Program Act (Public Act 95-0691) will resume. The latest version of the Act was passed into law under SB1167 (formerly created by HB4050).

On that date, the Illinois Department of Financial and Professional Regulation (IDFPR) resumes its anti predatory lending database program with some significant changes.

See attached memo for more details.

Anti Predatory Lending Database Program Memo

New City of Chicago Transfer Tax Declaration Form - Effective April 1, 2008 

Attached below is a copy of the new City of Chicago Transfer Tax Declaration form to be used in connection with the new tax rate effective April 1, 2008.  The new Transfer Tax Declaration is a long and complicated form (7 pages). The City will deem any omission/error as constituting an incomplete form and will subject the parties to penalty and interest.

In addition to the new tax rate, the new form sets out expanded reporting requirements. In particular, any claim of exemption must be reported on the form and properly documented, requiring supplemental explanations in some cases (see Section 3 of the form). Note also that Section 6 of the form requires Title Company information. The Title Company is not, however, required to certify any information entered on the form.

The following is a summary of the 10 sections of the new form:

• Section 1: general information about the property
• Section 2: description of interest transferred
• Section 3: exempt transfers; pay particular attention to the fine print at exemptions B, E, and M; the form is especially detailed about claims of exemption based on transfers for no consideration
• Section 4: additional transfer information; this section requires reporting of any unusual circumstances in the payment of the purchase price, delivery of the deed, etc.
• Section 5: tax computation; note the split between buyer (City portion @ $3.75/$500) and seller (CTA portion @ $1.50/$500), subject to the exception under exemption B
• Section 6: title company information
• Section 7: attestation of parties
• Section 8: various department certifications, i.e., Building Registration (check a box even if not applicable); Zoning Certificate (check a box even if not required); and Water Certification
  
  

  New City of Chicago Transfer Tax Declaration Form

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