VILLAGE OF LINCOLNSHIRE CHECK LIST FOR SALE OF PROPERTY

Are you Selling or Buying a home?

Effective 2013

If you are selling your home, the Buyer will need to purchase a Real Estate Transfer Tax Stamp prior to the closing. Before the stamp can be issued and the real estate sale can be completed, the Seller and Buyer will need to do the following:

Seller - Make arrangements for a Final Water Meter Reading at least 3 to 5 business days prior to the closing date. As soon as you know your closing date, please call 847-883-8600 and ask for the Water Billing Department to schedule your appointment. A person will need to be at the residence or building for Public Works to do the final read and will need to go inside the residence or building.

Seller – The Water Billing Department will call the seller with the final amount of the bill and the Seller will need to come to the Village Hall to settle the bill. The Transfer Tax Stamp cannot be purchased until this bill has been paid.

Buyer - A PTAX 203 document needs to be completed and submitted to the Village of Lincolnshire for the sale of the Real Estate Stamp. The Seller's Attorney normally prepares this document prior to closing and can provide the buyer with this document. This document is also available at www.tax.illinois.gov. Search for PTAX in upper search box. Please take note that a Legal Description is to be included-area provided on Page 2 of the PTAX 203 form, or attach a copy to the form.

Buyer – Purchase of the Real Estate Stamp is $3.00 per thousand of the gross sales price (Line 11 Full actual consideration-PTAX form) - any portion of a thousand is rounded up, on the purchase of the property/land (Example: $250,000.00 x $3.00 = $750.00 for the stamp/ $250,100 is rounded up to $251,000 x $3.00 = $753.00 for the stamp.) Please make payment payable to: Village of Lincolnshire via Certified Check, Money Order, Personal Check, or Cash.

A Transfer Stamp must be purchased at the Village Hall or, for your convenience at the Law Firm of:

Ancel, Glink, Diamond, Bush, DiCianni & Rolek, P.C.
140 South Dearborn
The Marquette Building – 6th Floor
Chicago, Illinois 60603
Phone: 312.782.7606

Please call 847.883.8600 and ask for the Finance Department if you have any questions.