In the City of Chicago, Cook County only, there is a stamp tax of $7.50 per thousand that is currently paid by the buyer at closing. As of April 1st 2008, the city will increase the stamp tax to $10.50 per thousand…The cost will now be shared by the seller, $3.50 per thousand and the buyer’s portion will be $7.50 per thousand.
I would suggest that if you are using out of town mortgage services, you make the mortgage person aware of this cost. Many people are confused as to who the burden of this tax obligation will fall.
