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CITY OF CHICAGO CLARIFIES EXEMPTIONS TO TRANSFER TAX ORDINANCE

  • By nat rosasco
  • 07 Nov, 2012
With the increase in recent years of real estate transactions involving distressed mortgage loans and investors or developers intent on acquiring fee title to the underlying property, the City of Chicago needed to clarify its position on the interaction of Exemptions C & M of the Chicago Real Property Transfer Tax Ordinance. Exemption C provides […] The post CITY OF CHICAGO CLARIFIES EXEMPTIONS TO TRANSFER TAX ORDINANCE appeared first on GGHH Law.
With the increase in recent years of real estate transactions involving distressed mortgage loans and investors or developers intent on acquiring fee title to the underlying property, the City of Chicago needed to clarify its position on the interaction of Exemptions C & M of the Chicago Real Property Transfer Tax Ordinance.
Exemption C provides that the acquisition of an interest in real property through the granting or purchase of a mortgage is exempt from Transfer Tax.  Exemption M provides that the acquisition of a fee interest in real property through the granting of a deed in a foreclosure sale or a deed in lieu of foreclosure is also exempt.  The Exemptions were enacted to ensure that a bona fide lender would be excluded from tax liability where the lender was seeking solely to perfect its security interest in the collateral or exercising its rights in that collateral.  The City’s recent ruling intends to clarify that the investors and developers acquiring these properties remain subject to Transfer Tax when they take title to the property, but are not subject to taxation on both steps of the transaction; first upon purchase of the mortgage, and second upon acquiring fee title to the underlying property.  The City further clarified that the transfer price on which the Transfer Tax would be assessed is the amount of consideration paid by the buyer to the lender for the mortgage, and is payable upon delivery or recording of the deed.
For further information or a free consultation please contact us at juditsky@gghhlaw.com .
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