Chicago, IL cash home buyers: 5 local companies compared

As the seller you usually pay three transfer stamps. They are the Illinois tax of $0.50 per $500 of price (35 ILCS 200/31-10), the Cook County tax of $0.25 per $500, and the CTA portion of the city tax at $1.50 per $500. The Cook County Clerk lists the seller as the liable party for the state and county stamps. The city's larger $3.75 per $500 portion generally falls on the buyer, according to the Chicago Department of Finance. On a $300,000 sale there are 600 units of $500. You would pay $300 state, $150 county, and $900 CTA, for $1,350 total. The buyer would pay $2,250. The city describes this split as the general rule, so check what your contract says.

Cook County taxes are billed a year behind, so at closing you still owe for the part of this year you owned the home. The Cook County Treasurer explains that Chicago taxes are collected one year in arrears. For tax year 2025, the two installments were due April 1 and October 1, 2026 (Treasurer due dates). The 2026 bill will come out in 2027, after you have moved, so the buyer pays it and you credit your share at closing. Say your last full bill was $4,800 and you close November 16, 2026. You owned the home 320 of 365 days, so the credit is about $4,208. Your contract sets the estimate, and a higher percentage of the last bill means a bigger credit. Subtract this from any cash offer to see your real net.

A Full Payment Certificate is the city's proof that your utility account is paid, and you need it before your sale can record. Without one, the parties cannot get the city transfer stamps needed to record the deed with the Cook County Recorder, according to the Chicago Department of Finance. You can apply online or at City Hall, Room 107. The fee is $50, and any balance on the account must be paid first. In-person applications from the buyer, seller, or attorney can be finished the same day unless a field review or final meter reading is needed. Applications dropped off by an agent can take up to 10 business days. If the certificate is skipped, buyer and seller are both liable for unpaid charges. Ask for it as soon as you have a signed contract.

Some do, so ask every buyer whether they will close with their own funds or assign your contract to another investor. Illinois regulates this. Under the Real Estate License Act, a person who deals in contracts, including assignable contracts, to buy or sell real estate on 2 or more occasions in any 12-month period meets the definition of a broker (225 ILCS 454/1-10). That language was added by Public Act 101-357, which took effect August 9, 2019. If a buyer says they may assign, ask whether they hold an Illinois real estate license and how many contracts they assigned in the past year. Get the answers in writing. This is information, not legal advice.

Yes. Chicago requires a Certificate of Zoning Compliance whenever a residential property with five or fewer dwelling units is sold, and condos and co-ops are excluded. The certificate confirms how many units are legal under the Chicago Zoning Ordinance. A building with more than one kitchen can be treated as having more than one unit, which matters if you rent out a basement or attic apartment. The Department of Planning and Development decides within five business days and inspects when records cannot confirm the count. The filing fee is $120. If you are denied, you can ask the Zoning Administrator to reconsider, with a final decision due within five business days (Department of Planning and Development). Know your legal unit count before you talk price.

Search your address in the Chicago Department of Water Management's service line inventory. The department says a house, two-flat, or small building built before 1986 has a high likelihood of a lead service line, and about 400,000 exist in the city. Map locations are approximate, and the department offers free water testing. On disclosure, the Illinois Residential Real Property Disclosure Report asks whether you are aware of unsafe conditions relating to lead paint, lead water pipes, lead plumbing pipes, or lead in the soil (765 ILCS 77/35). The report covers sales of one to four unit homes and condos, with some exemptions such as court-ordered transfers and sales by an estate or trust fiduciary. Answer it honestly. This is information, not legal advice.

Only loosely. Homes in Cook County are assessed at 10% of the Assessor's estimate of market value, according to the Cook County Treasurer, so a $30,000 assessed value reflects a $300,000 estimate. The Cook County Assessor reassesses property every three years by area. The City of Chicago was reassessed in 2024 and is not being reassessed in 2026, so on that three-year cycle the next citywide reassessment falls in 2027 (Cook County Assessor). That means your estimate may be two or more years old and was set for tax purposes. A cash buyer looks at your home's condition today, the repairs it needs, and recent nearby sales. Their offer can land well above or below the Assessor's figure.