VILLAGE OF LINCOLNSHIRE CHECK LIST FOR SALE OF PROPERTY
Are you Selling or Buying property in Lincolnshire?
Below are the responsibilities of the Seller and the Buyer:
Seller – Schedule a Final Water Read
Make arrangements for a Final Water Meter Reading 3 to 5 business days prior to the closing date. As soon as you know your closing date, call 847-883-8600 and ask to schedule your appointment. Access to the interior of the home or building is required; so someone over the age of 18 will need to be onsite for Public Works to perform the final read and state-required inspections of the sump pump connection and of the irrigation system to ensure the backflow has been tested and an RPZ is installed.
Seller – Pay the Final Water Bill
The Finance Department will call the seller with the final bill amount and the Seller will need to come to settle the bill before the Transfer Stamp can be purchased by the Buyer.
Seller or Buyer Attorney – Prepare a PTAX 203 (or MyDec from MyTax Illinois) and provide to the buyer
The Seller or Buyer’s Attorney prepares a PTAX 203 (or MyDec) document. The document must include a legal description on page 2 (or as an attachment) and a copy is provided to the buyer for the purchase of the Transfer Stamp.
Note both documents are an Illinois State form. Lincolnshire does NOT require a separate form to be completed in order to sell the Transfer Stamp; nor does the Village use the form’s Transfer Tax computation from line 21 to determine what’s owed for the stamp. See Lincolnshire’s tax computation below under “Buyer”.
Buyer – Purchase Transfer Stamp or request an exemption letter
When buying a property in Lincolnshire, a PTAX 203 (or MyDec from MyTax Illinois) document needs to be submitted to the Village of Lincolnshire to process the sale of the Transfer Stamp or, when applicable, an Exemption Letter (see details below). The Seller's Attorney normally prepares this document prior to closing and can provide the buyer with this document; ensure it includes a legal description of the property. The purchase price of the Real Estate Stamp is $3.00 per thousand of the gross sales price, rounded up (found on Line 11 of the tax form as “Full actual consideration”). Note 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 the Village of Lincolnshire via Certified Check, Money Order, Personal Check, or Cash.
A Transfer Stamp can be purchased at the Village Hall 1 Olde Half Day Rd. or, 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.
Exemption Letters – when the property being purchased is outside Lincolnshire limits (i.e. some homes in Prairie View) the Transfer Tax is not due to the Village; instead, an Exemption Letter will need to be brought to the closing. Once the Final water bill has been paid by the Seller, the Village can prepare the Letter upon receipt of the PTAX 203 (or MyDec from MyTax Illinois) document. Simply fax the tax form to 847-883-8608 and request the Exemption Letter. Please include a phone number where the buyer can be reached in case there are any questions. The buyer will be called once the Letter is ready for them to pick up at the Village Hall.
