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Transfer Taxes Deed-in-Lieu of Foreclosure

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During the COVID-19 Pandemic: Deeds in Lieu of Foreclosure Involving Commercial Real Estate

In a deed in lieu of foreclosure, a defaulting borrower agrees to convey the mortgaged property to the mortgage lender. But handing over the keys can raise a number of potential pitfalls. Below, we discuss some of these...more

Faegre Drinker Biddle & Reath LLP

Illinois Court Finds Mortgage Assignments Not Subject To Chicago Transfer Tax

The Appellate Court of Illinois, First District, recently concluded that the City of Chicago’s real property transfer tax did not extend to assignments of mortgages because, contrary to the City’s arguments, mortgage...more

Miller Canfield

Court Denies City of Chicago's Tax on Assignments of Mortgages

Miller Canfield on

In October 2015, we discussed Cook County, Illinois circuit court cases City of Chicago v. KTCP and Halsted West v. City of Chicago, which held that an assignment of a mortgage is a transfer of a “beneficial interest in real...more

Miller Canfield

City of Chicago to Tax Assignments of Mortgages

Miller Canfield on

Recently the City of Chicago’s Department of Finance issued Real Property Transfer Tax Ruling #4, which clarifies the intent of the City’s Real Property Transfer Tax. The ruling details the application of the exemptions to...more

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