Buying or selling property in Chicago? Then buckle up, because you're about to encounter the Full Payment Certificate (FPC), a crucial document in any real estate transfer.
What is a Chicago FPC?
Imagine it as a clean bill of health for your water and sewer bills. An FPC, issued by the City of Chicago Department of Finance, verifies that all outstanding water and sewer charges and penalties associated with a property have been paid in full. It essentially guarantees the new owner won't inherit any nasty surprises in the form of unpaid water bills.
Why is it Important?
Think of it as a passport for your property deed. Without an FPC, you won't be able to obtain the City of Chicago Real Property Transfer Tax stamps, a mandatory step before recording the deed with the Cook County Recorder of Deeds. In simpler terms, no FPC, no sale.
When is an FPC Required?
The FPC requirement applies to all real estate transfers in Chicago, regardless of whether the property is subject to the Real Property Transfer Tax. So, whether you're selling a condo, a single-family home, or a vacant lot, you'll need an FPC to finalize the deal.
How to Get an FPC:
You can apply for an FPC online or in person at the Department of Finance. The process is fairly straightforward, requiring basic information about the property and the transaction. Be sure to have your water account number handy!
Processing times can range from a few days to a couple of weeks, so plan accordingly.
The Bottom Line:
The Chicago Full Payment Certificate might seem like just another bureaucratic hurdle, but it plays a crucial role in ensuring a smooth and secure real estate transfer. By understanding its importance and following the application process, you can navigate the complexities of Chicago's real estate scene with confidence.
Need Help With Your FPC Application? Visit Chicago FPC Service for accurate and timely processing.