2022 Guide Chicago FPC: FPC General Information, Filing an FPC Application, FPC Application Processing
FPC General Information
The Department of Finance bills water customers by account and the property owner is responsible for the water bill. An FPC is a document certifying that the water/sewer bill is paid in full prior to the transfer of the property. The seller must obtain a Full Payment Certificate (FPC) prior to closing.
A Full Payment Certificate (“FPC”) is a certificate issued by the Department of Finance indicating that all water and sewer charges and penalties that accrued to a water account are paid in full orotherwise not transferable to the subsequent owner. The FPC application serves as a request to the Department of Finance to transfer service out of the transferor’s name and into the transferee’s name.
Without a FPC, the parties will not be able to obtain the City of Chicago Real Property Transfer Tax stamps required to record the property deed with the Cook County Recorder ofDeeds. Unless otherwise provided by law or rule, a FPC is required in all transfers of real property whether such transfers are subject to or exempt from the City of Chicago Real Property Transfer Tax.
Filing an FPC Application
The FPC must be fully completed before it can be processed.Since it is often obtained by the seller (in many cases, often the seller’s attorney) it is imperative that the seller obtains all the required information, including correct billing information for the buyer and all Property Index Numbers (P.I.N.). Only four P.I.N.s per application are permitted. All applications must be accompanied with one of the following as proof of the transaction requested to be considered complete:
- Copy of the signed and notarized deed for the current transaction (required for exempt transfers)
- Title Commitment Schedule A listing the buyer and seller
- Signed Sales contract listing both buyer and the seller (OOR is not acceptable)
FPC Application Processing
The FPC must be presented at closing. To ensure you areprepared for your closing, please allow at least ten (10) business days forcompletion of all FPCs.
FPCs for residential properties can sometimes be done the same day for the buyer, seller or buyer or sellers attorney only, however, this cannot be guaranteed, nor should it be implied
Properties that need investigation such as a final reading,field review, bankruptcy review or receivership review may take longer and arenot held to the 10-business day commitment Non-Metered Customers.