The Cook County Illinois tax bills are now available and can be found via a web portal on the Cook County Treasurer’s website. With the extended tax deadline, the second installment due date is now October 1, 2021.
What does this mean for you and your borrowers?
- Accurate Estimates – Using the Cook County Treasurer web portal, you and your borrowers can get up to date information on the property tax amount due and its payment status. Please note that the Cook County Collector adds $8.00 for the payment to be made electronically.
- No Tax Indemnity (“TI”) – This means Advocus Title will no longer require a TI of 1.5x the first 2020 installment, resulting in lower upfront closing costs for your borrowers.
- Payment Timing – Tax bill payments will be made between now and October 1, 2021 based on the specifics of each file and acceptance of applicable mortgage payments.
- Evidence of Payment – In order to avoid adding property taxes to the Final CD, the following documentation will be needed as evidence of payment:
- A statement from the prior lender showing the tax parcel, date, and amount paid
- An updated payoff letter issued after the payment date
- Property Tax Refunds – Property tax refunds are estimated to be sent in mid-October.
For any questions regarding Cook County second installment tax bills, feel free to reach out to the Advocus Title Customer Support team via form, email, or phone.
Faster Closings with Faster Turntimes
At Advocus Title, we know that you want to provide your borrower with the fastest closing experience in the market. That’s why we are committed to reducing our turntimes throughout 2021 to provide you with best-in-class speed to close. To provide transparency and allow you to best manage your closing process, we publish our state-by-state turntimes to an initial title commitment on the GR Intranet. Check out the latest to see how Advocus Title can help improve your speed to close.
