Sale & Transfer of Property FAQs

Riverside Village Code Section 4-1-6 (B) requires that property owners obtain a Certificate of Compliance whenever title is transferred for a structure, building or dwelling unit, whether or not there is monetary consideration. The expense is the seller's responsibility, and the Certificate of Compliance must be given to the new owner at the time of closing. The Village also needs to stamp the deed before it can be recorded. The Village will stamp the deed after the Certificate of Compliance has been paid for. **EFFECTIVE JANUARY 1, 2019 THE FEE FOR A RESIDENTIAL CERTIFICATEOF COMPLIANCE INCREASED TO $325**
  

Property Inspection


An inspection of the interior and exterior of the property is required. This can be scheduled once a closing date is set. An original, stamped copy of a recent (no less than 6 months old) plat of survey is required to be submitted no later than 1 week prior to closing. The Village will coordinate the final water meter read with the Department of Public Works, so the inspection should take place approximately one week prior to closing. Please allow 2-3 business days for the Certificate to be prepared once the inspection is complete.


Exempt Transfers

Certain types of transfers are exempt from the Certificate of Compliance requirement, however all exempt deeds must be stamped by the Village prior to recording.  Effective January 1, 2019 a $25 administrative fee will be charged for the tax exempt stamp. If your transfer is exempt, please provide a letter describing the facts supporting the exemption, along with appropriate supporting documentation, the original deed to be stamped and a self-addressed envelope along with the $25.00 administrative fee. The following types of transfers are considered exempt:   All of the foregoing exemptions are subject to a submittal to the Village .
 
  • Transfers to a trust by a beneficiary, or from a trust to a beneficiary;
  • Transfers in which the deed, assignment or other instrument of transfer secures debt or other obligations;
  • Transfers in which the deed, assignment or other instrument of transfer releases property which secures debt or other obligations;
  • Transfer in which the deed is a deed of partition, or other transfers of a partial interest between current owners of a property;
  • Transactions in which the deed, without additional consideration, confirms, corrects, modifies or supplements a deed previously recorded;
  • Transfers in which the deed is a tax deed or is otherwise made pursuant to a court decree;
  • Transfers in which the deed or other instrument of transfer is issued to the mortgagee or secured creditor pursuant to a mortgage or security interest foreclosure proceeding or sale or pursuant to a transfer in lieu of foreclosure;
  • Transfers made pursuant to a confirmed plan of reorganization as provided under Section 1146(a) of chapter 11 of the U.S. Bankruptcy Code, as amended (11 U.S.C. § 1146(a));
  • Transfers incident to a dissolution of marriage;
  • Transfers between a subsidiary corporation and its parent or between subsidiary corporations of a common parent either pursuant to a plan of merger or consolidation or pursuant to an agreement providing for the sale of substantially all of the seller's assets; or
  • Transfers from a subsidiary corporation to its parent for no consideration other than the cancellation or surrender of the subsidiary's stock and transfers from a parent corporation to its subsidiary for no consideration other than the issuance or delivery to the parent of the subsidiary's stock;
  • Transfers between corporations, partnerships or LLC's where the shareholders, partners, members or managers will remain substantially the same, so long as there are no outstanding liens, fees, payments or penalties due to the Village from the partnership, LLC or corporation in which name title is currently held.
  • Transfers where the transfer is being made pursuant to will or by intestacy; and
  • Transfers effected by operation of law or upon delivery or transfer in the following instances:

i. from a decedent to his or her executor or administrator;
ii. from a minor to his or her guardian or from a guardian to his or her ward upon attaining majority;
iii. from an incompetent to his or her conservator, or similar legal representative, or from a conservator or similar legal representative to a former incompetent upon removal of disability;
iv. from a bank, trust company, financial institution, insurance company, or other similar entity, or nominee, or trustee therefore, to a public officer or commission, or person designated by such officer or commission or by a court, in the taking over of its assets, in whole or in part, under state or federal law regulating or supervising such institutions, not upon redelivery or retransfer by any such transferee or successor thereto;
v. from a bankrupt or person in receivership due to insolvency to the trustee in bankruptcy or receiver, from such receiver to such trustee or from such trustee to such receiver, nor upon redelivery or retransfer by any such transferee or successor thereto;
vi. from a transferee under paragraphs 1 to 5, inclusive, to his or her successor acting in the same capacity, or from one such successor to another;
vii. from trustees to surviving, substitute, succeeding or additional trustees of the same trust; or
viii. upon the death of a joint tenant or tenant by the entirety, to the survivor or survivors.

Additional Resources


If you have any questions, or if you need to schedule an appointment for the Certificate of Compliance, please call the Community Development Department at 708-447-1241.