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. 
 

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. If your transfer is exempt, please provide a letter briefly explaining the transaction, the original deed to be stamped and a self-addressed envelope. The following types of transfers are considered exempt:
 
  • 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 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.
  • For foreclosures, please contact the office.
  • Please note: If you are requesting an exempt stamp, you must provide a letter briefly describing the transaction.

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.