Jaken Finance Group · Updated
Aurora’s municipal closing process starts with a document called the Statement of Open Accounts, often shortened to SOA. It connects the seller’s unpaid City accounts with permission to obtain the transfer stamp. The request, final water reading, payment, and stamp purchase belong on the transaction calendar alongside the lender’s deadlines.
A rental acquisition or new-construction purchase adds other questions. Rental licensing needs its own review, and a changed new-home price can affect an applicable school impact fee. This guide explains those distinctions and provides a downloadable task list. City requirements are identified separately from planning recommendations and contract-dependent work. Official sources were reviewed October 11, 2026. Confirm your deed and property details with Aurora staff and your attorney. Find surrounding communities in the Chicagoland closing checklist directory.
YOUR CLOSING WORKSHEET
Aurora closing checklist
Track Aurora open-account clearance, water readings, transfer stamps, rental questions, and applicable new-construction fees through possession.
Requirements checked October 11, 2026. Review the explanations below for scope and exceptions.
Use the boxes to track tasks. The PDF provides space for notes and completion dates.
01 Before contract 2 tasks
Recommended: Aurora conveyances can involve different county recorders. Use parcel facts rather than the mailing address alone.
- Who
- Buyer and seller with title company
- When
- Before selecting municipal forms and recording office
- Done when
- Confirmed municipality, county, legal description, and parcel list
Recommended: disclose rental, renovation, owner occupancy, and any entity or trust arrangement.
- Who
- Buyer, attorney, and lender
- When
- Before structuring the purchase
- Done when
- Approved purchaser name, intended use, and signing-authority plan
02 Under contract 5 tasks
City procedure requires the seller or seller agent to initiate the SOA. Track contract dates separately from municipal processing.
- Who
- Seller, agent, attorney, and closing coordinator
- When
- Immediately after execution
- Done when
- Named SOA applicant, payment contact, and closing calendar
Recommended: investigate mortgages, liens, ownership inconsistencies, and absent signers early.
- Who
- Seller, attorneys, and title company
- When
- As the title commitment becomes available
- Done when
- Assigned title requirements, payoff contacts, and authority documents
Contract-dependent: establish actual obligations and distinguish included parking or other property interests.
- Who
- Buyer and attorney with seller or manager
- When
- Within the contract review period, if applicable
- Done when
- Leases, ledger, deposits, association materials, and possession terms
Conditional City program: obtain the actual registration, inspection, and renewal schedule for the new owner; a transfer stamp does not complete it.
- Who
- Buyer or property manager with Property Standards
- When
- During review of a rental or multi-unit acquisition
- Done when
- Current license records, inspection findings, and City instructions
Conditional City requirement: school developmental impact fees may apply. Determine the actual treatment and contract allocation.
- Who
- Buyer, builder or seller, attorney, and City staff
- When
- Before accepting the closing-cost budget for a new home
- Done when
- Applicability determination and fee calculation or written explanation
03 Inspections and repairs 3 tasks
Recommended: record condition concerns and seek specialist review or written extensions where needed.
- Who
- Buyer and selected inspectors
- When
- Before the inspection deadline
- Done when
- Inspection reports and documented follow-up decisions
Recommended: compare visible work and occupancy with records; a municipal account statement does not establish physical condition or authorized use.
- Who
- Buyer, attorney, seller, and relevant City department
- When
- Before relying on repair scope or rental unit count
- Done when
- Available permit records and written responses to discrepancies
Contract-dependent: separate elective improvements from required corrections and give material condition changes to the lender.
- Who
- Parties, attorneys, and contractors
- When
- Within contract deadlines and before funding approval
- Done when
- Written scope, bids, required approvals, and completion dates
04 Municipal clearance 7 tasks
City requirement: initiate the Statement of Open Accounts through the published channel. Allow additional planning time where practical.
- Who
- Seller or authorized seller agent
- When
- At least 5 business days before closing per main City instructions
- Done when
- Submitted current request form and delivery confirmation
City requirement: contact Water Billing for final water and account-clearance steps. Match the actual closing and stamp-purchase schedule.
- Who
- Seller or assigned agent with Water Billing
- When
- With the SOA process; confirm dates before closing
- Done when
- Reading arrangement and City-confirmed final amount
City statement may include municipal obligations beyond utilities. Compare receipts, notices, and assistance-loan records when applicable.
- Who
- Seller, attorney, and closing agent
- When
- Immediately when the SOA is ready
- Done when
- SOA with each amount explained and assigned for payment
City requirement: resolve applicable water/sewer, fines, loans, invoices, and liens identified for the transaction.
- Who
- Seller or agreed payor with City staff
- When
- Before taxable or exempt stamp issuance
- Done when
- Accepted payment evidence and confirmation balances are cleared
City guidance: statements are time-sensitive; delays can trigger review. Recheck applicable new-construction impact fees after price changes.
- Who
- Assigned applicant with seller, attorney, and City staff
- When
- Immediately after a closing delay or price amendment
- Done when
- Revised SOA instructions, current figures, and amended documents
City requirement: use current forms and confirm signatures. Exempt transactions still need SOA clearance and a $30 stamp fee.
- Who
- Attorney and seller or agent
- When
- Before requesting the municipal stamp
- Done when
- Consistent Aurora and Illinois declarations plus required deed or exemption evidence
City rate: $3 per $1,000 or fraction. Seller is ordinarily primarily liable subject to contract and judicial-deed exceptions; obtain counsel review as needed.
- Who
- Seller or responsible payor with Revenue and Collection
- When
- After clearance and before recording
- Done when
- Issued stamp, tax or exemption receipt, and delivery to title
05 Before closing 4 tasks
Property-dependent: confirm which construction and occupancy approvals apply; the transfer stamp and private walkthrough serve different purposes.
- Who
- Buyer, builder, lender, and relevant City staff
- When
- Before funding or occupancy when applicable
- Done when
- Required approvals, lender completion evidence, and written punch list
Loan-dependent: communicate changes in buyer, price, condition, credits, intended use, or renovation scope.
- Who
- Buyer, lender, and insurer
- When
- Before the approved funding deadline
- Done when
- Lender clearance and accepted coverage evidence
Recommended: reconcile municipal payments, taxes, rent, deposits, association balances, credits, and earnest money. Call a trusted contact before a wire.
- Who
- Parties, attorneys, and closing agent
- When
- Before sending money and signing
- Done when
- Approved settlement figures, valid payoffs, accepted signers, and verified instructions
Contract-dependent: verify repairs, included items, access, keys, and any delayed seller occupancy in writing.
- Who
- Buyer with agent, seller, and attorney
- When
- Before possession under the contract
- Done when
- Condition notes, resolved discrepancies, and agreed service dates
06 Closing and after 3 tasks
Recommended: coordinate ownership communications and delivery of warranties, approved plans, access controls, and rental records.
- Who
- Closing agent, parties, and property manager
- When
- When the agreement authorizes handover
- Done when
- Funding confirmation and documented keys, records, and tenant accounting
Recommended: retain any exemption or school-impact-fee evidence and verify tax mailing and utility contacts.
- Who
- New owner with attorney and title company
- When
- After recording and issuance of final documents
- Done when
- SOA, payment receipts, stamp proof, deed, policy, and final statement
Property-dependent: track approved outstanding work and the new owner rental process to completion.
- Who
- New owner, manager, contractors, and attorneys
- When
- On agreed repair dates and City-confirmed licensing schedule
- Done when
- Resolved holdbacks, repair approvals, license records, and next required dates
Identify the municipality, county, and complete property
Recommended first step: Ask the title company to confirm that the property is within Aurora’s corporate limits and identify the correct county recording office. The City’s transfer-tax ordinance addresses recording in Kane, DuPage, Will, and Kendall counties. Use the actual parcel information rather than selecting a recorder from the mailing address alone.
Build a property summary with every parcel, the legal description, current owner, proposed buyer, and intended use. If the transaction includes several lots or an additional parking interest, have title explain how those interests appear in the conveyance. A municipal request that identifies only part of the sale can require correction after processing has started.
Tell the attorney and lender whether the buyer intends owner occupancy, rental operation, renovation, or another use. Provide current leases and disclose known condition issues. A purchasing entity should be settled early enough for consistent loan, title, and municipal documents. Ask title to approve signing authority for a company, trust, or estate before sending papers out for signatures.
Assign the municipal work to the seller’s team
City procedure: Aurora’s Statement of Open Accounts instructions say the seller or seller’s agent must initiate the request. The page provides the request form and submission channels. The buyer can track completion, but should not assume that calling the City substitutes for the required seller-side request.
Recommended coordination: Name the person sending the form, the person arranging water access, and the person paying balances and obtaining the stamp. Ask each to report completion with a receipt or confirmation. This avoids a common gap: the attorney expects the agent to order the statement while the agent expects title to do it.
Put contract dates beside the municipal dates. Include attorney review, inspections, financing, association documents, repair completion, and possession. Distinguish a submitted request from an issued statement, and an issued statement from a cleared balance. Each stage has a different piece of evidence. If a required stage will be late, raise it while a written extension is still possible.
Request the Statement of Open Accounts early
City timing: The main transfer-tax page directs requests at least five business days before closing. The linked SOA page uses “five days” and warns that late information may be unavailable at closing. Plan around the explicit business-day instruction and confirm the schedule with staff.
Recommended planning: An earlier request can leave room for corrections, but the information must still match the actual closing. Confirm the anticipated stamp-purchase date as well as the settlement date. Allow for holidays and any required mailing. Ask how the City will notify the applicant and designate a backup contact if the applicant will be traveling.
Prepare the form from verified information. Match the seller’s name, address, parcel information, and closing date with the title file. Keep a copy of the submitted request and the confirmation that it reached the proper department. If staff asks for more information, respond in one coordinated message so different parties do not send conflicting answers.
When the statement arrives, share it promptly with the attorney and closing agent. Identify every charge and assign a payment source. The purpose of obtaining the statement is to resolve the listed obligations, not merely to add another document to the folder. Keep disputed or unexplained entries visible until the City provides an answer.
Resolve municipal balances and the final water reading
City requirement: Aurora conditions the stamp on payment of the seller’s City accounts. Its published instructions identify water/sewer balances and other potential obligations, including code fines, alarm fees, rehabilitation loans, maintenance invoices, and liens. Coordinate the final water reading with Water Billing and ask for the amount and payment evidence needed for clearance.
Recommended review: A property can have more than a routine utility balance. Ask the seller about earlier assistance loans, unresolved notices, or City work billed to the property. Provide supporting records if the statement appears inconsistent with a payment already made. A receipt helps staff investigate; an unsupported assumption that an old amount disappeared does not resolve it.
Give the closing agent the final statement and accepted payment evidence. Reconcile any amounts paid before closing with the draft settlement figures to avoid duplicate collection. If the parties want to allocate a charge differently between themselves, have the attorney document that agreement while ensuring the City’s payment condition is actually met.
A separate payoff may have an expiration date or daily accrual. Ask which balances can change if closing moves. Track the response in the file so an amended date does not leave the team using obsolete numbers. Verify that the City has accepted the payment rather than relying solely on evidence that a check was sent.
Refresh the statement when the schedule changes
City instruction: The SOA page warns that a closing change or delay in stamp purchase may require review of amounts and new invoices. The statement is time-sensitive. Notify staff of changes and obtain directions before treating the earlier figure as final.
Recommended example: Suppose the team orders the statement for a Friday closing, but lender conditions move funding to the following week. The coordinator should notify the seller’s municipal contact, title, the lender, and the parties. Ask which documents need updating. A calendar change should trigger that conversation even if nobody expects a large additional charge.
Update related arrangements at the same time. Check payoff validity, insurance, possession, service dates, moving reservations, and any contractor access. A revised closing date can affect more than the municipal stamp. Keep one confirmed date in the working checklist and retain the contract amendment that supports it.
Understand Aurora’s transfer-tax calculation
City rule: Section 44-212 of the published ordinance sets the municipal tax at $3 per $1,000 of value or fraction thereof. Section 44-213 ordinarily places primary liability on the seller unless the contract negotiates otherwise. Nonexempt judicial transfers have different purchaser-liability provisions, which counsel should review.
The following is an illustrative 2026 closing budget calculation, using an assumed $310,500 taxable value. It is not a market-price estimate or a quote for a particular property.
| Aurora example | Calculation or amount |
|---|---|
| Assumed taxable value | $310,500 |
| $1,000 increments before rounding | 310.5 |
| Whole increments required by the fraction rule | 311 |
| Municipal tax | 311 × $3 = $933 |
Applying a flat 0.3% without the rounding rule would produce $931.50. The difference is small here, but the method matters for an accurate declaration. Recalculate after a price amendment. Ask the attorney about unusual consideration, assumed obligations, or transfers involving more than a straightforward sale price.
Keep the Aurora amount separate from state and county taxes, recording fees, water balances, title charges, and lender costs. A complete seller net sheet also needs valid loan payoffs and the agreed prorations. A buyer’s funds estimate should identify any municipal expense allocated by contract so it does not become a surprise during final review.
Assemble the declaration and obtain the stamp
City documentation: Use the current Aurora transfer-tax declaration and follow the City’s instructions for the Illinois declaration, payment, and submission. The completed recording documents must carry the required municipal stamp. Confirm delivery and pickup arrangements with Revenue and Collection.
Recommended packet check: Compare the declaration against the deed and accepted settlement terms before obtaining signatures. Confirm that the consideration, parcels, seller, buyer, and transfer date are consistent. If the attorney prepares a revised deed, replace the earlier version in the municipal file rather than leaving two competing documents in circulation.
Ask the closing agent who needs the issued stamp and how it will be delivered. Mail processing requires more than dropping an envelope on the expected closing date. If using a representative, provide contact details for a person authorized to resolve a document question. Retain a copy or other evidence of the issued stamp with the payment receipt.
Do not skip clearance for an exempt transaction
City requirement: An exempt transfer still needs the SOA and a no-tax-due stamp; Aurora lists a $30 administrative fee. Its transfer instructions describe the declaration and supporting documents, including a deed copy for a no-consideration quitclaim transaction. Ask counsel to identify the exemption and supporting facts.
Recommended review: Discuss trust transfers, gifts, entity changes, and other unusual conveyances before preparing the packet. A no-money transfer can still require municipal processing. Avoid selecting an exemption merely because a prior deed used similar wording. The current transaction’s parties, consideration, and legal basis need their own review.
Retain the written explanation of the exemption with the final documents. Identify who will satisfy any existing municipal balance and who pays the processing fee. The absence of a calculated transfer tax does not answer either question. Confirm that title has the required stamp before the deed is submitted for recording.
Recheck new-construction school impact fees
Conditional City requirement: Aurora’s instructions identify school developmental impact fees that may apply to sales of newly constructed residential property. They also say a price change after the SOA request can change the fee liability. Obtain the City’s calculation and revised amount when applicable before buying the stamp.
Recommended builder coordination: Ask the seller or builder which charges are included in the contract and which are collected separately. Compare that answer with the City’s statement and the settlement draft. Clarify how upgrades, credits, or a price amendment affect the figures presented to the City. Have the closing agent resolve any inconsistency before requesting the final funds.
Treat occupancy approval, lender completion conditions, and the buyer’s construction walkthrough as separate tasks. Ask the builder for the relevant permits, inspection results, warranty information, and any required occupancy documents. Obtain a written punch list and an agreed completion process. An item remaining after closing needs a responsible party, access arrangement, and documented deadline.
Review rental licensing before relying on rental income
City program: Aurora’s Property Standards Division administers rental licensing and inspections. Its registration materials address non-owner-occupied and multi-unit properties, training, and supporting rental documents. Ask the department to confirm the property’s classification, current inspection status, and ownership-change steps.
Recommended investor review: Obtain the seller’s license records, latest inspection findings, open notices, rent ledger, leases, amendments, and deposit accounting. Match the physical units against the approved use. An occupied basement or extra kitchen should lead to a records question rather than an automatic assumption that another legal unit exists.
Request the new owner’s actual inspection and renewal schedule. The published materials discuss inspections and possible waivers, so do not assume that every property has the same next appointment. Ask which outstanding items must be corrected and what proof the City expects. Payment of a registration charge should not be treated as evidence that all licensing conditions have been satisfied.
Coordinate management responsibilities before possession. Identify who will respond to tenants, handle notices, maintain required documents, and arrange access for inspections. Ask counsel to review the lease materials and any screening process under applicable law. For financing planning, the Aurora rental-property loan guide explains questions to bring to the lender alongside the verified operating records.
Investigate condition and renovation feasibility
Recommended acquisition work: A cleared account statement should not replace private inspections or review of permit history. Ask the seller for improvement records and contact the appropriate City department about unresolved work or proposed use. Distinguish a municipal account balance from the physical correction that generated it; paying a charge may leave repair questions to investigate.
Obtain contractor estimates that identify the scope, permit responsibility, access needs, and contingency assumptions. Compare required repairs with elective improvements. If the buyer is financing a renovation, provide the lender with the same budget and condition information reviewed by the attorney. The Aurora investment financing guide can support that discussion without determining municipal approval.
For an occupied purchase, arrange inspection access through the seller and applicable notice process. Document spaces that could not be examined. Resolve material uncertainty before the contract’s review deadline or obtain advice about a written extension. A short closing calendar does not make an inaccessible area less important to the acquisition decision.
Finish settlement review, possession, and follow-up
Contract and loan coordination: Confirm lender clearance, insurance, valid payoffs, approved signers, and the final municipal documents. Reconcile earnest money, credits, tax prorations, rent, deposits, and any association charges. Ask the attorney to explain responsibility for bills arriving after settlement. Verify wire instructions through a trusted contact before sending funds.
At the final walkthrough, check agreed repairs, included fixtures, property condition, and removal of unwanted items. Record any changed agreement before funding. Transfer keys, access controls, management records, and warranties when possession is authorized. For a tenant-occupied building, reconcile the final ledger and establish a coordinated ownership notice with counsel and management.
After closing, retain the settlement statement, SOA, payment evidence, stamp record, and supporting exemption or impact-fee documentation. Collect the recorded deed and title policy when available. Track releases, held funds, repairs, and remaining approved rental steps to completion. Verify utility contacts and tax mailing details so the new owner receives the next notice promptly.