City Service Taxi, through its affiliate company Taxi Consulting Corp, is a licensed broker through the city of Chicago, and has been so for over ten years. Our company has been involved with the transfer and brokering of approximately a thousand medallions. We pride ourselves in taking our customers (purchasers and/or sellers), through the complicated process of transferring medallions. We also pride ourselves in our ability to advise and guide our purchasers in the process of incorporating and engaging in business.
Prior to entering an agreement, we advise purchasers of the financial obligations and the rules and regulations of medallion ownership. Through our vast experience and expertise we guide buyers with the knowledge and understanding of proper financial obligations and responsibility of ownership. We offer new prospective buyers the choice of joining City Service Taxi or any other affiliation.
As licensed brokers we represent both the buyers and sellers in providing the necessary documents and qualifications as part of the city of Chicago’s checklist in transferring the medallion. In the process, an attorney is necessary for the purchaser. The seller may retain an attorney if he/she chooses so, but it is not a requirement of the city.
Taxi Consulting Corp, as part of its prequalification process, requires that the mandatory down payment is deposited in our client escrow account and the remaining funds are available through a lender.
After the completion of the above, we schedule an appointment with the Department of Business Affairs & Consumer Protection (Public Vehicle Operations) for submission of the transfer file; upon approval a closing date is set whereby the seller, purchaser and purchaser’s attorney, including a city attorney must be present. At the closing the Hardcard and Medallion are surrendered and the transfer fee is paid by the purchaser, and the city sets up an inspection date. Once the buyer passes the city inspection the city issues a new Hardcard in the purchaser’s corporate name and the medallion is affixed to the hood of the vehicle.
We congratulate the buyer and wish him/her much success in his/her new business venture.