Illinois Property Transfer

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Commonly Asked Questions about Illinois Property Transfer

How do I transfer a title to someone else in Illinois?

1) An Application for Vehicle Transaction(s) (VSD 190) must be completed for any license plates or title transaction. 2) Vehicle/ownership information on the sur- rendered title must be the same as on the application. The buyers name on the assign- ment area must be the same as on the appli- cation.

What is the transfer tax on real property in Illinois?

In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price. TRANSFER TAXES ARE ASSESSED WHEN A PROPERTY IS TRANSFERRED/SOLD.

How do I transfer ownership of a property in Illinois?

You must file either (1) Form PTAX-203 and any required documents with the deed or trust document or (2) an exemption notation on the original deed or trust document at the County Recorders office within the county where the property is located.

How much does it cost to transfer a property deed in Illinois?

The actual cost to record your quitclaim deed in Illinois runs between $70 to $107, depending on the county. You may have other costs as well, such as transfer taxes, fees related to municipal requirements, and the cost of hiring a lawyer to assist you with drafting and recording your deed.

What are three common ways of transferring legal ownership of property?

Common Methods of Property Transfer in California Grant Deeds. A Grant Deed is a crucial tool in California property transfers. Quitclaim Deeds. Quitclaim Deeds take a different approach to property transfers. Warranty Deeds. Warranty Deeds provide a robust layer of protection for property buyers.

How do I transfer a property title to a family member in Illinois?

If you want to transfer real estate in Illinois to a relative or a friend, you might consider doing this yourself by using a quitclaim deed. A quitclaim deed in Illinois is often used to transfer property between close family members or trusted friends.

Can you transfer property without probate in Illinois?

Name Payable-on-Death Beneficiaries By naming POD beneficiaries, your property can be transferred to them outright upon your passing without probate. Update deeds to list desired beneficiaries. Make sure you monitor regularly, as your circumstances can change, and this is one area people often overlook.