Legal Question in Real Estate Law in Illinois

I'm adding someone to a deed to my property and no money will be exchanged. Do I still have to submit a "cook county real estate transfer declaration" when I record the deed? Its my understanding that this will be exempt because it falls below $100, but do I still have to fill out and check the exemption box on the actual form and submit it?? Thank you!


Asked on 3/19/14, 2:05 pm

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

I would suggest you consult with a real estate attorney. There may be gift tax ramifications, judgments may attach to the property, it may violate the due on sale clause in your mortgage, if you have one, and any number of other problems. And that is assuming the deed is prepared correctly. To be honest, I rarely see DIY deed without some sort of problem--some of which are easy to fix, some not so easy, some disastrous. For the minimal cost of hiring an attorney, you avoid all of these problems.

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Answered on 3/19/14, 2:13 pm
Henry Repay Law Offices of Henry Repay

I was going to write a response, but I can simply say I agree with Attorney Moens.

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Answered on 3/19/14, 2:48 pm


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