Legal Question in Real Estate Law in Illinois
I am transferring a property in Illinois. There is no consideration being paid and thus I am treating it as an exempt transfer. I was advised however to put $10 consideration on the deed as a formality. On the MyDec transfer declarations I would like to know what to declare as the consideration? Should I put $0 since nothing is being paid or $10 since that is what is on the deed? Thank you.
2 Answers from Attorneys
You were advised? By whom? No, on a deed of gift the wording is different, and the transfer is exempt under specific provisions of both State law, County ordinances, and most municipalities. Your zip code is Chicago, meaning you will need to complete the MyDec on line, which covers State, Cook County and Chicago transfer taxes/exempt transfers. You will need a water cert, possibly a zoning cert, and for an exempt deed a grantor-grantee statement. If you don't want to hire an attorney to help with this, you could make some costly mistakes.
I agree with Attorney Messutta. You can have this done fairly inexpensively be a local attorney knowledgeable about real estate conveyances and you would avoid the risk of creating an issue that may be expensive (whether that be a legal, tax or other issue).
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