Legal Question in Real Estate Law in Illinois

I am transferring a property in Chicago, Illinois. The property is being transferred from an individual to an LLC in which the grantor is a 50/50 owner. There is no consideration being paid for this transfer and thus I was treating it as an exempt transfer since the consideration is under the applicable threshold amounts of State, County, and City law. I was planning to use a Warranty Deed for the transfer however an attorney on this site cautioned me that I should be using a Deed of Gift. I have prepared a Grantor-Grantee statement, water cert., zoning cert. and the MyDec. Can you please advise the proper type of deed to use? Thank you.

Asked on 11/13/17, 8:03 pm

1 Answer from Attorneys

I think I answered this.

Read more
Answered on 12/06/17, 8:18 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois