Are you ready for Lohse Law to prepare an Illinois exempt Quitclaim Deed?

Illinois, all counties, and many municipalities, require the payment of a transfer stamp fee for a non-exempt quitclaim deed transaction.  Usually, non-exempt transfers occur when one party pays another party money for the property.  Conversely, exempt transfers are when no money is given from one party to another.  In addition to a money payment, other forms of payment include debt relief (such as paying the property taxes or other bills).  To be considered an exempt transaction -- whereby transfer stamps do not need to be purchased -- the consideration (value) must be $100 or less.

This is the person or entity giving away their respective ownership / tile to someone else or another entity.  This is "Giver."  

• For individuals, please provide the spelling as it is currently shown on title.  This may include middle initials or middle names.  For people that have changed their name (possibly due to marriage), please include your current name AND your prior name.  When preparing the deed, I will need to know your "formerly known as" name and your "now known as" name.
• For Companies and LLCs, please indicate (i) the state of corporation, (ii) the name of the person(s) who is/are authorized to sign on behalf of the company, and (iii) their title (i.e member, manager, president, etc.).
• Living Trusts:  Please provide (i) the full name of the trust, (ii) the date it was created, and (iii) the names of the trustees.

This is the person or entity receiving ownership / tile from someone else or another entity.  This is "Receiver."  

• For individuals, please provide the spelling you would like on the new deed.  This may include middle initials or middle names.  This is what will be shown on public records after recording.
• For Companies and LLCs, please indicate (i) the state of corporation, (ii) the name of the person(s) who is/are authorized to sign on behalf of the company, and (iii) their title (i.e member, manager, president, etc.).
• Living Trusts:  Please provide (i) the full name of the trust, (ii) the date it was created, and (iii) the names of the trustees.

For individuals, the address must include street number, street name, unit # if applicable, City, State, Zip Code, AND the County.  The County name is necessary because many cities and municipalities are in more than one County in Illinois.

How should the new Quitclaim Deed be titled?

• Sole Tenant - Only one party will be on title after the new deed is recorded
• Tenants in Common - The most basic form of title is as “tenants in common”. In Illinois, if no manner of title is stated, co-ownership is presumed to be as tenants in common. Owners of property as tenants in common own an undivided fractional interest in property. That is, although they may own unequal share of property, the owners may still each use the entire property. The physical property is not divided. Tenants in common owners each hold separate ownership interests which can be sold, conveyed, or transferred without the consent of the other owners. When one of the owner’s dies, that share of land is transferred by the owner’s will (or by the intestacy statute) and the owner’s heirs or legatees will become the new owners of that share. Land held as “tenants in common” may also be “partitioned” or encumbered by creditors.meaning any particular owner can sell all or part of their ownership.  If not equally divided, please provide the desired ownership percentages.
• Joint Tenants with Rights of Survivorship - This form of ownership requires each owner to equal ownership percentages. As in tenancy in common, all owners have an undivided interest in the whole property and can use the entire property. The main difference from tenancy in common is that upon the death of one of the owners, any remaining owners will take the rights of the deceased owner. Thus, the remaining owners are assured no new persons will have title to their property. The property will pass to the surviving owners outside of the probate process. In fact, even if a deceased owner’s will designates that the property pass to some other individual, that request will not be satisfied. The joint tenancy relationship can be dissolved at any time upon the conveyance of a joint tenants interest to himself or any other person regardless of the consent of the co-owners. The joint tenancy of any other co-owners, however, remains unaffected.
• Tenants By The Entirety - This is reserved only for married couples (or civil union) and the property is the principal residence of the couple.  It's similar to Joint Tenants but with a few extra benefits and protections from creditors..
• Living Trust - provide (i) the full name of the trust, (ii) the date it was created, and (iii) the name(s )of the trustee(s).
• Corporation - provide full name of the corporation and its state of incorporation
• LLC - provide full name of the LLC and its state of incorporation
• Other - please explain

For individuals, please identify as one of the following:

• Single and never married
• Married or Civil Union
• Divorced and not-since remarried
• Divorced and remarried
• Widow / Widower

If a grantor or grantee is married, please provide the full name of their spouse.  There are instances where a spouse may have to sign the new deed even if their name is not on title.