You may need to file a quitclaim deed in Illinois and are wondering what costs are involved. The fees will vary based on the location of the property and the nature of the transaction that the quitclaim deed is being used for. At a minimum, you would need to pay the county recording fee, but could have additional costs as well.
How Much Does it Cost to Record a Quit Claim Deed in Illinois?
Once your quitclaim deed is prepared and all state, county and municipal requirements have been satisfied, the costs of recording your deed will be between $70 and $107 depending on the county in which you are recording. While many smaller counties in Illinois charge $70 to record a deed, Cook County has the highest fee at $107.
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What is the Cost to Prepare a Quitclaim Deed?
While you can prepare a quitclaim deed on your own, there are reasons you should hire an attorney to assist. Attorneys charge a fee in the range of $500 to $1000 for this service, which could save you a lot of headache resulting from drafting and executing the deed improperly. Additionally, an attorney can often obtain transfer stamps and record the deed electronically, saving you the time and hassle of going to the county recorder’s office to file it in person.
Do I Need to Pay Transfer Taxes to Record a Quitclaim Deed?
You may have to pay real estate transfer taxes to the state, county and municipality prior to recording your deed. While many transfers involving quitclaim deeds are exempt, if there is more than $100 consideration being paid for the property and the transfer is not covered by another exemption, you will be responsible to pay state and county taxes. Many municipalities, including Chicago, impose their own transfer tax as well.
Even if no transfer tax is due, you may have to satisfy various municipal requirements prior to recording your deed. These can include a village inspection, final water bill, exempt transfer stamps. Each of these may have associated fees or require payment.
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Summary
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.
