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Fill and Sign the Il Limited Form

Fill and Sign the Il Limited Form

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© 2016 - U.S. Legal Forms, Inc.       ILLINOIS QUITCLAIM DEED [Limited Liability Company to Husband and Wife] Control Number: IL-022-77 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. ILLINOIS PROPERTY TAX CODE – TRANSFER TAX EXEMPTION 1. The Real Estate Transfer Declaration can be completed and printed online at: https://www.revenue.state.il.us/RETD/ For Cook County see Real Estate Transfer Declaration at: http://www.ccrd.info/CCRD/il031/forms/CookCountyRealEstateTransfer.PDF 2. See the following for a listing of the exemptions to the Illinois Transfer Tax on real estate transactions: (35 ILCS 200/31-45) Sec. 31-45. Exemptions. The following deeds or trust documents shall be exempt from the provisions of this Article except as provided in this Section: (a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date. (b) Deeds to or trust documents relating to (1) property acquired by any governmental body or from any governmental body, (2) property or interests transferred between governmental bodies, or (3) property acquired by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes. However, deeds or trust documents, other than those in which the Administrator of Veterans' Affairs of the United States is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration. (c) Deeds or trust documents that secure debt or other obligation. (d) Deeds or trust documents that, without additional consideration, confirm, correct, modify, or supplement a deed or trust document previously recorded. (e) Deeds or trust documents where the actual consideration is less than $100. (f) Tax deeds. (g) Deeds or trust documents that release property that is security for a debt or other obligation. (h) Deeds of partition. (i) Deeds or trust documents made pursuant to mergers, consolidations or transfers or sales of substantially all of the assets of corporations under plans of reorganization under the Federal Internal Revenue Code or Title 11 of the Federal Bankruptcy Act. (j) Deeds or trust documents made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock. (k) Deeds when there is an actual exchange of real estate and trust documents when there is an actual exchange of beneficial interests, except that that money difference or money's worth paid from one to the other is not exempt from the tax. These deeds or trust documents, however, shall not be exempt from filing the declaration. (l) Deeds issued to a holder of a mortgage, as defined in Section 15-103 of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure. (m) A deed or trust document related to the purchase of a principal residence by a participant in the program authorized by the Home Ownership Made Easy Act, except that those deeds and trust documents shall not be exempt from filing the declaration. III. STATEMENT OF GRANTOR AND GRANTEE Cook County , being the only Illinois county with a population over 3 million, is the only Illinois county to require a Statement of Grantor and Grantee with all deeds in addition to the Cook County Real Estate Transfer Tax Declaration (see link above). If the deed does not involve property in Cook County, you may discard the Statement of Grantor and Grantee. IV. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Illinois. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. QUITCLAIM DEED [L.L.C. to Husband and Wife] Space Above for Recorder’s Use Mail to: Name & Address of Taxpayer(s):                                     THE GRANTOR       , a       limited liability company Of the City/Village of       , County of       , State of       , for and in consideration of       Dollars, CONVEYS AND QUITCLAIMS to THE GRANTEES       and       , Husband and Wife, Of the City/Village of       , County of       , State of       , as tenants by the entireties , all interest in the following real property situated in the County of       , in the State of Illinois, to-wit: See Legal Description Attached as Exhibit A incorporated by reference as though set forth in full Legal Description:       Quitclaim Deed Page 1 of 2 Permanent Index Number(s):       Property Address:       IN WITNESS WHEREOF, the Grantor has caused its name to be hereunto subscribed by its managing member this the ______ day of __________________ , 20 ______ . ________________________ , L.L.C. By Signature       Type or Print Name State of Illinois , County of __________________ The foregoing instrument was acknowledged before me this __________________ by ______________________________ (name and title of officer or agent) of ______________________________ (name of limited liability company), a __________________ (state or place of formation) limited liability company, on behalf of the limited liability company. Given under my hand and notarial seal, this ______ day of __________________ , 20 ______ . Notary Public My commission expires: __________________ MUNICIPAL TRANSFER STAMP COUNTY/ILLINOIS TRANSFER STAMP [If Required] OR NAME & ADDRESS OF PREPARER:       Exempt under provisions of       Paragraph ______ , Section 4,       Real Estate Transfer Act Date:       Quitclaim Deed Page 2 of 2 Signature of Buyer, Seller or Representative Quitclaim Deed Page 3 of 2 EXHIBIT A       Exhibit A STATEMENT BY GRANTOR AND GRANTEE The grantor or his agent affirms that, to the best of his knowledge, the name of the grantee shown on the deed or assignment of beneficial interest in land trust is either a. natural person, an Illinois corporation or foreign corporation authorized to do business or acquire and hold title to real estate in Illinois, a partnership authorized to do business or acquire and hold title to real estate in Illinois, or other entity recognized as a person and authorized to do business or acquire title to real estate under the laws of the State of Illinois. Dated       , 20       Signature: ___________________________ Grantor or Agent Subscribed and sworn to before Me by the said ________________________ this _____ day of _____________________, 20____. NOTARY PUBLIC _________________________________________________ The Grantee or his agent affirms and verifies that the name of the grantee shown on the deed or assignment of beneficial interest in a land trust is either a natural person, an Illinois corporation or foreign corporation authorized to do business or acquire and hold title to real estate in Illinois a partnership authorized to do business or entity recognized as a person and authorized to do business or acquire and hold title to real estate under the laws of the State of Illinois. Dated       , 20       Signature: ___________________________ Grantee or Agent Subscribed and sworn to before Me by the said ____________________ This ______ day of _________________, 20____. NOTARY PUBLIC ____________________________________________ NOTE: Any person who knowingly submits a false statement concerning the identity of grantee shall be guilty of a Class C misdemeanor for the first offense and of a Class A misdemeanor for subsequent offenses. (Attach to deed or ABI to be recorded in Cook County, Illinois if exempt under provisions of Section 4 of the Illinois Real Estate Transfer Tax Act.) Cook County – Statement of Grantor and Grantee

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