Effective January 21, 2019, prior to recording, all Cook County property conveyance instruments must be accompanied by an electronically-completed Cook County Real Estate Transfer Tax Declaration, aka, a “MyDec,” which can be completed via the Illinois Department of Revenue’s MyDec Transfer Tax Portal – https://mytax.illinois.gov/mydec The requirement to use MyDec is already in effect for all property transfers in the City of Chicago, and is being extended to all property in Cook County, including “exempt” and “non-exempt” transfers. This requirement does not alter any local municipal requirements for transferring property, and must be fulfilled, even if the instrument is accompanied by a Grantor/Grantee Affidavit.Continue reading “MyDec to be Required for All Cook County Illinois Real Estate Conveyances”
Find the Illinois laws for dealing with a decedent’s real property at 755 ILCS 5/20.
Probate is a court-supervised, lawful distribution of a deceased individual’s assets. The nature of the probate case depends on whether the decedent died testate (with a last will and testament) or intestate (without a will). In both cases, someone acts as the decedent’s personal representative and performs the tasks associated with settling the estate.Continue reading “Transferring Real Property from an Illinois Estate”
On January 1, 2012, the Illinois Residential Real Property Transfer on Death Instrument Act (755 ILCS 27) went into effect. With it, owners of residential real property in Illinois have a new choice for non-probate asset allocation—the transfer on death instrument (TODI).Continue reading “Illinois Transfer on Death Instrument for Real Estate”