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Gift Deed Form - Cook County
Fill in the blank form formatted to comply with all recording and content requirements.
Included document last updated 4/24/2020
Gift Deed Guide - Cook County
Line by line guide explaining every blank on the form.
Included document last updated 5/28/2020
Completed Example of the Gift Deed Document - Cook County
Example of a properly completed form for reference.
Included document last updated 5/21/2020
*The Following Illinois and Cook County supplemental forms are included as a courtesy with your order.
City of Chicago Transfer Tax Declaration
This form is required even if the conveyance is exempt from transfer tax. The separate booklet of instructions can be downloaded as well.
Cook County Real Estate Transfer Declaration
This declaration form must be filed when transferring real estate in Cook County. Exemptions are listed on page 2 of this document.
Illinois Transfer Tax Declaration
This is a required form, unless an exemption is claimed. It includes a list of exemptions and line by line instructions.
Transfer Tax Rates
Rates and who is responsible for payment vary by community in Cook County.
Grantor/Grantee Affidavit
This affidavit is required when recording a deed in Cook County.
Notarial Record
This form is required for residential property in Cook County.
Plat Act Affidavit
This form is required with every deed submitted for recording.
Supplementals Checklist
This checklist from the county recording office lists standards, requirements, and supplements for recording a conveyance in Cook County.
Cook County Homestead Exemptions
Your primary residence may qualify for a homestead exemption on your property taxes.
Notary Certificates
The supplemental forms in this section can be used as loose certificates by Illinois notaries.
Including:
Gifts of Real Property in Illinois
Gift deeds convey title to real property from one party to another with no exchange of consideration, monetary or otherwise. Often used to transfer property between family members or to gift property as a charitable act or donation, these conveyances occur during the grantor's lifetime. Gift deeds must contain language that explicitly states that no consideration is expected or required. Ambiguous language or references to any type of consideration can make the gift deed contestable in court.
A lawful gift deed includes the grantor's full name and marital status, as well as the grantee's full name, marital status, vesting information, and mailing address. Vesting describes how the grantee holds title to the property. Generally, real property is owned in either sole ownership or co-ownership. For Illinois residential property, the primary methods for holding title are tenancy in common, joint tenancy, and tenancy by the entirety. An estate conveyed to two or more unmarried persons is considered a tenancy in common, unless otherwise specified (765 ILCS 1005/1). A conveyance to a married couple vests as tenancy by entirety unless otherwise specified (765 ILCS 1005/1c).
As with any conveyance of realty, a gift deed requires a complete legal description of the parcel. Recite the source of title to maintain a clear chain of title, and detail any restrictions associated with the property. In Illinois, if the signer is not personally known to the notarial officer, a witness must acknowledge and sign the deed (765 ILCS 5/24). All signatures must be original.
In Illinois, most conveyances of real property are subject to a Real Estate Transfer Tax and require a Real Estate Transfer Declaration (Form PTAX-203). However, because a gift deed transfers real property from one party to another with no exchange of valuable consideration, this type of conveyance is exempt from the tax and does not require a declaration (35 ILCS 200/31-45e). Record the completed gift deed with the recorder's office where the subject property is located. Contact the same office to confirm recording fees and accepted forms of payment.
With gifts of real property, the recipient of the gift (grantee or donee) is not required to declare the amount of the gift as income, but if the property accrues income after the transaction, the grantee is responsible for paying the requisite state and federal income tax [1].
In Illinois, there is no state gift tax. Gifts of real property in Illinois are, however, subject to the federal gift tax. The person or entity making the gift (grantor or donor) is responsible for paying the federal gift tax; however, if the donor does not pay the gift tax, the donee (grantee) will be held liable [1]. For questions regarding state and federal tax laws, consult a tax specialist.
In accordance with federal law, individuals are permitted an annual exclusion of $15,000 on gifts. This means that gifts valued below $15,000 do not require a federal gift tax return (Form 709). Even so, donors should consider filing one for many gifts of real property [2].
This article is provided for informational purposes only and is not a substitute for the advice of an attorney. Contact an Illinois lawyer with any questions about gift deeds or other issues related to the transfer of real property.
[1] http://msuextension.org/publications/FamilyFinancialManagement/MT199105HR.pdf
[2] https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
Get your Cook County Gift Deed form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties.
The documents you receive here will meet, or exceed, the Cook County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.
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