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Gift Deed Form - Peoria County
Fill in the blank form formatted to comply with all recording and content requirements.
Included document last updated 1/21/2021
Gift Deed Guide - Peoria County
Line by line guide explaining every blank on the form.
Included document last updated 1/7/2021
Completed Example of the Gift Deed Document - Peoria County
Example of a properly completed form for reference.
Included document last updated 12/25/2020
*The Following Illinois and Peoria County supplemental forms are included as a courtesy with your order.
Illinois Real Estate Transfer Declaration
This is a required form, unless an exemption is claimed. It includes a list of exemptions and line by line instructions. For non-recorded transfers use the PTAX 203-NR form. Add supplemental form A if the sale price is over 1 Million, and supplemental form B only for transfer of a beneficial interest.
Real Estate Transfer Tax Payment Form for Non Recorded Documents
If transfer tax is owed and the deed will not be recorded, use this form.
Notarial Record Form
This form is generally required, but certain transactions are exempt. A list of exempt conveyances can be found on page 1 of this document.
Plat Act Affidavit
Fill in the blank affidavit form to comply with the Illinois Plat Act (765 ILCS 205).
Illinois Homestead Exemption
Homestead exemptions are given to owner-occupied residential property. If you qualify, it could have substantial savings 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 Peoria 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 Peoria County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.
4.8 out of 5 (2295 Reviews)
January 22nd, 2021
Name: L B W.
Review: Bottom line - it was certainly worth the $21 (+-?) I paid for the form and instructions, etc. Admittedly the form is a little inflexible in terms of editing for readability but I understand that offering greater flexibility would likely make theft more likely. So I'm happy with what I got. One suggestion - add more info about what's required in the "Source of Title" section.
Reply from Staff on January 22nd, 2021
Thank you for your feedback. We really appreciate it. Have a great day!
January 22nd, 2021
Name: Roger M.
Review: EASY. WORKED WITH PROBLEMS.
Reply from Staff on January 22nd, 2021
Thank you!
January 22nd, 2021
Name: Kevin T.
Review: amazing customer service. thank you deeds.com. I just wish I knew about this company earlier. Kevin
Reply from Staff on January 22nd, 2021
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
January 22nd, 2021
Name: Karen G.
Review: Not difficult at all! Which is great for me...
Reply from Staff on January 22nd, 2021
Thank you for your feedback. We really appreciate it. Have a great day!
January 22nd, 2021
Name: Linda W.
Review: Fast service. From the time I sent my Quit Claim Deed to deeds.com, and six hours later my deed was recorded. It was painless, great convenience.
Reply from Staff on January 22nd, 2021
Thank you!
January 21st, 2021
Name: Leonard N.
Review: Nice and clear. Can't wait to process the completed documents at the Recorder's Office
Reply from Staff on January 21st, 2021
Thank you!
January 21st, 2021
Name: KATHLEEN S.
Review: Excellent service, great feedback and recommendations by the deed preparer, and I really appreciate the personalized service. The website is amazing, everything is well thought out, and all messages are saved, clear and easy to read. I wish my website was so easy to navigate! Seriously, the person who worked on my account is awesome. They made recommendations about what to include and what not to include. They didn't make me feel dumb for asking questions about out-of-state service and filing procedures, and I will be using Deeds.com exclusively on my cases. Five stars !
Reply from Staff on January 21st, 2021
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
January 21st, 2021
Name: Ronald L.
Review: There is not enough room on the form to describe my property which was taken directly from the previous deed. Other than that worked as expected.
Reply from Staff on January 21st, 2021
Thank you for your feedback. We really appreciate it. Have a great day!
January 20th, 2021
Name: Lori F.
Review: That was easy!
Reply from Staff on January 20th, 2021
Thank you for your feedback. We really appreciate it. Have a great day!
January 20th, 2021
Name: Cheryl G.
Review: Everyhing went smoothly
Reply from Staff on January 20th, 2021
Thank you for your feedback. We really appreciate it. Have a great day!