A property title provides the names of all legal owners of a certain piece of real estate. There are two types of property title that can be transferred in the state of Illinois. The first is real property, and refers to real estate properties such as land, houses, condominiums or commercial properties. Title to real estate is transferred from owner- to-owner, through the document called the deed. The second type of property title is for personal property, which includes automobiles, trucks, motorcycles and boats.
Hire an attorney who specializes in property transfers specific to your situation, whether it is the sale of real estate, creation of a family trust or inheritance. Each circumstance warrants a different legal approach and transfer of the title may vary from one case to another.
Gather all necessary documentation needed to transfer the title to the property. This might include power of attorney, sales contract, installment agreement, wills and trust documents.
Decide what type of deed you wish to have on the property being transferred. The most common type of deed is the general warranty deed, which transfers the property with a clear title, meaning there are no other potential claims to the property. Other types of deed include quitclaim deed and special or limited warranty deed. Each type of deed provides various degrees of legal protection to the title.
Pay all taxes and fees associated with the transfer of real estate title to the Illinois Department of Revenue. Only the remaining equity in the real property is subject to the transference tax. According to the Illinois Department of Revenue, counties are allowed to charge a tax of 25 cents per $500 of value on real estate transactions, as of March 2011.
Complete the Illinois Real Estate Transfer Declaration and file this document with the county where the property is located.
Read More: How to Transfer Real Property After Death in the State of Florida
Complete and submit a long form watercraft registration/title application from the Illinois Department of Natural Resources to transfer the title to a boat. Be sure to pay all applicable fees to the state of Illinois.
Consult with the licensed dealer selling you a new car for information on title transfers. Most dealers handle the transfer themselves.
Complete and print an online Application for Vehicle Transaction from the Illinois Secretary of State to transfer the title to a used car, truck or motorcycle. The completed application, documentation and payment must be submitted by mail or in person, within seven days of printing the online document.
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