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How to Transfer a Real Estate Title in Homewood, IL

Transferring a real estate title in Homewood, Illinois, is an essential legal process required to change ownership of a property officially. Whether selling a house, gifting a home to a relative, transferring property into a trust, finalizing a divorce settlement, or managing an estate, you must take specific steps to ensure the transfer is valid under Illinois law and recorded correctly with Cook County.

This guide offers a comprehensive overview of transferring a real estate title in Homewood, IL, including all forms, filing procedures, costs, timelines, and helpful links.

What Is a Real Estate Title Transfer?

A real estate title transfer is the legal process of changing ownership of property from one party (the grantor) to another (the grantee). This is accomplished through a signed and notarized legal document called a deed, which must be recorded with the Cook County Clerk’s Office.

The title transfer becomes legally effective once the deed is recorded. This process is required in several situations, including:

• Selling or buying a home

• Gifting property to a spouse or family member

• Inheriting property through an estate

• Transferring real estate due to divorce or separation

• Moving property into a trust or LLC

Why Transferring a Title Is Important

Properly transferring the title ensures that:

• The new owner is recognized in public records

• Property taxes are assigned to the correct owner

• The new owner can sell, refinance, or insure the property

• Legal disputes over ownership are avoided

• The chain of title remains clear and uninterrupted

Failure to record the title transfer can result in legal complications, tax issues, and problems with future sales or financing.

Step-by-Step: How to Transfer a Real Estate Title in Homewood, IL

Step 1: Determine the Type of Title Transfer

Start by identifying the reason for the transfer. The type of transaction affects the documents you need and whether transfer taxes apply.

Common reasons for transferring a title:

• Sale of a home to a new buyer

• Gift to a child or spouse

• Property division due to divorce

• Estate transfer after death

• Moving property into or out of a trust or LLC

Step 2: Choose the Correct Type of Deed

In Illinois, the following types of deeds are most commonly used to transfer real estate:

1. Warranty Deed

Used in most real estate sales. It guarantees the grantor holds a clear title and has the right to transfer the property, offering full legal protection to the grantee.

2. Quitclaim Deed

Transfers any interest the grantor has in the property with no guarantees. Often used in family transfers, divorces, or to correct title errors.

3. Special Warranty Deed

Provides limited warranties, guaranteeing that the grantor did not cause any title defects during their ownership.

4. Transfer on Death Instrument (TODI)

A property owner can name a beneficiary who will inherit the property upon death, bypassing probate.

The right type of deed depends on the nature of your transaction. Consult a real estate attorney or title company if you're unsure which to use.

Step 3: Draft the Deed

Once you've chosen the appropriate deed, it must be properly drafted to meet Illinois legal standards. A valid deed should include:

• Full legal names and addresses of the grantor and grantee

• The legal description of the property (found on a previous deed or tax bill)

• The Property Index Number (PIN) assigned by Cook County

• The consideration amount (price or declared value)

• The date of transfer

• A "prepared by" section with the preparer's contact information

• A "return to" section with the name and address where the recorded deed will be mailed

• The notarized signature of the grantor

To find your PIN or legal description, visit:
https://www.cookcountypropertyinfo.com

Mistakes in drafting or missing information can result in rejected filings, so it's advisable to have the deed prepared by a professional.

Step 4: Complete the PTAX-203 Illinois Real Estate Transfer Declaration

All real estate transfers in Illinois require the PTAX-203 form, even if no money is exchanged. This form is used to report the transfer to the Illinois Department of Revenue and assess any applicable taxes.

Download the PTAX-203 form here:
https://www2.illinois.gov/rev/forms/realestate/Documents/PTAX-203.pdf

The form requires:

• Names and addresses of grantor and grantee

• Property address and PIN

• The sale price or fair market value

• Use of the property (residential, rental, commercial)

• Transfer type (sale, gift, inheritance, divorce, etc.)

• Exemption code (if applicable)

For a list of exemption codes and instructions:
https://www2.illinois.gov/rev/localgovernments/property/Pages/realest.aspx

Step 5: Pay Real Estate Transfer Taxes

If the transaction is not exempt, you must pay transfer taxes. In Homewood, IL (Cook County), these include:

• Illinois State Transfer Tax: $0.50 per $500 of consideration

• Cook County Transfer Tax: $0.25 per $500

• Homewood Municipal Transfer Tax: As of 2024, the Village of Homewood does not impose its own municipal transfer tax. However, verify this with the Village Clerk's Office before filing.

Transfer taxes are paid at the time of recording, and revenue stamps will be affixed to the deed by the recording office.

Step 6: Ensure Property Taxes and Local Balances Are Paid

Before recording the deed, confirm that all property taxes and utility accounts are current. Outstanding bills can delay or prevent the transfer.

Check your tax status through the Cook County Treasurer's website:
https://www.cookcountytreasurer.com

You may also need to obtain a water or sewer clearance letter from the Village of Homewood to show that no balances are due:

Village of Homewood Official Website:
https://www.village.homewood.il.us

Step 7: Record the Deed with the Cook County Clerk's Office

Once the deed is signed and notarized and the PTAX-203 form is complete, you must record the documents with the Cook County Clerk’s Recordings Division.

Cook County Clerk – Recordings Division
118 N. Clark Street, Room 120
Chicago, IL 60602
Phone: (312) 603-5050
Website: https://www.cookcountyclerkil.gov/agency/recordings-division

Ways to Record:

• In person at the downtown office or suburban locations

• By mail (include payment and self-addressed stamped envelope)

• Online via e-recording vendors (title companies can submit electronically)

Fees: Typically range from $98 to $110, depending on document length and number of pages.

After recording, the Clerk’s Office will return the stamped deed to the address listed in the "return to" section.

Step 8: Notify All Necessary Parties

Once the deed is recorded, notify all relevant parties:

• Mortgage lender (if the property is financed)

• Title insurance provider

• Homeowners insurance company

• Cook County Assessor’s Office (to ensure tax billing is updated)

• Village of Homewood (for water billing and records)

Updating these parties ensures all billing, coverage, and services are correctly transitioned to the new owner.

Special Situations: Inheritance, Divorce, and Trust Transfers

Transferring a Title After Death (Inheritance)

If the property owner has died, the title transfer process depends on their estate plan:

• The title passes automatically to the named beneficiary if a Transfer on Death Instrument (TODI) was recorded.

• The trustee will transfer the title to the named heir if the property is held in a living trust.

• If neither exists, the estate must go through probate, and the court will authorize the transfer.

For probate information in Illinois:
https://www.illinoiscourts.gov/courts/circuit-court/probate

Transfers Due to Divorce

If a court order assigns property to one spouse, a Quitclaim Deed must still be executed and recorded to remove the other spouse from the title. Include:

• The signed Quitclaim Deed

• PTAX-203 form with divorce exemption

• Recording at the Cook County Clerk’s Office

This ensures that ownership is correctly updated in public records.

Transfers Into or Out of a Trust

If you're placing property into a trust or taking it out, you’ll need to execute and record the appropriate deed and trust documentation.

• Use a Quitclaim Deed or Warranty Deed, as appropriate.

• Complete the PTAX-203 form with trust exemption

• Record the documents with the county clerk

Timeline: How Long Does It Take?

If everything is prepared correctly, the title transfer process in Homewood generally takes 5 to 10 business days. Delays may occur if:

• The deed is incomplete or has errors

• Property taxes are unpaid

• Probate or legal issues are unresolved

Hiring a title company or attorney can help speed up the process and ensure compliance.

Estimated Costs of Title Transfer in Homewood

• Deed preparation (attorney/title company): $200–$500

• Recording fees: $98–$110

• Transfer taxes: $0.75 per $500 of the sale price (unless exempt)

• PTAX-203 form: Free to file but required

• Title search or insurance (optional): Varies

• Legal fees (if probate/divorce involved): Varies

Helpful Links for Homewood Property Owners

• Village of Homewood:
  https://www.village.homewood.il.us

• Cook County Clerk – Recordings Division:
  https://www.cookcountyclerkil.gov/agency/recordings-division

• Cook County Treasurer (Tax Payments):
  https://www.cookcountytreasurer.com

• Cook County Property Information:
  https://www.cookcountypropertyinfo.com

• PTAX-203 Transfer Declaration Form:
  https://www2.illinois.gov/rev/forms/realestate/Documents/PTAX-203.pdf

• Illinois Department of Revenue – Transfer Tax Guidelines:
  https://www2.illinois.gov/rev/localgovernments/property/Pages/realest.aspx

• Illinois Probate Court Information:
  https://www.illinoiscourts.gov/courts/circuit-court/probate

Final Thoughts

Transferring a real estate title in Homewood, IL, involves careful preparation, documentation, and compliance with both Illinois and Cook County rules. Whether you're managing a sale, a family transfer, a divorce, or an inheritance, understanding each step of the process can help avoid delays, fees, and legal disputes.

From choosing the right deed to completing the PTAX-203 form and recording your documents, every part of the process plays a vital role in establishing clear legal ownership. For complex scenarios, consider hiring a real estate attorney or title company to guide you through.