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i am in illinois and am trying to do a quit claim deed and the recorders office faxed me over a statement of exemption under realestate transfer tax act? what and why would i need to fill out the statement of exemption?

Submitted: 52 days and 9 hours ago.
Category: Legal
Value: $18
Status: AWAITING CUSTOMER ACTION
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State/Country relating to Question: Illinois

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Answer

The statement of exemption has a list of exemptions that apply to the transfer tax. If an exemption is applicable, you will not need to pay any tax when you file the deed, which is sometimes quite expensive. Generally, exemptions apply when you are making a family transfer and no money changes hands or you transfer the property to your own trust, LLC or other entity.

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Expert: TMcJD
Pos. Feedback: 100.0 %
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Answered: 9/29/2009

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Magna Cum Laude; law review; litigation, probate, estate & business planning, and asset protection

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