11 Midwest Transaction Guide § 358.121

Summary

• 1.Have grantor sign deed [see § 358.131 ¶ 4].
• 2.Have grantor’s signature acknowledged, with certificate of acknowledgment appearing on deed [see § 358.210[2]].

  NOTE:

  If there is more than one grantor and the deed has been executed in different locations by each grantor, have separate acknowledgments for each signature.

• 3.Have deed delivered to grantee, either directly by grantor or indirectly through closing or escrow agent, and have accepted by grantee.
• 4.ILLINOIS: If no exemption applies, prepare transfer declaration and tax payment [see § 358.120 ¶ 9].

  NOTE:

  The Real Estate Transfer Tax Law [35 ILCS 200/31-1–200/31-70] requires the filing of a transfer declaration and payment of transfer tax at the time a deed transferring title to real estate is presented for recordation [35 ILCS 200/31-25; see 35 ILCS 200/31-10 (rate of tax)]. The tax is collected by the recorder or registrar of titles through the sale of revenue stamps which are affixed to the deed by the recorder or registrar of titles...