Property Transfer Tax Advice

[Andrew Heinzmann]

Hello,

I am looking to transfer my first investment property located in Chicago, IL from my personal name to my LLC. Everything I can find online shows I will pay $5.25 for every $500 of the transfer price, which will roughly equate to a whole years worth of (already extremely expensive) property taxes. I'm a little shocked as this is not something. I was expecting! Is there a way around this? Or am I going to have to pay the price for not doing my homework? Any advice or insights is greatly appreciated!

Thanks!

[Tom Shallcross]

@Andrew Heinzmann - you Quick Claim the deed from your your personal name to your LLC for $10. I believe it's anything under $100 you are exempt from paying transfer taxes.

Below is an example of a Quick Claim Deed with one of my LLCs to another LLC with names and addresses crossed out.

Get an attorney who has done one before - I can refer you to my go-to - and it's a very simple process. Note your lender may have the right to enact "due on sale clause. It's an extreme long-shot, but at least be aware it's out there (or just quick claim it back to the original if they ever say anything).