Anyone have experiencing using a quit claim in Chicago?

[Adam F.]

My lender suggested moving a multi-family from my personal name to an LLC immediately post-closing via quit claim deed. Does anyone have experience with this (even better if in Chicago)?

According to the City of Chicago tax code, it costs $5.25 per $500 of the transfer price. At property value of $800k (my budget), the transfer tax will be $8400 alone. Adding in county and state tax, record fees, legal fees, etc., I estimate that this will cost over $10k.

My assumption is that it still will be better to purchase in my name (better loan terms, ability to put 20% or less down, and I'm already pre-approved) and move to an LLC, but this seems like a steep cost of doing business. Is there anything I'm missing?

[John Warren]

@Adam F. your real estate attorney should be able to tell you exactly how much this costs. I am sure it is not anywhere near that expensive. I think the charge is fairly nominal from what I have seen. Any competent real estate attorney can take care of this for you.