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Updated about 2 hours ago, 11/22/2024
Anyone have experiencing using a quit claim in Chicago?
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?