The Chicago Illinois Affidavit of Merger With Resulting Change of Name Of Real Property Ownership is a legal document that is used when there is a merger or consolidation of two separate entities or corporations that own real property in the city of Chicago, Illinois. This affidavit is prepared and filed with the Cook County Recorder of Deeds to reflect the resulting change of name of the ownership of the real property. The affidavit provides details about the entities involved in the merger, including their original names, legal addresses, and identification numbers. It also specifies the type of entities that merged, such as corporations, limited liability companies (LCS), or partnerships. The affidavit includes a thorough description of the real property involved in the merger. It includes the property address, legal description, and the permanent index number (PIN) assigned to the property by the Cook County Assessor's office. This helps to accurately identify the property affected by the merger. The document also outlines the terms of the merger, including the effective date of the merger and the resulting name of the merged entity. It verifies that the new entity is the legal successor of the original entities and assumes all rights, titles, interests, and obligations related to the real property. Furthermore, the affidavit contains a statement of acknowledgement, indicating that the information provided is true and accurate to the best of the affine's knowledge. The affine is typically an authorized representative of the merged entity, such as an officer or director, who is legally authorized to execute the affidavit. It is important to note that while the Chicago Illinois Affidavit of Merger With Resulting Change of Name Of Real Property Ownership is a general term for this type of affidavit, there may be specific variations or additional requirements depending on the circumstances or the type of entities involved. For example, there may be separate affidavits required for mergers involving specific types of entities, such as limited partnerships or condominium associations. It is crucial to consult with an attorney or the relevant authorities to ensure compliance with all necessary requirements and to determine if there are any specialized affidavits applicable to the specific situation.
Chicago Illinois Affidavit of Merger With Resulting Change of Name Of Real Property Ownership
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How to fill out Chicago Illinois Affidavit Of Merger With Resulting Change Of Name Of Real Property Ownership?
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In Illinois, the real estate transfer process usually involves four steps: Locate the most recent deed to the property.Create the new deed.Sign and notarize the new deed.Record the deed in the Illinois land records.
Some transactions are exempt from Transfer Tax. Some examples would be conveyances between husband and wife, parents and child, grandparent and grandchild, brothers and sisters. A one-time transfer is allowed between former spouses. Other exemptions are allowed in certain situations.
Illinois Real Estate Transfer Tax Payment. Document (non recorded transfers)
The transfer of the property is usually in the form of a donation (a gift) or the sale of the property to the child. A written contract must be entered into between the parent and child. The following should be carefully considered and the advice of an expert should be obtained.
Step 1. Determine and prepare the needed requirements for a title transfer. Deed of Conveyance.Photocopies of valid IDs of all signatories in the deed.The Notary Public's official receipt for the deed's notarization. Certified True Copy of the Title (3 copies)Certified True Copy of the latest Tax Declaration.
If you want to transfer real estate in Illinois to a relative or a friend, you might consider doing this yourself by using a quitclaim deed. A quitclaim deed in Illinois is often used to transfer property between close family members or trusted friends.
Property Tax E-Services State of Illinois Forms PTAX-203, 203-A, and 203-B. City of Chicago Form 7551 ? Real Property Transfer Tax Declaration. Real Property Transfer Tax Declarations for participating counties.
Overview of Illinois Real Estate Transfer Tax State real estate transfer tax are imposed at a rate of $0.50 per $500 of value stated in the Transfer Tax Return. County real estate transfer tax are imposed at a rate of $0.25 per $500 of value stated in the Transfer Tax Return.
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3d Dist. 2005×. As a last resort, the Assessor's office may reduce your tax bill by up to ten percent if you give them reasonable and articulate proof that the Assessor will be able to make a fair and equitable assessment and tax assessment.
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