Escrow & Title
A property sold in Illinois is subject to the state real estate transfer tax, which is paid by filing with the:
AIllinois Department of Revenue
BCounty recorder at the time the deed is recorded (stamps are affixed to the deed)✓ Correct
CIllinois Secretary of State
DIDFPR prior to the sale
Explanation
In Illinois, the real estate transfer tax is paid at the time the deed is recorded with the county recorder. The tax is evidenced by revenue stamps affixed to the deed or a declaration of value form. The transfer tax amount is calculated based on the purchase price and applies at the state rate ($0.50 per $500) plus any local rates.
Related Illinois Escrow & Title Questions
- What is a 'satisfaction of mortgage' in Illinois and why is it important?
- A property sold at a tax sale in Illinois creates a tax lien certificate (not a deed). The original owner typically has the right to:
- An 'all-inclusive deed of trust' (AITD) in Illinois would function similarly to a:
- In Illinois, the recording of a deed in the county recorder's office provides:
- In Illinois, 'actual notice' of a prior claim means:
- A 'policy of title insurance' in Illinois covers the insured against which of the following risks?
- A HUD-1 Settlement Statement was historically used in real estate closings. Under TRID (effective 2015), it has been replaced for most residential transactions by the:
- In Illinois, recording a deed at the county recorder's office provides:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →