What are the fees associated with transferring title of investment property from personal name to LLC in Chicago? How long will the process take?

Mark
Home Buyer
60611

Yesterday, 07:02 - Property Q&A in Chicago - 3 answers

Also, will there be any income tax consequences?
The property is in my name going to my LLC, where I am the sole member.
Any advice on the process and how to go about it would be appreciated.

I do think you should talk with an attorney. However, it might be advantageous to transfer the property to a trust. Mortgages tend to have a" Due_On_Sale Clause", therefore if you transfer the property ownership to an LLC the total balance due the bank becomes due immediately. Also, you can transfer ownership through a Quit Claim Deed (it offers no warranties) but it is quick(a day) and only cost about $30 in Cook County, http://www.ccrd.info. You can recorder the Quit Claim deed at the Cook County Recorder of Deeds, the office is at City Hall. The biggest obstacle is to get someone to notarize the document. Web Reference: http://about.me/markilemons