09/24/2019
MyDec is now required for all Cook County conveyances - even for Exempt Quit Claim Deeds!
Prior to recording a Quitclaim Deed, all Cook County property conveyances must be accompanied by an electronically-completed form. This form is called the Cook County Real Estate Transfer Tax Declaration, aka, a “MyDec.” The MyDec can be completed via the Illinois Department of Revenue’s MyDec Transfer Tax Portal – https://mytax.illinois.gov/mydec. Unless you are hiring an attorney or using a title company to assist with recording your new deed, you will need to set up an account so that you can complete the MyDec. Completing the form will likely take 30 minutes to an hour.
The MyDec requirement has already been in effect for all property transfers in the City of Chicago. But it is now being extended to all property in Cook County, including “exempt” and “non-exempt” transfers. MyDec is NOT required at this time in Lake, McHenry, DuPage, Will, Kane, or Kendall Counties. The purpose of the form is to determine how much you must pay for Transfer Stamps.
Once you complete the MyDec application, you must click a couple of action buttons: (1) Submit, (2) Accept, and (3) Complete Closing. After you have submitted, accepted and completed, you will print out a copy of the form to take with you when recording the deed.
The MyDec requirement does not eliminate or change the other steps in the process, including getting the local/municipal transfer stamps if required and the Grantor/Grantee statement.
A couple notes/tricks to make things easier. The Sellers are the "Grantors." The Buyers are the "Grantees." You will need mailing addresses and phone numbers for all parties. The type of title you are conveying is "Fee Title." If you are conveying for no money, you will likely be indicating the transaction is Exempt under "Paragraph E" and when prompted, the sales price will be "0." You will need a copy of the full legal description to insert when requested as well as the amount of land (either the dimensions or square footage).
