May 30, 2019
Local news update: Cook County Recorder raises fees
Effective May 20, 2019, the Cook County Recorder of Deeds, as determined by a recent Cook County Board Ordinance, raised recording fees on many common instruments, including deeds, non-statutory liens, declarations, covenants and other common documents such as reciprocal easement agreements. These fees, in some cases, include significant increases compared to prior fees. While recording fees are often the smallest expense of a project or transaction, anticipate initial last-minute changes on pending property closings as the recorder’s office implements the new fee schedule.
For residential mortgaged deals, it is not anticipated that the increase will be significant enough to unbalance disclosure tolerances for TILA-RESPA Integrated Disclosure (TRID) rules but it is best to prepare for some “hiccups” as lenders propagate the updated fees into their forms and disclosures.
This Chuhak & Tecson, P.C. communication is intended only to provide information regarding developments in the law and information of general interest. It is not intended to constitute advice regarding legal problems and should not be relied upon as such.
Client alert authored by: James R. Stevens, Principal