HB2462 Enrolled LRB094 08914 BDD 39134 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Property Tax Code is amended by changing
5 Section 31-25 as follows:
 
6     (35 ILCS 200/31-25)
7     Sec. 31-25. Transfer declaration. At the time a deed, a
8 document transferring a controlling interest in real property,
9 or trust document is presented for recordation, or within 3
10 business days after the transfer is effected, whichever is
11 earlier, there shall also be presented to the recorder or
12 registrar of titles a declaration, signed by at least one of
13 the sellers and also signed by at least one of the buyers in
14 the transaction or by the attorneys or agents for the sellers
15 or buyers. The declaration shall state information including,
16 but not limited to: (a) the value of the real property or
17 beneficial interest in real property located in Illinois so
18 transferred; (b) the parcel identifying number of the property;
19 (c) the legal description of the property; (d) the date of the
20 deed, the date the transfer was effected, or the date of the
21 trust document; (e) the type of deed, transfer, or trust
22 document; (f) the address of the property; (g) the type of
23 improvement, if any, on the property; (h) information as to
24 whether the transfer is between related individuals or
25 corporate affiliates or is a compulsory transaction; (i) the
26 lot size or acreage; (j) the value of personal property sold
27 with the real estate; (k) the year the contract was initiated
28 if an installment sale; and (l) any homestead exemptions, as
29 provided in Sections 15-170, 15-172, 15-175, and 15-176 as
30 reflected on the most recent annual tax bill; and (m) the name,
31 address, and telephone number of the person preparing the
32 declaration. Except as provided in Section 31-45, a deed, a

 

 

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1 document transferring a controlling interest in real property,
2 or trust document shall not be accepted for recordation unless
3 it is accompanied by a declaration containing all the
4 information requested in the declaration. When the declaration
5 is signed by an attorney or agent on behalf of sellers or
6 buyers who have the power of direction to deal with the title
7 to the real estate under a land trust agreement, the trustee
8 being the mere repository of record legal title with a duty of
9 conveying the real estate only when and if directed in writing
10 by the beneficiary or beneficiaries having the power of
11 direction, the attorneys or agents executing the declaration on
12 behalf of the sellers or buyers need identify only the land
13 trust that is the repository of record legal title and not the
14 beneficiary or beneficiaries having the power of direction
15 under the land trust agreement. The declaration form shall be
16 prescribed by the Department and shall contain sales
17 information questions. For sales occurring during a period in
18 which the provisions of Section 17-10 require the Department to
19 adjust sale prices for seller paid points and prevailing cost
20 of cash, the declaration form shall contain questions regarding
21 the financing of the sale. The subject of the financing
22 questions shall include any direct seller participation in the
23 financing of the sale or information on financing that is
24 unconventional so as to affect the fair cash value received by
25 the seller. The intent of the sales and financing questions is
26 to aid in the reduction in the number of buyers required to
27 provide financing information necessary for the adjustment
28 outlined in Section 17-10. For sales occurring during a period
29 in which the provisions of Section 17-10 require the Department
30 to adjust sale prices for seller paid points and prevailing
31 cost of cash, the declaration form shall include, at a minimum,
32 the following data: (a) seller paid points, (b) the sales
33 price, (c) type of financing (conventional, VA, FHA,
34 seller-financed, or other), (d) down payment, (e) term, (f)
35 interest rate, (g) type and description of interest rate
36 (fixed, adjustable or renegotiable), and (h) an appropriate

 

 

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1 place for the inclusion of special facts or circumstances, if
2 any. The Department shall provide an adequate supply of forms
3 to each recorder and registrar of titles in the State.
4 (Source: P.A. 93-657, eff. 6-1-04.)
 
5     Section 99. Effective date. This Act takes effect upon
6 becoming law.