Illinois General Assembly - Full Text of SB1735
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Full Text of SB1735  103rd General Assembly




State of Illinois
2023 and 2024


Introduced 2/9/2023, by Sen. Mattie Hunter


35 ILCS 200/31-25

    Amends the Property Tax Code. Provides that, for properties where the buyer or buyers are natural individuals, the transfer declaration shall state whether the property is intended to be the principal residence of the buyer or buyers.

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SB1735LRB103 05713 HLH 50733 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Property Tax Code is amended by changing
5Section 31-25 as follows:
6    (35 ILCS 200/31-25)
7    Sec. 31-25. Transfer declaration. At the time a deed, a
8document transferring a controlling interest in real property,
9or trust document is presented for recordation, or within 3
10business days after the transfer is effected, whichever is
11earlier, there shall also be presented to the recorder or
12registrar of titles a declaration, signed by at least one of
13the sellers and also signed by at least one of the buyers in
14the transaction or by the attorneys or agents for the sellers
15or buyers. The declaration shall state information including,
16but not limited to: (a) the value of the real property or
17beneficial interest in real property located in Illinois so
18transferred; (b) the parcel identifying number of the
19property; (c) the legal description of the property; (d) the
20date of the deed, the date the transfer was effected, or the
21date of the trust document; (e) the type of deed, transfer, or
22trust document; (f) the address of the property; (g) the type
23of improvement, if any, on the property; (h) information as to



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1whether the transfer is between related individuals or
2corporate affiliates or is a compulsory transaction; (i) the
3lot size or acreage; (j) the value of personal property sold
4with the real estate; (k) the year the contract was initiated
5if an installment sale; (l) any homestead exemptions, as
6provided in Sections 15-170, 15-172, 15-175, and 15-176 as
7reflected on the most recent annual tax bill; (m) the name,
8address, and telephone number of the person preparing the
9declaration; and (n) whether the transfer is pursuant to
10compulsory sale; and (o) for properties where the buyer or
11buyers are natural individuals, whether the property is
12intended to be the principal residence of the buyer or buyers.
13Except as provided in Section 31-45, a deed, a document
14transferring a controlling interest in real property, or trust
15document shall not be accepted for recordation unless it is
16accompanied by a declaration containing all the information
17requested in the declaration. When the declaration is signed
18by an attorney or agent on behalf of sellers or buyers who have
19the power of direction to deal with the title to the real
20estate under a land trust agreement, the trustee being the
21mere repository of record legal title with a duty of conveying
22the real estate only when and if directed in writing by the
23beneficiary or beneficiaries having the power of direction,
24the attorneys or agents executing the declaration on behalf of
25the sellers or buyers need identify only the land trust that is
26the repository of record legal title and not the beneficiary



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1or beneficiaries having the power of direction under the land
2trust agreement. The declaration form shall be prescribed by
3the Department and shall contain sales information questions.
4For sales occurring during a period in which the provisions of
5Section 17-10 require the Department to adjust sale prices for
6seller paid points and prevailing cost of cash, the
7declaration form shall contain questions regarding the
8financing of the sale. The subject of the financing questions
9shall include any direct seller participation in the financing
10of the sale or information on financing that is unconventional
11so as to affect the fair cash value received by the seller. The
12intent of the sales and financing questions is to aid in the
13reduction in the number of buyers required to provide
14financing information necessary for the adjustment outlined in
15Section 17-10. For sales occurring during a period in which
16the provisions of Section 17-10 require the Department to
17adjust sale prices for seller paid points and prevailing cost
18of cash, the declaration form shall include, at a minimum, the
19following data: (a) seller paid points, (b) the sales price,
20(c) type of financing (conventional, VA, FHA, seller-financed,
21or other), (d) down payment, (e) term, (f) interest rate, (g)
22type and description of interest rate (fixed, adjustable or
23renegotiable), and (h) an appropriate place for the inclusion
24of special facts or circumstances, if any. The Department
25shall provide an adequate supply of forms to each recorder and
26registrar of titles in the State.



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1(Source: P.A. 96-1083, eff. 7-16-10.)