(55 ILCS 5/3-5020) (from Ch. 34, par. 3-5020)
Sec. 3-5020. Information to accompany conveyance documents.
(a) In counties of the first and second class no recorder shall
record any conveyance of real estate unless the conveyance contains the
name and address of the grantee for tax billing purposes.
(b) In counties with 3,000,000 or more inhabitants, the county recorder
shall not accept for filing any deed or assignment of beneficial interest
in a land trust in a transaction which is exempt from filing a real estate
transfer declaration under the provisions of Section 4 of the Real Estate
Transfer Tax Act, unless the deed or assignment of a beneficial interest is
accompanied by,
(1) a sworn or affirmed statement executed by the |
| grantor or the grantor's agent stating that, to the best of the grantor's or the grantor's agent's knowledge, the name of the grantee shown on the deed or assignment of beneficial interest in a land trust is either a natural person, an Illinois Corporation or foreign corporation authorized to do business or acquire and hold title to real estate in Illinois, a partnership authorized to do business or acquire and hold title to real estate in Illinois, or other entity recognized as a person and authorized to do business or acquire and hold title to real estate under the laws of the State of Illinois, and
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(2) a sworn or affirmed statement executed by the
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| grantee or the grantee's agent verifying that the name of the grantee shown on the deed or assignment of beneficial interest in a land trust is either a natural person, an Illinois corporation or foreign corporation authorized to do business or acquire and hold title to real estate in Illinois, a partnership authorized to do business or acquire and hold title to real estate in Illinois, or other entity recognized as a person and authorized to do business or acquire and hold title to real estate under the laws of the State of Illinois. Any person who knowingly submits a false statement required under this Section concerning the identity of a grantee is guilty of a Class C misdemeanor. A second or subsequent conviction of such offense is a Class A misdemeanor.
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(c) In the event that the document of conveyance is a trustee's deed
issued under resignation by a land trustee, the statements pursuant
to paragraphs (1) and (2) of subsection (b) shall not be required, but the
trustee's deed shall instead be accompanied by a sworn or affirmed statement
executed by the grantor land trustee stating that the trustee's deed has been
issued pursuant to resignation by the trustee, and that the name of the grantee
shown on the trustee's deed is the name of the beneficiary of the trust as the trustee's
name appears in the trust files as of the date of resignation.
(Source: P.A. 103-400, eff. 1-1-24.)
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