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90_HB3026eng
35 ILCS 200/31-25
Amends the Real Estate Transfer Tax Law in the Property
Tax Code. Provides that when the person filling out the real
estate transfer declaration is not the buyer, it shall be the
duty of the person filling out the declaration to furnish the
buyer with a copy of the portions of the completed and signed
declaration specifying the permanent real estate index
numbers, the address to which the tax bill is to be mailed,
and the legal description of the property so transferred.
The copy shall be sent to the buyer, by certified mail,
return receipt requested. Effective January 1, 1999.
LRB9008707KDpk
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1 AN ACT to amend the Property Tax Code by changing Section
2 31-25.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 31-25 as follows:
7 (35 ILCS 200/31-25)
8 Sec. 31-25. Transfer declaration. At the time a deed or
9 trust document is presented for recordation, there shall also
10 be presented to the recorder or registrar of titles a
11 declaration, signed by at least one of the sellers and also
12 signed by at least one of the buyers in the transaction or by
13 the attorneys or agents for the sellers or buyers. The
14 declaration shall state (a) the full consideration for the
15 property so transferred; (b) the permanent real estate index
16 numbers number of all parcels of property so transferred the
17 property, if any; (c) the legal description of the property;
18 (d) the date of the deed or trust document; (e) the type of
19 deed or trust document; (f) the address of the property; (g)
20 the type of improvement, if any, on the property conveyed;
21 (h) information as to whether the transfer is between
22 relatives or is a compulsory transaction; (i) that the
23 parties are advised that the State of Illinois has enacted
24 the Smoke Detector Act; and (j) the lot size or acreage.
25 Except as provided in Section 31-45, a deed or trust document
26 shall not be accepted for recordation unless it is
27 accompanied by a declaration containing all the information
28 requested in the declaration. When the declaration is
29 signed by an attorney or agent on behalf of sellers or buyers
30 who have the power of direction to deal with the title to the
31 real estate under a land trust agreement, the trustee being
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1 the mere repository of record legal title with a duty of
2 conveying the real estate only when and if directed in
3 writing by the beneficiary or beneficiaries having the power
4 of direction, the attorneys or agents executing the
5 declaration on behalf of the sellers or buyers need identify
6 only the land trust that is the repository of record legal
7 title and not the beneficiary or beneficiaries having the
8 power of direction under the land trust agreement. The
9 declaration form shall be prescribed by the Department and
10 shall contain sales information questions. The subject of
11 the sales information questions shall include, but not be
12 limited to, information on compulsory transactions, sales
13 between relatives and related corporations, contractual
14 sales, and deed or trust document types. In addition, the
15 declaration form shall contain questions regarding the
16 financing of the sale. The subject of the financing
17 questions shall include any direct seller participation in
18 the financing of the sale or information on financing that is
19 unconventional so as to affect the fair cash value received
20 by the seller. The intent of the sales and financing
21 questions is to aid in the reduction in the number of buyers
22 required to provide financing information necessary for the
23 adjustment outlined in Section 17-10. The declaration shall
24 include an appropriate place for the inclusion of special
25 facts or circumstances, if any, and shall include the
26 following data: (a) value of personal property sold with the
27 real estate, (b) sales finance charges (points) paid by the
28 seller, (c) the sales price, (d) type of financing
29 (conventional, VA, FHA, seller-financed, or other), (e) down
30 payment, (f) term, (g) interest rate, (h) type and
31 description of interest rate (fixed, adjustable or
32 renegotiable), (i) the year the contract was initiated if a
33 contractual sale, and (j) the name, address and telephone
34 number of the person filling out the real estate transfer
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1 declaration. It shall be the duty of the person filling out
2 the real estate transfer declaration to furnish to the buyer
3 a copy of the information specified below if (i) the person
4 filling out the declaration is not the buyer, (ii) multiple
5 parcels are conveyed, and (iii) at least one of the parcels
6 is identified on the declaration as a residence. The
7 information to be provided from the completed and signed
8 declaration shall be all the permanent real estate index
9 numbers, the address to which the tax bill is to be mailed,
10 and the legal description of the property so transferred.
11 The copy shall be sent to the buyer, by certified mail,
12 return receipt requested. In counties of 3,000,000 or more
13 inhabitants, the declaration shall also contain a sworn or
14 affirmed statement executed by the grantor or the grantor's
15 agent stating that, to the best of his or her knowledge, the
16 name of the grantee shown on the deed or assignment of
17 beneficial interest in a land trust is either a natural
18 person, an Illinois corporation or foreign corporation
19 authorized to do business or acquire and hold title to real
20 estate in Illinois, a partnership authorized to do business
21 or acquire and hold title to real estate in Illinois, or
22 other entity recognized as a person and authorized to do
23 business or acquire and hold title to real estate under the
24 laws of Illinois. In counties of 3,000,000 or more
25 inhabitants, the declaration shall also contain a sworn or
26 affirmed statement executed by the grantee or the grantee's
27 agent verifying that the name of the grantee shown on the
28 deed or assignment of beneficial interest in a land trust is
29 either a natural person, an Illinois corporation or foreign
30 corporation authorized to do business or acquire and hold
31 title to real estate in Illinois, a partnership authorized to
32 do business or acquire and hold title to real estate in
33 Illinois, or other entity recognized as a person and
34 authorized to do business or acquire and hold title to real
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1 estate under the laws of Illinois. The Department shall
2 provide an adequate supply of forms to each recorder and
3 registrar of titles in the State.
4 (Source: P.A. 86-624; 86-925; 86-1028; 86-1475; 87-543;
5 88-455.)
6 Section 99. Effective date. This Act takes effect
7 January 1, 1999.