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Public Act 094-0489
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| HB2462 Enrolled |
LRB094 08914 BDD 39134 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing |
Section 31-25 as follows:
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(35 ILCS 200/31-25)
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Sec. 31-25. Transfer declaration. At the time a deed, a |
document
transferring a controlling interest in real property,
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or trust document is
presented for recordation, or within 3 |
business days after the transfer is
effected, whichever is |
earlier,
there shall also be presented to the recorder or
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registrar of titles a declaration, signed by at least one of |
the sellers and
also signed by at least one of the buyers in |
the transaction or by the
attorneys or agents for the sellers |
or buyers. The declaration shall state
information including, |
but not limited to: (a) the value of the real property
or |
beneficial interest in real property located in Illinois
so |
transferred; (b) the parcel
identifying number of the property; |
(c) the legal description of
the
property; (d) the date of the |
deed, the date the transfer was effected,
or the date of the |
trust document; (e) the type of deed, transfer,
or
trust |
document; (f) the address of the property; (g) the type of |
improvement,
if any, on the property; (h) information as to |
whether the
transfer is
between related individuals or |
corporate affiliates or is a
compulsory transaction; (i)
the |
lot size or acreage; (j) the value of personal property sold |
with the
real estate; (k) the year the contract was initiated |
if an installment sale;
and (l) any homestead exemptions, as |
provided in Sections 15-170, 15-172, 15-175, and 15-176 as |
reflected on the most recent annual tax bill; and (m) the name, |
address, and telephone number of the person preparing the
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declaration. Except as provided in Section 31-45, a deed, a |
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document
transferring a controlling interest in real property,
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or trust
document shall not be accepted for recordation unless |
it is accompanied by a
declaration containing all the |
information requested
in the declaration. When the declaration |
is signed by an attorney or agent on
behalf of sellers or |
buyers who have the power of direction to deal with the
title |
to the real estate under a land trust agreement, the trustee |
being the
mere repository of record legal title with a duty of |
conveying the real estate
only when and if directed in writing |
by the beneficiary or beneficiaries having
the power of |
direction, the attorneys or agents executing the declaration on
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behalf of the sellers or buyers need identify only the land |
trust that is the
repository of record legal title and not the |
beneficiary or beneficiaries
having the power of direction |
under the land trust agreement. The declaration
form shall be |
prescribed by the Department and shall contain sales |
information
questions.
For sales occurring during a period in |
which the provisions of Section 17-10
require the Department to |
adjust sale prices for seller paid points and
prevailing cost |
of cash,
the declaration form shall contain questions
regarding |
the financing of the sale. The subject of the financing |
questions
shall include any direct seller participation in the |
financing of the sale or
information on financing that is |
unconventional so as to affect the fair cash
value received by |
the seller. The intent of the sales and financing questions
is |
to aid in the reduction in the number of buyers required to |
provide
financing information necessary for the adjustment |
outlined in Section 17-10.
For sales occurring during a period |
in which the provisions of Section 17-10
require the Department |
to adjust sale prices for seller paid points and
prevailing |
cost of cash,
the declaration form shall include, at a minimum, |
the following data: (a)
seller paid points, (b) the sales |
price, (c) type of
financing
(conventional, VA, FHA, |
seller-financed, or other), (d) down
payment, (e) term,
(f) |
interest rate, (g) type and description of interest
rate |
(fixed, adjustable
or renegotiable), and (h) an appropriate |