Public Act 094-0489
 		





HB2462 Enrolled
LRB094 08914 BDD 39134 b






    AN ACT concerning revenue.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:


 
    Section 5. The Property Tax Code is amended  by changing 
Section 31-25 as follows:
 
    (35 ILCS 200/31-25)


    Sec. 31-25. Transfer declaration.  At the time a deed, a 
document
transferring a controlling interest in real property,

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

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

declaration.  Except as provided in Section 31-45, a deed, a 
document
transferring a controlling interest in real property,

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

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 
place for the inclusion of special
facts or circumstances, if 
any. The Department
shall
provide an adequate supply of forms 
to each recorder and registrar of titles in
the State.


(Source: P.A. 93-657, eff. 6-1-04.)

 

    Section 99. Effective date. This Act takes effect upon 
becoming law.