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SB1622 Engrossed |
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LRB094 08913 BDD 39133 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 |
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| 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 |
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| document
transferring a controlling interest in real property,
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| or trust document is
presented for recordation, or within 3 |
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| business days after the transfer is
effected, whichever is |
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| 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 |
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| the sellers and
also signed by at least one of the buyers in |
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| the transaction or by the
attorneys or agents for the sellers |
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| or buyers. The declaration shall state
information including, |
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| but not limited to: (a) the value of the real property
or |
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| beneficial interest in real property located in Illinois
so |
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| transferred; (b) the parcel
identifying number of the property; |
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| (c) the legal description of
the
property; (d) the date of the |
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| deed, the date the transfer was effected,
or the date of the |
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| trust document; (e) the type of deed, transfer,
or
trust |
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| document; (f) the address of the property; (g) the type of |
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| improvement,
if any, on the property; (h) information as to |
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| whether the
transfer is
between related individuals or |
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| corporate affiliates or is a
compulsory transaction; (i)
the |
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| lot size or acreage; (j) the value of personal property sold |
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| with the
real estate; (k) the year the contract was initiated |
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| if an installment sale;
and (l) any homestead exemptions, as |
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| provided in Sections 15-170, 15-172, 15-175, and 15-176; and |
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| (m) the name, address, and telephone number of the person |
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| preparing the
declaration. Except as provided in Section 31-45, |
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| a deed, a document
transferring a controlling interest in real |
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SB1622 Engrossed |
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LRB094 08913 BDD 39133 b |
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| property,
or trust
document shall not be accepted for |
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| recordation unless it is accompanied by a
declaration |
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| containing all the information requested
in the declaration. |
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| When the declaration is signed by an attorney or agent on
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| behalf of sellers or buyers who have the power of direction to |
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| deal with the
title to the real estate under a land trust |
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| agreement, the trustee being the
mere repository of record |
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| legal title with a duty of conveying the real estate
only when |
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| and if directed in writing by the beneficiary or beneficiaries |
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| having
the power of direction, the attorneys or agents |
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| executing the declaration on
behalf of the sellers or buyers |
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| need identify only the land trust that is the
repository of |
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| record legal title and not the beneficiary or beneficiaries
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| having the power of direction under the land trust agreement. |
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| The declaration
form shall be prescribed by the Department and |
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| shall contain sales information
questions.
For sales occurring |
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| during a period in which the provisions of Section 17-10
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| require the Department to adjust sale prices for seller paid |
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| points and
prevailing cost of cash,
the declaration form shall |
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| contain questions
regarding the financing of the sale. The |
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| subject of the financing questions
shall include any direct |
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| seller participation in the financing of the sale or
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| information on financing that is unconventional so as to affect |
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| the fair cash
value received by the seller. The intent of the |
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| sales and financing questions
is to aid in the reduction in the |
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| number of buyers required to provide
financing information |
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| necessary for the adjustment outlined in Section 17-10.
For |
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| sales occurring during a period in which the provisions of |
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| Section 17-10
require the Department to adjust sale prices for |
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| seller paid points and
prevailing cost of cash,
the declaration |
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| form shall include, at a minimum, the following data: (a)
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| seller paid points, (b) the sales price, (c) type of
financing
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| (conventional, VA, FHA, seller-financed, or other), (d) down
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| payment, (e) term,
(f) interest rate, (g) type and description |
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| of interest
rate (fixed, adjustable
or renegotiable), and (h) |
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| an appropriate place for the inclusion of special
facts or |