(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;
(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; (m) the name, address, and telephone number of the person preparing the
declaration; and (n) whether the transfer is pursuant to compulsory sale. 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. 96-1083, eff. 7-16-10.)
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