Illinois General Assembly - Full Text of Public Act 094-0489
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Public Act 094-0489


 

Public Act 0489 94TH GENERAL ASSEMBLY



 


 
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.

Effective Date: 8/8/2005