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HB2462 Enrolled |
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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 |
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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 as |
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| reflected on the most recent annual tax bill; and (m) the name, |
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| 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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HB2462 Enrolled |
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LRB094 08914 BDD 39134 b |
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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 |
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| it is accompanied by a
declaration containing all the |
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| information requested
in the declaration. When the declaration |
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| is signed by an attorney or agent on
behalf of sellers or |
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| buyers who have the power of direction to deal with the
title |
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| to the real estate under a land trust agreement, the trustee |
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| being the
mere repository of record legal title with a duty of |
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| conveying the real estate
only when and if directed in writing |
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| by the beneficiary or beneficiaries having
the power of |
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| direction, the attorneys or agents executing the declaration on
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| behalf of the sellers or buyers need identify only the land |
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| trust that is the
repository of record legal title and not the |
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| beneficiary or beneficiaries
having the power of direction |
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| under the land trust agreement. The declaration
form shall be |
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| prescribed by the Department and shall contain sales |
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| information
questions.
For sales occurring during a period in |
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| which the provisions of Section 17-10
require the Department to |
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| adjust sale prices for seller paid points and
prevailing cost |
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| of cash,
the declaration form shall contain questions
regarding |
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| the financing of the sale. The subject of the financing |
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| questions
shall include any direct seller participation in the |
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| financing of the sale or
information on financing that is |
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| unconventional so as to affect the fair cash
value received by |
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| the seller. The intent of the sales and financing questions
is |
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| to aid in the reduction in the number of buyers required to |
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| provide
financing information necessary for the adjustment |
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| outlined in Section 17-10.
For sales occurring during a period |
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| in which the provisions of Section 17-10
require the Department |
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| to adjust sale prices for seller paid points and
prevailing |
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| cost of cash,
the declaration form shall include, at a minimum, |
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| the following data: (a)
seller paid points, (b) the sales |
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| price, (c) type of
financing
(conventional, VA, FHA, |
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| seller-financed, or other), (d) down
payment, (e) term,
(f) |
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| interest rate, (g) type and description of interest
rate |
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| (fixed, adjustable
or renegotiable), and (h) an appropriate |