35 ILCS 200/31-25
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 9 - Other Provisions

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.)