Illinois Administrative Code › Title 86 - REVENUE › Part 120 - REAL ESTATE TRANSFER TAX › Section 120.5 - Transfer Declaration and Supplemental Information

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to June 1, 2004, at the time a deed
			 or trust document is presented for recordation or registration, a transfer
			 declaration and supplemental information, if applicable, shall be prepared as
			 required by the Department in a manner consistent with the requirements of
			 subsection (c) and submitted to the recorder of deeds or registrar of titles of
			 the county in which the property is situated, under Section 31-25 of the
			 Property Tax Code [
			 35 ILCS
			 200/31-25 ]. No transfer declaration or supplemental
			 information is required to be prepared and submitted to the recorder of deeds
			 or registrar of titles if the transfer qualifies for an exemption under Section
			 31-45(a), (b) (but only for transfers in which the Secretary of the U.S.
			 Department of Veterans Affairs (VA Secretary) is the grantee pursuant to a
			 foreclosure proceeding), (c), (d), (e), (f), (g), (h), (i), (j), or (l) of the
			 Property Tax Code, but a notation of exempt status must appear on the face of
			 the deed or trust document. If the transfer qualifies for an exemption under
			 Section 31-45(b) (for all transfers except those in which the VA Secretary is
			 the grantee pursuant to a foreclosure proceeding), (k), or (m) of the Property
			 Tax Code, a transfer declaration and supplemental information, if applicable,
			 shall be prepared and submitted to the recorder of deeds or registrar of
			 titles.
b) On and after June 1,
			 2004, at the time a deed or document relating to the transfer of a taxable
			 beneficial interest under Article 31 of the Property Tax Code is presented for
			 recordation or registration, or within three business days after a transfer is
			 effected in the event a transferring document is not presented for recordation
			 or registration, a transfer declaration and supplemental information, if
			 applicable, shall be prepared as required by the Department in a manner
			 consistent with the requirements of subsection (c) and submitted to the
			 recorder or registrar of titles of the county in which the property is
			 situated, under Section 31-25 of the Property Tax Code. However, preparation of
			 a second transfer declaration or supplemental information shall not be required
			 in the event any such unrecorded transferring document is subsequently
			 presented for recordation or registration unless the transferor cannot prove
			 prior payment of the tax for the transaction. No transfer declaration or
			 supplemental information is required to be prepared and submitted to the
			 recorder of deeds or registrar of titles if the transfer qualifies for an
			 exemption under Section 31-45(a), (b) (but only for transfers in which the VA
			 Secretary is the grantee pursuant to a foreclosure proceeding), (c), (d), (e),
			 (f), (g), (h), (i), (j), or (l) of the Property Tax Code, but a notation of
			 exempt status must appear on the face of the transferring document. If the
			 transfer qualifies for an exemption under Section 31-45(b) (for all transfers
			 except those in which the VA Secretary is the grantee pursuant to a foreclosure
			 proceeding), (k), or (m) or Section 31-46 of the Property Tax Code, a transfer
			 declaration and supplemental information, if applicable, shall be prepared and
			 submitted to the recorder of deeds or registrar of titles.
c) A transfer declaration and supplemental
			 information shall be prepared using paper versions of forms or
			 electronically-produced paper versions thereof approved by the Department as
			 follows:
1) Preparation procedures:
A) Paper versions of forms shall be available
			 at the office of the recorder of deeds or registrar of titles in every county.
			 These forms shall be supplied by the Department to the recorder of deeds and
			 registrar of titles.
B) All
			 applicable questions on the forms shall be answered completely and the forms
			 shall be signed by the transferee and transferor, or their agents, and the
			 preparer.
C) If a transfer
			 declaration and all supplemental information, if applicable, is not prepared
			 and submitted, or is prepared and submitted without all applicable questions
			 being answered completely and the transfer declaration being properly signed,
			 the recorder of deeds or registrar of titles shall not sell Revenue Stamps or
			 record or register the transferring document.