Illinois Real Estate Transfer Declaration Please read the instructions before completing this form. This form can be completed electronically at tax.illinois.gov/retd. Step 1: Identify the property and sale information. 1 ____________________________________________________ Street address of property (or 911 address, if available) ____________________________________________________ City or village ZIP ____________________________________________________ Township 2 Write the total number of parcels to be transferred. ___________ 3 Write the parcel identifying numbers and lot sizes or acreage. Property index number (PIN) Lot size or acreage a_____________________________ ___________________ b_____________________________ ___________________ c_____________________________ ___________________ d_____________________________ ___________________ Write additional property index numbers, lot sizes or acreage in Step 3. 4 Date of instrument: ____ ____ / ____ ____ ____ ____ 5 6 7 8 Do not write in this area. County Recorder’s Office use. PTAX-203 County: Date: Doc. No.: Vol.: Page: Received by: 9 Identify any significant physical changes in the property since January 1 of the previous year and write the date of the change. Date of significant change: ____ ____ / ____ ____ ____ ____ (Mark with an “X.”) Month Year ____ Demolition/damage ____ Additions ____ Major remodeling ____ New construction ____ Other (specify): ________________ 10 Identify only the items that apply to this sale. (Mark with an “X.”) a ____ Fulfillment of installment contract — year contract initiated : ___ ____ ____ ____ b ____ Sale between related individuals or corporate affiliates c ____ Transfer of less than 100 percent interest Month Year d ____ Court-ordered sale Type of instrument (Mark with an “X.” ): _____ Warranty deed e ____ Sale in lieu of foreclosure ____ Quit claim deed _____ Executor deed ____ Trustee deed f ____ Condemnation ____ Beneficial interest _____ Other (specify):______________ g ____ Short sale ____ Yes ____ No Will the property be the buyer’s principal residence? h ____ Bank REO (real estate owned) ____ Yes ____ No Was the property advertised for sale? i ____ Auction sale (i.e., media, sign, newspaper, realtor) j ____ Seller/buyer is a relocation company Identify the property’s current and intended primary use. k ____ Seller/buyer is a financial institution or government agency Current Intended (Mark only one item per column with an “X.”) l ____ Buyer is a real estate investment trust a ____ ____ Land/lot only m ____ Buyer is a pension fund b ____ ____ Residence (single-family, condominium, townhome, or duplex) n ____ Buyer is an adjacent property owner c ____ ____ Mobile home residence o ____ Buyer is exercising an option to purchase d ____ ____ Apartment building (6 units or less) No. of units: _______ p ____ Trade of property (simultaneous) e ____ ____ Apartment building (over 6 units) No. of units: _______ q ____ Sale-leaseback f ____ ____ Office r ____ Other (specify): __________________________________ g ____ ____ Retail establishment __________________________________________________ h ____ ____ Commercial building (specify): _________________ s ____ Homestead exemptions on most recent tax bill: i ____ ____ Industrial building 1 General/Alternative $______________ j ____ ____ Farm 2 Senior Citizens $______________ k ____ ____ Other (specify): ____________________________ __ 3 Senior Citizens Assessment Freeze $______________ Step 2: Calculate the amount of transfer tax due. Note: Round Lines 11 through 18 to the next highest whole dollar. If the amount on Line 11 is over $1 million and the property’s current use on Line 8 above is marked “e,” “f,” “g,” “h,” “i,” or “k,” complete Form PTAX-203-A, Illinois Real Estate Transfer Declaration Supplemental Form A. If you are recording a beneficial interest transfer, do not complete this step. Complete Form PTAX-203-B, Illinois Real Estate Transfer Declaration Supplemental Form B. 11 12a 12b 13 14 15 16 17 18 19 20 21 Full actual consideration Amount of personal property included in the purchase Was the value of a mobile home included on Line 12a? Subtract Line 12a from Line 11. This is the net consideration for real property. Amount for other real property transferred to the seller (in a simultaneous exchange) as part of the full actual consideration on Line 11 Outstanding mortgage amount to which the transferred real property remains subject If this transfer is exempt, use an “X” to identify the provision. Subtract Lines 14 and 15 from Line 13. This is the net consideration subject to transfer tax. Divide Line 17 by 500. Round the result to the next highest whole number (e.g., 61.002 rounds to 62). Illinois tax stamps — multiply Line 18 by 0.50. County tax stamps — multiply Line 18 by 0.25. Add Lines 19 and 20. This is the total amount of transfer tax due. PTAX-203 (R-10/10) This form is authorized in accordance with 35 ILCS 200/31-1 et seq. Disclosure of this information is REQUIRED. This form has been approved by the Forms Management Center. IL-492-0227 11 12a 12b 13 $ ____________________ $ ____________________ ____ Yes ____ No $ ____________________ 14 15 16 17 18 19 20 21 $ ____________________ $ ____________________ ____b ____k ____m $ ____________________ ____________________ $ ____________________ $ ____________________ $ ____________________ Page 1 of 4 Step 3: Write the legal description from the deed. Write, type (minimum 10-point font required), or attach the legal description from the deed. If you prefer, submit an 81/2” x 11” copy of the extended legal description with this form. You may also use the space below to write additional property index numbers, lots sizes or acreage from Step 1, Line 3. Step 4: Complete the requested information. The buyer and seller (or their agents) hereby verify that to the best of their knowledge and belief, the full actual consideration and facts stated in this declaration are true and correct. If this transaction involves any real estate located in Cook County, the buyer and seller (or their agents) hereby verify that to the best of their knowledge, the name of the buyer shown on the deed or assignment of beneficial interest in a land trust is either a natural person, an Illinois corporation or foreign corporation authorized to do business or acquire and hold title to real estate in Illinois, a partnership authorized to do business or acquire and hold title to real estate in Illinois, or other entity recognized as a person and authorized to do business or acquire and hold title to real estate under the laws of the State of Illinois. Any person who willfully falsifies or omits any information required in this declaration shall be guilty of a Class B misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses. Any person who knowingly submits a false statement concerning the identity of a grantee shall be guilty of a Class C misdemeanor for the first offense and of a Class A misdemeanor for subsequent offenses. Seller Information (Please print.) _________________________________________________________________________ ______________________________________ Seller’s or trustee’s name Seller’s trust number (if applicable - not an SSN or FEIN) ________________________________________________________________________________________________________________ Street address (after sale) City State ZIP ) _________________________________________________________________________ (______________________________________ Seller’s or agent’s signature Seller’s daytime phone Buyer Information (Please print.) _________________________________________________________________________ ______________________________________ Buyer’s or trustee’s name Buyer’s trust number (if applicable - not an SSN or FEIN) ________________________________________________________________________________________________________________ Street address (after sale) City State ZIP ) _________________________________________________________________________ (______________________________________ Buyer’s or agent’s signature Buyer’s daytime phone Mail tax bill to: ________________________________________________________________________________________________________________ Name or company Street address City State ZIP Preparer Information (Please print.) _________________________________________________________________________ ______________________________________ Preparer’s and company’s name Preparer’s file number (if applicable) ________________________________________________________________________________________________________________ Street address City State ZIP ) _________________________________________________________________________ (______________________________________ Preparer’s signature Preparer’s daytime phone _______________________________________________ Preparer’s e-mail address (if available) Identify any required documents submitted with this form. (Mark with an “X.”) ____ Extended legal description ____Form PTAX-203-A ____ Itemized list of personal property ____Form PTAX-203-B To be completed by the Chief County Assessment Officer 1 __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ County Township Class Cook-Minor Code 1 Code 2 2 Board of Review’s final assessed value for the assessment year prior to the year of sale. Land ___ , ___ ___ ___ , ___ ___ ___ , ___ ___ ___ Buildings ___ , ___ ___ ___ , ___ ___ ___ , ___ ___ ___ Total ___ ___ , ___ ___ ___ , ___ ___ ___ , ___ ___ ___ Illinois Department of Revenue Use Page 2 of 4 3 Year prior to sale ___ ___ ___ ___ 4 Does the sale involve a mobile home assessed as real estate? ___ Yes ___ No 5 Comments Tab number PTAX-203 (R-10/10) Instructions for Form PTAX-203, Illinois Real Estate Transfer Declaration General Information The information requested on this form is required by the Real Estate Transfer Tax Law (35 ILCS 200/31-1 et seq.). All parties involved in the transaction must answer each question completely and truthfully. What is the purpose of this form? County offices and the Illinois Department of Revenue use this form to collect sales data and to determine if a sale can be used in assessment ratio studies. This information is used to compute equalization factors. Equalization factors are used to help achieve a state-wide uniform valuation of properties based on their fair market value. Must I file Form PTAX-203? You must file either (1) Form PTAX-203 and any required documents with the deed or trust document or (2) an exemption notation on the original deed or trust document at the County Recorder’s office within the county where the property is located. File Form PTAX-203 for all real estate transfers except those qualifying for exempt status under (a), (c), (d), (e), (f), (g), (h), (i), (j), or (l) listed below. Which property transfers are exempt from real estate transfer tax? The following transactions are exempt from the transfer tax under 35 ILCS 200/31-45. (a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date. (b) Deeds to or trust documents relating to (1) property acquired by any governmental body or from any governmental body, (2) property or interests transferred between governmental bodies, or (3) property acquired by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes. However, deeds or trust documents, other than those in which the Administrator of Veterans’ Affairs of the United States is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration. (c) Deeds or trust documents that secure debt or other obligation. (d) Deeds or trust documents that, without additional consideration, confirm, correct, modify, or supplement a deed or trust document previously recorded. (e) Deeds or trust documents where the actual consideration is less than $100. (f) Tax deeds. (g) Deeds or trust documents that release property that is security for a debt or other obligation. (h) Deeds of partition. (i) Deeds or trust documents made pursuant to mergers, consolidations or transfers or sales of substantially all of the assets of corporations under plans of reorganization under the Federal Internal Revenue Code (26 USC 368) or Title 11 of the Federal Bankruptcy Act. (j) Deeds or trust documents made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary’s stock. (k) Deeds when there is an actual exchange of real estate and trust documents when there is an actual exchange of beneficial interests, except that that money difference or money’s worth paid from one to the other is not exempt from the tax. These deeds or trust documents, however, shall not be exempt from filing the declaration. (l) Deeds issued to a holder of a mortgage, as defined in Section 15-103 (now Section 15-1207) of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure. (m) A deed or trust document related to the purchase of a principal residence by a participant in the program authorized by the Home Ownership Made Easy Act, except that those deeds and trust documents shall not be exempt from filing the declaration. PTAX-203 (R-10/10) Can criminal penalties be imposed? Anyone who willfully falsifies or omits any required information on Form PTAX-203 is guilty of a Class B misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses. Anyone who knowingly submits a false statement concerning the identity of a grantee of property in Cook County is guilty of a Class C misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses. The penalties that could be imposed for each type of misdemeanor are listed below (35 ILCS 200/31-50 and 730 ILCS 5/5-8-3 and 5/5-9-1). Misdemeanor Class A Class B Class C Prison Term less than 1 year not more than 6 months not more than 30 days Maximum Fines $2,500 $1,500 $1,500 Line-by-line Instructions The sellers and buyers or their agents must complete Steps 1 through 4 of this form. For transfers of a beneficial interest of a land trust, complete the form substituting the words “assignor” for “seller” and “assignee” for “buyer.” Step 1: Identify the property and sale information. Line 1 — Write the property’s street address (or 911 address, if available), city or village, zip code, and township in which the property is located. Line 3 — Write all the parcel identifying numbers and the properties’ lot sizes (e.g., 80’ x 100’) or acreage. If only the combined lot size or acreage is available for multiple parcels, write the total on Line 3a under the “lot size or acreage” column. If transferring only a part of the parcel, write the letters “PT” before the parcel identifying number and write the lot size or acreage of the split parcel. If transferring a condominium, write the parcel identifying number and the square feet of the condominium unit. If surface rights are not being transferred, indicate the rights being transferred (e.g., “minerals only”). If transferring right-of-way (ROW) property that does not have a parcel identifying number, write “ROW only.” If five or more parcels are involved, use the space provided on Page 2, Step 3. The parcel identifying number is printed on the real estate tax bill and assessment notice. The chief county assessment officer can assist you with this information. Line 4 — Write the month and year from the instrument. Line 5 — Use an “X” to identify the type of instrument (i.e., deed, trust document, or facsimile) to be recorded with this form. For a deedin-trust, limited warranty, special warranty, trust deed, or other deed types not listed on this form, select “Other” and write the deed type. “Joint tenancy” and “tenants-in-common” identify ownership rights and cannot be used as a deed type. Line 6 — Select “Yes” if the property will be used as the buyer’s principal dwelling place and legal residence. Line 7 — Select “Yes” if the property was sold using a real estate agent or advertised for sale by newspaper, trade publication, radio/ electronic media, or sign. Line 8 — Use an “X” to select one item under each of the column headings “Current” and “Intended.” “Current” identifies the current or most recent use of the property. “Intended” identifies the intended or expected use of the property after the sale. If the property has more than one use, identify the primary use only. Line 8h, Commercial building — Write the type of business (bank, hotel/motel, parking garage, gas station, theater, golf course, bowling alley, supermarket, shopping center, etc.). Line 8k, Other — Choose this item only if the primary use is not listed and write the primary use of the property. Note: For Lines 8h and 8k, if the current and intended categories are the same but the specific use will change, (i.e., from bank to theater), write the current use on the line provided and write the intended use directly below the line provided. Page 3 of 4 Line 9 — Use an “X” to identify any significant physical changes in the property since January 1 of the previous year. Write the date the change was completed or the property was damaged. Line 10 — Select only the items that apply to this sale. A definition is provided below for all items marked with an asterisk. Line 10a, Fulfillment of installment contract — The installment contract for deed is initiated in a calendar year prior to the calendar year in which the deed is recorded. Write the year the contract was initiated between the seller and buyer. Do not select this item if the installment contract for deed was initiated and the property was transferred within the same calendar year. Line 10c, Transfer of less than 100 percent interest — The seller transfers a portion of the total interest in the property. Other owners will keep an interest in the property. Do not consider severed mineral rights when answering this question. Line 10d, Court-ordered sale — The property’s sale was ordered by a court (e.g., bankruptcy, foreclosure, probate). Line 10g, Short sale — The property was sold for less than the amount owed to the mortgage lender or mortgagor, if the mortgagor has agreed to the sale. Line 10h, Bank REO (real estate owned) — The first sale of the property owned by a financial institution as a result of a judgment of foreclosure, transfer pursuant to a deed in lieu of foreclosure, or consent judgment occurring after the foreclosure proceeding is complete. Line 10k, Seller/buyer is a financial institution — “Financial institution” includes a bank, savings and loan, credit union, Resolution Trust Company, and any entity with “mortgage company” or “mortgage corporation” as part of the business name. Line 10o, Buyer is exercising an option to purchase — The sale price was predicated upon the exercise of an option to purchase at a predetermined price. Line 10p, Trade of property (simultaneous) — Buyer trades or exchanges with the seller one or more items of real estate for part or all of the full actual consideration (sale price) on Line 11. Line 10r, Other — Explain any special facts or circumstances involving this transaction that may have affected the sale price or sale agreement or forced the sale of the property. This includes property that is subject to an existing lease or property that is part of an IRC §1031 Exchange. Line 10s, Homestead exemptions on most recent tax bill — Write the dollar amount for any homestead exemption reflected on the most recent annual tax bill. Step 2: Calculate the amount of transfer tax due. Round Lines 11 through 18 to the next highest whole dollar. Note: File PTAX-203-B, Illinois Real Estate Transfer Declaration Supplemental Form B, when filing instruments other than deeds, or trust documents. (Do not complete Step 2, of the PTAX-203 when filing the PTAX-203-B). Line 11 — Write the full actual consideration (sale price). Full actual consideration is the amount actually paid, excluding any amount credited against the purchase price or refunded to the buyer for improvements or repairs to the property. Include the amount for other real estate transferred in a simultaneous exchange from the buyer to the seller, even if the transfer involves an even exchange. Also include the amount of outstanding mortgages to which the property remains subject at the time of the transfer. Note: File PTAX-203-A, Illinois Real Estate Transfer Declaration Supplemental Form A, if the amount on Line 11 is over $1 million and the property’s current use on Line 8 is marked “Apartment building (over 6 units),” “Office,” “Retail establishment,” “Commercial building,” “Industrial building,” or “Other.” Line 12a — Write the amount of personal property items included in the sale price on Line 11. Do not include the value of a beneficial interest of a land trust. Personal property items are generally listed on the “bill of sale.” If you are uncertain as to whether an item is real estate or personal property, consult your attorney, tax advisor, or the chief county assessment officer. Page 4 of 4 On 81/2” x 11” paper, submit an itemized list of personal property (include values) transferred from the seller to the buyer if this sale meets either of the following conditions: • residential property — if the amount of personal property (not including the value of a mobile home) on Line 12a is greater than 5 percent of the sale price on Line 11, or • non-residential property — if the amount of personal property on Line 12a is greater than 25 percent of the sale price on Line 11. Residential personal property — Generally, “personal property” includes items that are not attached (built-in) to the home and that are normally removed by the seller when vacating the property. Examples include artwork, automobiles and boats, draperies, furniture, freestanding appliances (e.g., refrigerators, stoves, washers and dryers, but not built-in appliances), lawn mowers, tractors, snow blowers, rugs (excludes wall-to-wall carpets), and window air-conditioners (excludes central air). Include the value of a mobile home as personal property on Line 12a if it meets all of the following conditions: • The value of the mobile home was included on Line 11. • The value of the mobile home was not included on the real estate tax bill. Commercial/industrial personal property — Generally, “personal property” is any item that is not a permanent improvement to the land and includes, but is not limited to, intangibles such as goodwill, licenses, patents, franchises, business or enterprise values; and certain tangibles such as inventories, cash registers and shopping carts, free-standing shelving and displays, furniture, office equipment and supplies, vehicles, and machinery and equipment not assessed as real estate. Generally, “personal property” does not include building components (e.g., wiring and lighting, heating, air-conditioning, plumbing, fire protection); foundations, pits and other building components for specialized or heavy machinery; permanent fixtures including, but not limited to, machinery and equipment and cranes assessed as real estate, craneways, and non-portable tanks; and site improvements such as paving and fencing. Line 14 — Write the amount of other real estate transferred from the buyer to the seller that was included in the sale price on Line 11. This value only applies to a simultaneous exchange between the parties involved in this transaction. Do not include the value of property involved in a deferred exchange under IRC §1031. Line 15 — Write an amount only if the deed or trust document states that the transferred property remains subject to a mortgage at the time of the transfer. Line 16 — Use an “X” to identify the letter of the provision for the exemption from the transfer tax (i.e., (b), (k), or (m)) that applies to this transfer. See “Which property transfers are exempt from real estate transfer tax?” in these instructions. Step 3: Write the legal description from the deed. Write the legal description from the deed. Use a minimum 10-point font if the legal description is typed. If the legal description will not fit in the space provided, submit an 81/2” x 11” copy of the extended legal description from the deed with this form. Step 4: Complete the requested information. Write the requested information for the seller, buyer, and preparer. Write the addresses and daytime phone numbers where the seller and buyer can be contacted after the sale. The seller and buyer (or their agents) and preparer must sign this form. By signing the form, the parties involved in the real estate transfer verify that • they have examined the completed Form PTAX-203, • the information provided on this form is true and correct, and • they are aware of the criminal penalties of law associated with falsifying or omitting any information on this form. Use an “X” to identify any required documents submitted with this form. PTAX-203 (R-10/10)