Each of the following statements about Illinois transfer taxes is accurate EXCEPT:
Correct Answer
D) Under 35 ILCS 200/31-45, the buyer (grantee) is primarily liable for the Illinois state transfer tax.
The seller (grantor) — not the buyer — is primarily liable for the Illinois state real estate transfer tax under 35 ILCS 200/31-15 and 31-25. Statements (a), (b), and (c) accurately describe Illinois transfer-tax mechanics.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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