Which document must be completed and submitted to the county recorder to calculate and declare Illinois transfer tax due on most deed transactions?
Correct Answer
A) Form PTAX-203, the Illinois Real Estate Transfer Declaration
Form PTAX-203, the Illinois Real Estate Transfer Declaration, is correct. Under 35 ILCS 200/31-25, a completed PTAX-203 must accompany most deeds presented for recordation in Illinois. The form captures the sale price, exemption claims, and property classification data that the county recorder uses to calculate and collect the state and county transfer taxes owed.
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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