Which of the following statements about Illinois real property transfer taxes is FALSE?
Correct Answer
B) Illinois law requires the buyer to pay all transfer taxes in every residential real estate transaction statewide.
B is false. Illinois law does not impose a universal rule requiring buyers to pay all transfer taxes in every transaction. Under the Illinois Real Estate Transfer Tax Act (35 ILCS 200/31-1 et seq.), the state transfer tax is customarily paid by the seller, and local ordinances — such as Chicago's — may allocate portions to buyers and sellers differently. No statewide statute mandates that buyers bear all transfer tax liability in every transaction.
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