During a brokerage meeting in Aurora, Parker Bennett asks who must legally bear transfer taxes in every Illinois closing. What is the best answer under current Illinois law or practice?
Correct Answer
D) Who pays depends on the applicable tax and the parties' agreement; customary practice and contractual allocation are not always the same thing.
Illinois transfer-tax questions must separate statutory incidence, local custom, and the parties' contractual allocation instead of assuming one universal payer in every file.
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