Declaration And Exemption Form - City Of Joliet Page 2
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1
2TRANSFER TAX EXEMPTIONS
SECTION 28-255 (b):
Declaration Forms.
The following deeds or trust documents shall be exempt from the provisions of this Article except as hereinafter
provided:
(1)
Deeds or trust documents representing real estate transfers made before July 1, 1990, provided a
declaration form therefore is also filed on or before July 1, 1990.
(2)
Deeds or trust documents relating to property acquired by any governmental body or from any
governmental body or deeds to or documents relating to property or interests transferred between
governmental bodies, or by or from any corporation, society, association, foundation or institution
organized and operated exclusively for charitable, religious or educational purposes; except that such
deeds or trust documents, other than those in which the Administrators of Veterans’ Affairs of the United
States of America is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the
declaration.
(3)
Deeds or trust Documents which secure debt or other obligations.
(4)
Deeds or trust documents which, without additional consideration, confirm, correct, modify or supplement
a deed or trust document previously recorded.
(5)
Tax Deeds.
(6)
Deeds or trust documents of release of property which is security for a debt or other obligation.
(7)
Deeds of partition.
(8)
Deeds or trust documents made pursuant to mergers; consolidations or transfers or sales of substantially
all of the assets of corporations pursuant to plans of reorganization.
(9)
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.
(10)
Deeds wherein there is an actual exchange of real estate and trust documents wherein there is an actual
exchange of beneficial interests, except that money difference or money’s worth paid from one to the
other shall not be exempt from the tax.
(11)
Deeds representing transfers subject to the imposition of a documentary stamp tax imposed by the
government of the United States, except that such deeds shall not be exempt from filing the declaration.
(12)
Deeds issued to a holder of a mortgage, as defined in Section 15-103 of the Illinois Code of Civil
Procedure, pursuant to a mortgage foreclosure proceedings or pursuant to a transfer in lieu of
foreclosure.
(13)
Deeds or trust documents where the actual consideration is less than One Hundred Dollars ($100.00).
RESIDENTIAL REAL PROPERTY TRANSFER DISCLOSURE ORDINANCE
Effective February 1, 2000, real property improved with a single family residence, townhouse or condominium which has
not previously been occupied by its owner or a vacant lot zoned for residential use located in a subdivision any part of
which has been record platted within the preceding five years is considered Residential Real Property and is subject to
the Residential Real Property Transfer Disclosure Ordinance (Section 29-1 of the Joliet Code of Ordinances). This
ordinance requires the Seller of residential real property to provide certain disclosures to prospective buyers prior to
entering into a sales contract and to provide proof of compliance with the ordinance by filing a completed and signed
Residential Real Property Transfer Information and Disclosure Form with the City of Joliet at the time real estate transfer
taxes are paid. Failure to comply with this ordinance may result in a fine of up to $750.00.
The filing of a Residential Real Property Transfer Information and Disclosure Form is not required for the transfer of real
property that is not Residential Real Property, as defined in the ordinance. The filing of a Residential Real Property
Transfer Information and Disclosure Form is also not required for transfers of Residential Real Property made by a person
who is not a Seller, as defined in the ordinance. A Seller is an owner of Residential Real Property who offers Residential
Real Property for sale in the ordinary course of business three or more times in the preceding twelve months. Transfers
that are not required to pay real estate transfer taxes to the City of Joliet are also not subject to the Residential Real
Property Transfer Disclosure Ordinance.
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