Illinois Compiled Statutes 765 ILCS 77/15 – Seller exemptions
Current as of: 2024 | Check for updates
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A seller in any of the following transfers is exempt from this Act, regardless of whether a disclosure report is delivered:
(1) Transfers pursuant to court order, including, but
(1) Transfers pursuant to court order, including, but
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not limited to, transfers ordered by a probate court in administration of an estate, transfers between spouses resulting from a judgment of dissolution of marriage or legal separation, transfers pursuant to an order of possession, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
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(2) Transfers from a mortgagor to a mortgagee by deed
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in lieu of foreclosure or consent judgment, transfer by judicial deed issued pursuant to a foreclosure sale to the successful bidder or the assignee of a certificate of sale, transfer by a collateral assignment of a beneficial interest of a land trust, or a transfer by a mortgagee or a successor in interest to the mortgagee’s secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.
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(3) Transfers by a fiduciary in the course of the
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administration of a decedent‘s estate, guardianship, conservatorship, or trust. As used in this paragraph, “trust” includes an Illinois land trust.
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(4) Transfers from one co-owner to one or more other
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co-owners.
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(5) Transfers from a decedent pursuant to testate
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disposition, intestate succession, or a transfer on death instrument.
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(6) Transfers made to a spouse, or to a person or
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persons in the lineal line of consanguinity of one or more of the sellers.
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(7) Transfers from an entity that has taken title to
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residential real property from a seller for the purpose of assisting in the relocation of the seller, so long as the entity makes available to all prospective buyers a copy of the disclosure report furnished to the entity by the seller.
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(8) Transfers to or from any governmental entity.
(9) Transfers of newly constructed residential real
Terms Used In Illinois Compiled Statutes 765 ILCS 77/15
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fiduciary: A trustee, executor, or administrator.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Intestate: Dying without leaving a will.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Probate: Proving a will
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(9) Transfers of newly constructed residential real
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property that has never been occupied. This does not include rehabilitation of existing residential real property.
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