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COOK COUNTY DEPARTMENT OF REVENUE TAX COMPLIANCE UNIT NOTICE OF BULK SALES OR TRANSFER (See instructions on back) I. Seller/Transferor Name Street address City, state and zip code Phone # II. Purchaser/Transferee.

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Within 10 business days of receipt of the bulk sales notice, the Illinois Department of Revenue will issue an order (“bulk sales stop order”) that describes the amount, if any, that the purchaser should withhold from the purchase price to satisfy the tax liabilities of the seller.

In Illinois, various "Bulk Sales Acts" impose an obligation on purchasers of a business or a major portion of the assets of a business, which can include the transfer of real estate, for certain unpaid taxes and even debts for which the seller of such property was responsible.

Bulk sales laws affecting Illinois commercial real estate transactions: Require the purchaser to provide notice to government authorities when the transaction involves a seller transferring a major part of its real estate outside the seller's usual course of business.

Sellers have to pay $0.25 per $500 to Cook County and $0.50 per $500 to the state. This is a tax rate of 0.05% and 0.10% respectively. The total transfer taxes the seller is expected to pay at closing is 0.45% of the home sale when you factor in the 0.30% tax rate for Chicago.

Bulk Sales or Transfer Notice Form is to be filed by any person or business that is a seller, transferor, purchaser or transferee of: a business or activity that requires him/her to pay or remit Cook County Tax. a major part of the assets of the business activity.

Within 10 business days of receipt of the bulk sales notice, the Illinois Department of Revenue will issue an order (“bulk sales stop order”) that describes the amount, if any, that the purchaser should withhold from the purchase price to satisfy the tax liabilities of the seller.

The bulk transfer law is a law to protect business creditors. It provides that if a buyer of a business notifies the creditors of the seller in advance that it is buying the seller's assets, then the buyer will not be liable to those creditors for the debts and obligations of the seller.

In Illinois, various "Bulk Sales Acts" impose an obligation on purchasers of a business or a major portion of the assets of a business, which can include the transfer of real estate, for certain unpaid taxes and even debts for which the seller of such property was responsible.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232