Chattel Mortgage Form For Individuals In Illinois
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Due to the complex nature of these documents, the preparation of a deed is considered the practice of law in Illinois. This prevents non-attorneys from preparing deeds on behalf of anyone other than themselves and protects the parties involved.
Real Estate Transfer Declaration PTAX-203-A (PDF) - Form and instructions for Illinois Real Estate Transfer Declaration PTAX-203-A for non-residential property over $1 million and/or as required by Illinois Department of Revenue.
(a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.
When transferring your property title to a family member in Illinois, you have several methods available including gift deeds, quitclaim deeds, and transfer-on-death instruments. The optimal choice depends on your tax situation, future estate planning goals, and desired level of control over the property.
All mortgages on residential property are recordable in Cook, Kane, Will and Peoria counties only with a valid certificate of exemption or certificate of compliance, both of which must be generated by the Anti-Predatory Lending Database (“APLD”).
You must file either (1) Form PTAX-203 and any required documents with the deed or trust document or (2) an exemption notation on the original deed or trust document at the County Recorder's office within the county where the property is located.
Predatory lending targets vulnerable individuals, including those with low incomes, poor credit histories, minorities, and the elderly. These people tend to have limited access to traditional financial services and often feel like they have no other options.
Additionally, in order to record any mortgage against a Kane, Peoria, or Will County property, a Certificate of Compliance or Certificate of Exemption must be attached to the mortgage.
The Residential Mortgage License is required for any person (sole proprietorship), partnership, association, corporation or other entity to engage in the business of brokering, funding, originating, servicing or purchasing residential mortgage loans on residential real estate situated in Illinois as subject to the ...