Chattel Mortgage Form With Two Points In Illinois
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The traditional mortgage is only for stationary property. It's suited for long-term real estate investments. Chattel loans are for property that can be easily moved. They're also an option for borrowers who want their loans approved faster and with shorter repayment times.
PTAX-203 Illinois Real Estate Transfer Declaration.
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.
(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.
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.
The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
The first common requirement is that the deed must be in writing and signed by the grantor(s). 765 ILCS 5/1. Generally, deeds conveying a homestead estate must also be signed by the grantor's spouse, except where one spouse conveys to the other. A few other exceptions to this rule are set forth at 735 ILCS 5/12-904.
By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.
If the pledgor does not repay the debt, the pledgee is entitled to sell the pledged asset and use the proceeds to satisfy the debt. A lien is a creditor's right to retain possession of a debtor's property until the debt has been repaid, while a contractual lien normally extends by way of contract between the parties.
From ensuring that you are using the correct tenancy, listing the correct grantor(s) and grantee(s), fulfilling all state, county and municipal requirements, and are filing in the most efficient way possible, it is highly advisable to have a lawyer assist with your quitclaim deed preparation and recording.