765 ILCS 155/1
Short title
Short title. This Act may be cited as the Transfer Fee Covenant Act. (Source: P.A. 96-1345, eff. 1-1-11.)
Illinois Compiled Statutes 765 ILCS 155 — Transfer Fee Covenant Act.
Illinois · statute · 765 ILCS 155 · 4 active provisions
765 ILCS 155/5
Legislative findings
Legislative findings. The General Assembly finds and declares that the public policy of this State favors the marketability of real property and the transferability of interests in real property free of title defects or unreasonable restraints on alienation. The General Assembly further finds and declares that transfer…
765 ILCS 155/10
Definitions
Definitions. As used in this Act: "Transfer" means the sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in real property located in this State. "Transfer fee" means a fee or charge required by a transfer fee covenant and payable upon the transfer of an interest in real propert…
765 ILCS 155/15
Transfer fee covenant prohibition
Transfer fee covenant prohibition. A transfer fee covenant recorded in this State on or after the effective date of this Act shall not run with the title to real property and is not binding on or enforceable at law or in equity against any subsequent owner, purchaser, or mortgagee of any interest in real property as an…