The Illinois PTAX-203-A form is a supplemental document used for the Illinois Real Estate Transfer Declaration, specifically for non-residential properties with a sale price exceeding $1 million. This form must be filed alongside Form PTAX-203 and the original deed or trust document at the County Recorder's office, provided certain conditions regarding the property's use are met. Understanding the requirements and process for completing this form is essential for buyers and sellers involved in significant real estate transactions in Illinois.
The Illinois PTAX-203 A form plays a crucial role in the real estate transaction process, particularly for non-residential properties sold for over $1 million. This supplemental form must be filed alongside the PTAX-203, the Illinois Real Estate Transfer Declaration, and the original deed or trust document at the County Recorder’s office in the county where the property is located. To determine if this form is necessary, sellers should check specific criteria on the PTAX-203. Notably, the property’s current use must be classified as an apartment building with more than six units, an office, a retail establishment, a commercial building, an industrial building, or categorized as “other.” The PTAX-203 A form requires detailed information about the property and sale, including the property’s address, parcel identifier, and the duration it was on the market. Additionally, sellers must provide insights into occupancy status, lease agreements, and any personal property included in the sale. It is essential for both the buyer and seller to verify the accuracy of the information provided, as any inaccuracies could lead to legal consequences. Understanding the requirements and correctly completing the PTAX-203 A form is vital for a smooth transaction and compliance with state regulations.
What is the Illinois PTAX-203 A form?
The Illinois PTAX-203 A form, also known as the Real Estate Transfer Declaration Supplemental Form A, is required for non-residential property sales with a sale price exceeding $1 million. This form must be filed alongside Form PTAX-203 and the original deed or trust document at the County Recorder’s office in the county where the property is located.
When do I need to file the PTAX-203 A form?
You need to file the PTAX-203 A form when the sale price on Line 11 of Form PTAX-203 is over $1 million, and the property’s current use is marked as either an apartment building (over 6 units), office, retail establishment, commercial building, industrial building, or other specified use. Make sure to submit it within the required timeframe.
What information do I need to provide on the form?
The form requires details about the property, including its street address, city, township, and parcel identifying number. You also need to indicate how long the property was on the market, whether it was occupied on the sale date, and details about the buyer's lease agreement, if applicable.
What happens if the property was unoccupied?
If the property was unoccupied on the sale date, you must indicate this on the form and provide the total number of months it was unoccupied before the sale. This information helps assess the property's market value accurately.
Do I need to include information about personal property?
What if the seller's financing arrangements affected the sale price?
If the seller's financing arrangements influenced the sale price listed on Line 11 of Form PTAX-203, you must indicate this on the PTAX-203 A form and explain how the financing arrangements affected the sale price.
How do I verify the information on the form?
The seller and buyer, or their agents, must verify that the information provided on the PTAX-203 A form is true and correct. Both parties must sign the form, acknowledging their understanding of the legal implications of providing false information.
What are the penalties for providing false information?
Providing false information on the PTAX-203 A form can lead to serious legal consequences. Willfully falsifying or omitting required information is considered a Class B misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses.
Incorrect Property Information: Failing to accurately enter the property's street address, city or village, and township can lead to significant delays. Ensure all details match the original deed.
Missing Parcel Identifier: Not including the parcel identifying number from Line 3a of Form PTAX-203 is a common oversight. This number is crucial for identifying the property.
Wrong Sale Duration: Misreporting the total number of months the property was for sale can skew the information. If the property was on the market for more than 99 months, simply enter "99."
Occupancy Confusion: Misunderstanding the occupancy status can lead to errors. Clearly indicate whether the improvement was occupied on the sale date and provide accurate details on unoccupied months.
Lease Agreement Details: Failing to provide complete information about the buyer’s lease agreement can cause complications. Include beginning and ending dates, as well as any renewal options.
Personal Property Transfer: Not declaring if personal property was included in the sale can create issues. If applicable, submit a detailed list of personal property transferred.
Financing Misrepresentation: Neglecting to mention if seller financing arrangements affected the sale price can lead to penalties. Always explain how financing impacted the sale price if it did.
PTAX-203-A
Illinois Real Estate Transfer Declaration Supplemental Form A (Non-residential: sale price over $1 million)
File this form with Form PTAX-203, Illinois Real Estate Transfer Declaration, and the original deed or trust document at the County Recorder’s office within the county where the property is located if the following conditions are met:
•On Form PTAX-203, Line 11 the sale price is over $1 million, and
•On Form PTAX-203, Line 8 the property’s current use is marked “Apart- ment building (over 6 units),” “Office,” “Retail establishment,” “Commercial building,” “Industrial building,” or “Other.”
Please read the instructions on the back of this form.
Do not write in this area.
This space is reserved for the County Recorder’s Office use.
County:
Date:
Doc. No.:
Vol.:
Page:
Received by:
Step 1: Identify the property and sale information.
1Write the property’s street address, city or village, and township. (From Line 1 of Form PTAX-203)
_________________________________________________________________________________________________________
Street address of property (or 911 address, if available)
City or village
Township
2
Write the parcel identifying number from Line 3a of Form PTAX-203.
Parcel Identifier: _________________________________
3
Write the total number of months the property was for sale on the market.*
___ ___ Months
4aWas the improvement occupied on the sale date?* A “No” response means that all improvements
were totally unoccupied.
___ Yes
___ No
If the answer is “No,” write the total number of months all improvements were unoccupied
before the sale date. Go to Line 5.
4bWrite the approximate percentage of total square footage of improvements occupied or leased
on the sale date. Include all improvements.
_______ Percent
4cDid the buyer occupy the property on the sale date?
If the answer is “No,” go to Line 5.
4dWill the buyer continue to occupy part or all of the property after the sale?
4eWrite the beginning and ending dates of the buyer’s lease agreement.
Lease dates:_____ / _________ to _____ / _________
4f
Briefly describe any renewal options.
Month
Year
____________________________________________________________________________________________________________________________
5If the buyer owns other properties within an approximate one-half mile radius of the property, complete the following information for the two closest properties owned by the buyer.
Street address
Parcel identifying number
Property 1_________________________________________ ___________________________ _________________________
Property 2_________________________________________ ___________________________ _________________________
6
Did Line 12a of Form PTAX-203 include an amount for a transfer of personal property?
If the answer is “Yes,” submit a list of personal property transferred.*
7
Did the seller’s financing arrangements affect the sale price on Line 11 of Form PTAX-203?*
If the answer is “Yes,” please explain how the financing affected the sale price.
________________________________________________________________________________________________________
8In your opinion, is the net consideration for real property entered on Line 13 of Form PTAX-203 a fair
reflection of the market value on the sale date?___ Yes ___ No
If the answer is “No,” please explain.__________________________________________________________________________
Step 2: Complete the requested information.
The buyer and seller (or their agents) hereby verify that to the best of their knowledge and belief, the facts stated in this form are true and correct. Any person who willfully falsifies or omits any information required in this form shall be guilty of a Class B misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses.
Seller’s or trustee’s name:
_________________________________________
Seller’s daytime phone:(
)
—
Address:____________________________________________________________________________________________________
City
State
ZIP
Seller’s or agent’s signature: _________________________________________
Date: _____________________________________
Buyer’s or trustee’s name:
Buyer’s daytime phone:(
Buyer’s or agent’s signature: _________________________________________
*See instructions.
PTAX-203-A (N-9/99)
This form is authorized in accordance with 35 ILCS 200/31-1 et seq. Disclosure of this information
is REQUIRED. This form has been approved by the Forms Management Center.
IL-492-0227
Page 1 of 2
Instructions for Completing Form PTAX-203-A
Line 3
Write the total number of months that the property was advertised for sale by a real estate agent, newspaper, trade publication, radio/electronic media, or a sign. If the property has been advertised for sale for more than 99 months, enter “99.”
Lines 4a through 4f
Line 4a — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the improvement (i.e., structure) was occupied on the sale date. If the property has more than one improvement, answer “No” only if all the improvements were totally unoccupied on the sale date.
If the answer to Line 4a is “No,” write the total number of months that all improvements were totally unoccupied before the sale date and go to Line 5. If the property has been unoccupied for more than 99 months, enter “99.” If the answer to Line 4a is “Yes,” go to Lines 4b and 4c.
Line 4b — Write the approximate percentage of the total square footage of all the improvements that was occupied or leased on the sale date. This applies to the improvements only, not the land.
Line 4c — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the buyer was a current occupant of the property at the time of the sale. If the answer is “No,” go to Line 5. If the answer is “Yes,” go to Line 4d.
Line 4d — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the buyer will continue to occupy part or all of the property after the sale. If the answer is “No,” go to Line 5. If the answer is “Yes,” go to Line 4e.
Line 4e — Write the beginning and ending dates of the buyer’s lease agreement, if applicable.
Line 4f — Briefly describe in the space provided any options to renew the lease agreement between the seller and the buyer.
Example: “10-year lease agreement with two 5-year options to renew; rental amount to be renegotiated at the time of renewal.”
Line 5
If the buyer owns other properties within an approximate one-half mile radius of the property, write the street addresses, the names of the cities or villages (if applicable), and the parcel identifying numbers of the two closest properties owned by the buyer. The PIN is printed on the real estate tax bill and assessment notice. The chief county assessment officer can assist you with this information.
Line 6
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not Line 12a of Form PTAX-203 included an amount for personal property. If the answer is “Yes,” you must submit an itemized list of personal property transferred from the seller to the buyer. Include the value attributed to each item and on Form PTAX-203, Step 4, mark “Itemized list of personal property.” If you prepared a list for Line 12a of Form PTAX-203, do not prepare an additional list.
Line 7
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the amount on Line 11 of the Form PTAX-203 was affected by the seller monetarily participating in the financing arrangements. This includes, but is not limited to, seller paying points, seller providing all or a portion of the financing, etc. If the answer is “No,” go to Line 8.
If the answer is “Yes,” please explain, in the space provided, how the financing affected the sale price.
Line 8
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not, in your opinion, the net consideration for real property entered on Line 13 of the Form PTAX-203 is a fair reflection of the market value on the sale date. If the answer is “Yes,” go to Step 2 of this form. If the answer to is “No,” please provide an explanation in the space provided.
Write the requested information for the seller and the buyer. Write the addresses and daytime phone numbers where the seller and buyer can be contacted after the sale. The seller and the buyer (or their agents) must sign this form. By signing the form, the parties involved in the real estate transfer verify that
•they have examined the completed Form PTAX-203-A;
•the information provided on this form is true and correct; and
•they are aware of the criminal penalties of law (printed in the instructions for Form PTAX-203) associated with falsifying or omitting any information on this form.
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When filling out the Illinois PTAX-203 A form, it is crucial to follow certain guidelines to ensure the process goes smoothly. Here are some important dos and don'ts to keep in mind:
By adhering to these guidelines, you can help ensure that your filing is correct and compliant with Illinois regulations. Taking the time to review your information carefully will save you from potential issues down the line.
The Illinois PTAX-203 A form is a crucial document for real estate transactions involving non-residential properties sold for over $1 million. It serves as a supplemental declaration that must be filed alongside other essential forms. Below is a list of related documents that are often used in conjunction with the PTAX-203 A form.
Understanding these additional forms and documents can streamline the real estate transaction process. Each plays a vital role in ensuring compliance with Illinois regulations and protecting the interests of both parties involved in the sale.
Understanding the Illinois PTAX-203 A form can be challenging. Here are ten common misconceptions about this form, along with clarifications for each.
By addressing these misconceptions, individuals can navigate the requirements of the Illinois PTAX-203 A form more effectively.
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