Illinois Form Ptax 203 A PDF Details

The Illinois PTAX-203-A form plays a crucial role in the process of real estate transactions involving non-residential properties with a sale price over $1 million. This supplemental document is required alongside the PTAX-203, Illinois Real Estate Transfer Declaration, and the original deed or trust document, and must be filed at the County Recorder's office in the county where the property is located. It specifically caters to properties such as apartment buildings with more than six units, offices, retail establishments, commercial, industrial buildings, or other non-residential properties. The form collects comprehensive details about the property and sale, including the property address, parcel identifying number, information on how long the property was for sale, occupancy details at the time of sale, buyer occupancy plans post-sale, and any existing leases and renewal options. Additionally, it requires disclosure of other properties the buyer owns within a certain radius, personal property transfers, the impact of seller's financing on sale price, and an assessment of whether the sale price reflects fair market value. The importance of accuracy in completing the form is underscored by severe penalties for falsification, emphasizing the critical nature of this declaration in the transfer process.

QuestionAnswer
Form NameIllinois Form Ptax 203 A
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesillinois ptax 203 form, ptax 203 a, il ptax 203a online, ptax 203 fillable

Form Preview Example

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.

 

 

___ ___ Months

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?

 

 

___ Yes

___ No

 

If the answer is “No,” go to Line 5.

 

 

 

 

4dWill the buyer continue to occupy part or all of the property after the sale?

 

 

___ Yes

___ No

4eWrite the beginning and ending dates of the buyer’s lease agreement.

Lease dates:_____ / _________ to _____ / _________

4f

Briefly describe any renewal options.

Month

Year

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

City or village

Parcel identifying number

 

Property 1_________________________________________ ___________________________ _________________________

 

Property 2_________________________________________ ___________________________ _________________________

6

Did Line 12a of Form PTAX-203 include an amount for a transfer of personal property?

___ Yes

___ No

 

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?*

___ Yes

___ No

 

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:____________________________________________________________________________________________________

Street address

 

City

 

State

ZIP

Seller’s or agent’s signature: _________________________________________

Date: _____________________________________

Buyer’s or trustee’s name:

_________________________________________

Buyer’s daytime phone:(

)

 

Address:____________________________________________________________________________________________________

Street address

 

City

 

State

ZIP

Buyer’s or agent’s signature: _________________________________________

Date: _____________________________________

*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

Step 1: Identify the property and sale information.

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.

Step 2: Complete the requested information.

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.

Page 2 of 2

PTAX-203-A (N-9/99)

How to Edit Illinois Form Ptax 203 A Online for Free

Using the online editor for PDFs by FormsPal, you may fill out or modify illinois ptax here. The tool is consistently maintained by our team, acquiring awesome functions and growing to be a lot more convenient. To get the process started, go through these basic steps:

Step 1: Click the "Get Form" button in the top section of this page to access our PDF tool.

Step 2: With our online PDF file editor, you could accomplish more than just complete blanks. Try all the functions and make your documents appear perfect with customized textual content put in, or optimize the original input to perfection - all backed up by an ability to add stunning graphics and sign the document off.

When it comes to blanks of this particular PDF, here's what you want to do:

1. Begin completing your illinois ptax with a number of necessary fields. Gather all of the necessary information and ensure there's nothing missed!

Writing section 1 of ptax 203 a

2. Your next part is usually to fill out these blank fields: Property Property, Did Line a of Form PTAX include, Yes No, If the answer is Yes submit a list, Did the sellers financing, Yes No, If the answer is Yes please, In your opinion is the net, reflection of the market value on, Yes No, Step Complete the requested, The buyer and seller or their, Street address, State, and City.

Step # 2 of filling out ptax 203 a

Those who work with this PDF often get some things wrong while filling in Did Line a of Form PTAX include in this area. Be certain to read again what you type in right here.

Step 3: Immediately after looking through the form fields, hit "Done" and you are good to go! Obtain your illinois ptax after you subscribe to a free trial. Readily use the pdf document from your FormsPal account, with any modifications and changes being automatically synced! FormsPal guarantees your information confidentiality by having a protected method that never records or shares any sort of personal information used in the PDF. Be confident knowing your paperwork are kept protected every time you work with our services!