For the purpose of this subchapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
DEED. All documents transferring or reflecting the transfer of legal title, equitable title or both legal and equitable title to real property, or the beneficial interest in a land trust. Delivery of any deed shall be deemed to have occurred when the transferee or purchaser, or his representative or agent, receives possession of the deed or in the case of a land trust when the trustee receives possession of a valid assignment of a beneficial interest.
PERSON. Any natural person, receiver, administrator, executor, conservator, assignee, trust in perpetuity, trust, estate, firm, partnership, joint venture, club, company, business trust, municipal corporation, political subdivision of the state, domestic or foreign corporation, association, syndicate, society or any group of individuals acting as a unit, whether mutual, cooperative, fraternal, nonprofit or otherwise, and the United States or any instrumentality thereof. Whenever the term PERSON is used in any clause prescribing and imposing a penalty, the term as applied to associations shall mean the owners thereof, and as applied to corporations, the officers thereof.
RECORDATION. The recording of deeds with the office of the Recorders of Deeds of the county in which the real property is situated.
VALUE. The amount of the full actual consideration for any transfer covered hereunder, including the amount of any mortgage or other lien assumed by the grantee or purchaser.
(Ord. 711, passed 4-13-92)