(A) Every deed shall show the date of the transaction which it evidences, the names of the grantor and grantee, and a legal description of the property to which it relates.
(B) The following deeds or trust documents shall be exempt from the provisions of this subchapter except as hereinafter provided:
(1) Deeds or trust documents representing real estate transfers made on or before April 24, 1992. In addition to the foregoing, a transfer shall be considered to have been made prior to April 24, 19992, if a valid written contract of sale therefore was executed by the buyer and seller prior to April 13, 1992, and the property transferred, if in a subdivision, was a lot of record on April 13, 1992.
(2) Deeds or trust documents relating to property acquired by any governmental body or from any governmental body or deeds to or documents relating to property or interests transferred between governmental bodies, or by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes, except that such deeds or trust documents, other than those in which the Administrators of Veterans' Affairs of the United States of America is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration.
(3) Deeds of trust documents which secure debt or other obligation.
(4) Deeds or trust documents which, without additional consideration, confirm, correct, modify or supplement a deed or trust document previously recorded.
(5) Tax deeds.
(6) Deeds or trust documents of release of property which is security for a debt or other obligation.
(7) Deeds of partition.
(8) Deeds or trust documents made pursuant to mergers, consolidations, or transfers or sales of substantially all of the assets of corporations pursuant to plans of reorganization.
(9) Deeds or trust documents made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock.
(10) Deeds wherein there is an actual exchange of real estate and trust documents wherein there is an actual exchange of beneficial interests, except that money difference or money's worth paid from one to the other shall not be exempt from the tax.
(11) Deeds representing transfers subject to the imposition of a documentary stamp tax imposed by the government of the United States, except that such deeds shall not be exempt from filing the declaration.
(12) Deeds issued to a holder of a mortgage, as defined in Illinois Code of Civil Procedure, § 15-103, pursuant to mortgage foreclosure proceedings or pursuant to a transfer in lieu of foreclosure.
(13) Deeds or trust documents where the actual consideration is less than $100.
(14) Transfers of a single-family or multi- family dwelling unit where the purchaser has been a resident of the village for at least one year preceding the date of the deed and certifies his or her intent to establish the unit purchased as their primary residence. In order to be eligible for this exception, the purchaser shall present sufficient credible evidence to demonstrate such residency.
(Ord. 711, passed 4-13-92; Am. Ord. 1608, passed 1-4-10)