The following deeds or trust documents shall be exempt from the provisions of this Ordinance, except as hereinafter provided:
(a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before the effective date of this amendatory Act of 1985, but recorded after that date.
(b) Deeds to 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 grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration.
(c) Deeds or trust documents which secure debt or other obligation.
(d) Deeds or trust documents which, without additional consideration, confirm, correct, modify or supplement a deed or trust document previously recorded.
(e) Deeds or trust documents where the actual consideration is less than one hundred dollars ($100.00).
(f) Tax deeds.
(g) Deeds or trust documents of release of property which is security for a debt or other obligation.
(h) Deeds of partition.
(i) Deeds or trust documents made pursuant to mergers, consolidations or transfers or sale of substantially all of the assets of corporations pursuant to plans of reorganization.
(j) 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.
(k) Deeds wherein there is an actual exchange of real estate and trust documents wherein there is an actual exchange of beneficial interests, except that that money difference or money’s worth paid from one to the other shall not be exempt from the tax.
(l) 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.
(m) Deeds issued to a holder of a mortgage, as defined in Section 15-103 of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure.
(n) A deed or trust document related to the purchase of a principal residence by a participant in the program authorized by the Home Ownership Made Easy Act, 310 ILCS 55/1 et seq., except that those deeds and trust documents shall not be exempt from filing the declaration.
(Ord. O-9311-1500-68, § 4, passed 11-23-1993)
Editor's note:
The Home Ownership Made Easy Act (310 ILCS 55/1 et seq.) was repealed by P.A. 100-621, § 10-130.