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 or effecting the transfer of legal title, equitable title or both legal and equitable title to real property, or the beneficial interest in a land trust or a controlling interest in a real estate entity, as the terms "beneficial interest", "controlling interest" and "real estate entity" are defined in Article 31 of the Property Tax Code. Without otherwise limiting the generality of the foregoing, the term "DEED" as used in this chapter shall also expressly include all documents and instruments evidencing or effectuating the transfer of any leasehold interest or lessee's interest in a ground lease (including any interest of the lessee in the related improvements) that provides for a term of 30 or more years when all options to renew or extend are included, whether or not any portion of the term has expired. 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 individual, 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, limited liability company, association, syndicate, society, entity 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 Will County Recorder.
“VALUE.“ The amount of the full actual consideration for any transfer for the real property including the amount of any mortgage or other lien on the real property assumed by the grantee, purchaser or buyer.
(Ord. 04-0170, passed 4-20-05; Am. Ord. 15-1189, passed 6-16-15)