(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 June 1, 2005. In addition to the foregoing, a transfer shall be considered to have been made prior to June 1, 2005, if a valid written contract of sale therefore was executed by the buyer and seller prior to May 1, 2005, and the property transferred, if in a subdivision, was a lot of record on May 1, 2005 and a declaration therefor is filed on or before July 1, 2004.
(2) Deeds to or trust documents relating to (a) property acquired by any governmental body or from any governmental body, (b) property or interests transferred between governmental bodies, or (c) property acquired by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious, educational and other not for profit purposes. However, 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 or trust documents which secure debt or other obligation.
(4) Deeds or trust documents that, without additional consideration, confirm, correct, modify or supplement a deed or trust document previously recorded.
(5) Deeds or trust documents where the actual consideration is less than $100.00.
(6) Tax deeds.
(7) Deeds or trust documents that release property that is security for a debt or other obligation.
(8) Deeds of partition.
(9) Deeds or trust documents made pursuant to mergers, consolidations, or transfers or sales of substantially all of the assets of corporations under plans of reorganization under the Federal Internal Revenue Code or Title 11 of the Federal Bankruptcy Act.
(10) 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.
(11) Deeds when there is an actual exchange of real estate and trust documents when there is an actual exchange of beneficial interests, except that money difference or money's worth paid from one to the other is not exempt from the tax. These deeds or trust documents, however, 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 (ILCS Ch. 735, Act 5, § 15-1207) pursuant to mortgage foreclosure proceedings or pursuant to a transfer in lieu of foreclosure.
(13) 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, except that those deeds and trust document shall not be exempt from filing the declaration.
(C) Notwithstanding any contrary provision of this chapter, all transactions exempted from the tax imposed by this chapter shall nonetheless be subject to the imposition of a service fee in the amount of $40 in all cases where a declaration is required to be filed, or where the issuance of any exempt stamp or other related documentation is requested of the village in connection with such transactions.
(Ord. 04-0170, passed 4-20-05; Am. Ord. 10-0841, passed 4-7-10)