| The Trusted Adviser | November 2009 | Volume 2 - Number 7 |
Real Estate and Title Insurance NewsNew Web-Based System Replaces Illinois Transfer Declaration Forms for Cook County Property
EDITOR'S NOTE: The on-line Declaration procedure replaces the Chicago/Cook County/State of Illinois transfer declaration and will begin in November for properties located within Cook County. The final date is not 100% certain as of the date of this article.
EZ Dec is a website where attorneys, title companies and individuals can file a Real Property Transfer Tax Declaration or Revenue Declaration (Declaration) online. See the fact sheet for more details. It is anticipated to be in operation for the City of Chicago, Cook County, and State of Illinois in November 2009. EZ Dec will be rolled out across all Illinois counties at a future date. It will replace the following real property transfer forms:- City of Chicago form 7551 - Real Property Transfer Tax Declaration
- Cook County Real Property Transfer Declaration
- State of Illinois - PTAX 203, 203A and 203B
EZ Dec will also replace stamp machines used by some title companies to purchase and print transfer stamps.
A single EZ Dec "smart stamp" will replace Chicago, Cook County, and Illinois transfer tax stamps. NOTE: The City of Chicago water certification will still need to be completed with the Water Department.
EZ Dec will be utilized by attorneys, title companies, City of Chicago, Cook County, and State of Illinois. Attorneys must register at the EZ Dec website to get their attorney number and password that their office will use. The seller's attorney will enter the transaction information in EZ Dec for any Cook County transaction regardless which title company is handling the closing. The title company, including ATG, does not enter the initial data. ATG agents will no longer create these declarations using REsource, but will use the EZ Dec website.
Processing a Declaration for a transaction will begin with the seller's attorney using the website: tax.illinois.gov/EZDec/. The seller's attorney will have a login and password to enter the transaction data in EZ Dec for the City of Chicago, Cook County, and State of Illinois. The new file will be given a transaction number. The attorney will submit the Declaration for closing and will be able to print the Declaration form to take to the closing. Using the transaction number, the title company closer will retrieve the Declaration and have the ability to make any changes needed at the closing. Buyer's and Seller's representatives will accept the Declaration electronically at the closing. The closer will mark the Declaration as closed and authorize the revenue stamp. One "smart stamp" will have all Chicago, Cook County, and State of Illinois taxes. Transfer declaration fees will be collected from the closing proceeds, then stamp amounts will be wired daily by ATG to Cook County. Cook County will scan the stamp to verify that the Declaration and deed information is valid and record the deed.
Attorneys should review the information at tax.illinois.gov/EZDec/ — especially the FAQ section and useful online tutorials — then create an EZ Dec user name and password. Being familiar with the process and acclimated to the website will help ensure a smooth transition. Questions? The EZ Dec Customer Service Hotline is coming soon; until then, questions can be directed via email to ezdecproject@cityofchicago.org.
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THE TRUSTED ADVISER is published by Attorneys’ Title Guaranty Fund, Inc., P.O. Box 9136, Champaign, IL 61826-9136. Inquiries may be made directly to Mary Beth McCarthy, Corporate Communications Manager. ATG®, ATG® plus logo, are marks of Attorneys’ Title Guaranty Fund, Inc. and are registered in the U.S. Patent and Trademark Office. The contents of the The Trusted Adviser © Attorneys' Title Guaranty Fund, Inc.
[Last update: 11-4-09] |