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The Illinois PTAX-203 A form, also known as the Real Estate Transfer Declaration Supplemental Form A, is a crucial document for certain real estate transactions, particularly those involving non-residential properties sold for over $1 million. This form must be filed alongside the PTAX-203 form and the original deed or trust document at the County Recorder’s office in the county where the property is located. It is specifically required when the sale price exceeds $1 million and the property is designated for particular uses, such as apartment buildings with more than six units, commercial buildings, or industrial properties. Completing this form involves providing detailed information about the property, including its address, parcel identification number, and the duration it was on the market. Additionally, it asks for insights into the occupancy status of the property at the time of sale, the buyer’s plans for occupancy, and any personal property included in the transaction. The form serves not only as a record of the sale but also as a verification tool, ensuring that all parties involved confirm the accuracy of the information provided. Misrepresentations on this form can lead to significant legal consequences, underscoring the importance of thorough and honest completion.

Things to Know About This Form

What is the Illinois PTAX-203 A form?

The Illinois PTAX-203 A form is a supplemental document required for non-residential real estate transactions where the sale price exceeds $1 million. It must be filed alongside the PTAX-203 form and the original deed or trust document at the County Recorder’s office in the county where the property is located. This form collects detailed information about the property and the sale, ensuring compliance with state regulations.

Who needs to file the PTAX-203 A form?

Any seller or buyer involved in a non-residential real estate transaction in Illinois where the sale price is over $1 million must file this form. Additionally, the property must be used for specific purposes, such as an apartment building with more than six units, office space, retail establishments, commercial buildings, or industrial buildings.

When should the PTAX-203 A form be filed?

This form should be filed at the same time as the PTAX-203 form and the original deed or trust document. It is essential to submit these documents to the County Recorder’s office promptly after the sale to ensure proper processing and compliance with state laws.

What information is required on the PTAX-203 A form?

The form requires several details, including the property’s street address, parcel identifier number, sale duration, occupancy status, and whether the buyer will occupy the property after the sale. Additional questions address any personal property included in the sale and the impact of financing arrangements on the sale price.

What happens if the information on the PTAX-203 A form is incorrect?

Providing false or misleading information on the PTAX-203 A form can lead to serious consequences. Individuals who willfully falsify or omit required information may face criminal penalties, including misdemeanors. It’s crucial to ensure that all information is accurate and truthful before submitting the form.

Is there a deadline for submitting the PTAX-203 A form?

While specific deadlines may vary by county, it is generally advisable to submit the PTAX-203 A form along with the PTAX-203 form and the deed immediately after the sale is finalized. Timely submission helps avoid potential penalties and ensures compliance with local regulations.

Can I get assistance in completing the PTAX-203 A form?

What should I do if I have more questions about the PTAX-203 A form?

If you have additional questions, consider reaching out to your local County Recorder’s office or a legal professional specializing in real estate. They can provide specific guidance and address any concerns you may have regarding the form and the filing process.

Key takeaways

Filling out the Illinois PTAX-203 A form is an important step in the real estate transaction process. Here are some key takeaways to keep in mind:

  • Eligibility Criteria: Use this form when the sale price exceeds $1 million and the property type falls into specific categories like apartment buildings, offices, or commercial establishments.
  • Filing Location: Submit the PTAX-203 A form along with the PTAX-203 form and the original deed at the County Recorder's office in the county where the property is located.
  • Property Information: Accurately provide the property's address, parcel number, and the total months the property was on the market. This information is crucial for proper processing.
  • Occupancy Details: Indicate whether the property was occupied on the sale date. If unoccupied, note how long it was vacant prior to the sale.
  • Buyer Information: If the buyer has other properties nearby, include details about the two closest properties they own. This helps assess the buyer's real estate portfolio.
  • Verification: Both the seller and buyer must sign the form, confirming that the information provided is accurate. Misrepresentation can lead to legal penalties.

Common mistakes

  1. Incorrect Sale Price Entry: One of the most common mistakes is entering a sale price that does not accurately reflect the transaction. Ensure that the amount on Line 11 of Form PTAX-203 matches the actual sale price. Any discrepancies can lead to complications.

  2. Failure to Provide Complete Property Information: When filling out the property details, it is crucial to include the full street address, city or village, and township. Omitting any part of this information can delay processing and cause issues with the County Recorder's office.

  3. Neglecting to Answer Occupancy Questions: Lines 4a through 4c require careful attention. Failing to accurately indicate whether the property was occupied on the sale date or if the buyer was an occupant can lead to misunderstandings about the property’s status and affect the transaction.

  4. Omitting Personal Property Details: If personal property was included in the sale, it is essential to indicate this on Line 6. Not providing an itemized list can result in penalties and may complicate the transfer process.

  5. Missing Signatures: Both the seller and buyer must sign the form. A missing signature can render the form invalid. Ensure that all required signatures are obtained before submission to avoid delays.

How to Fill Out Illinois Ptax 203 A

Filling out the Illinois PTAX-203 A form is a necessary step when dealing with specific real estate transactions. This form is required when the sale price exceeds $1 million and certain property types are involved. Completing this form accurately ensures compliance with local regulations and helps facilitate the transfer process smoothly.

  1. Begin by identifying the property and sale information.
  2. Write the property’s street address, city or village, and township in the designated space.
  3. Enter the parcel identifying number from Line 3a of Form PTAX-203.
  4. Indicate the total number of months the property was for sale on the market.
  5. Answer whether the improvement was occupied on the sale date by marking “Yes” or “No.”
  6. If the answer is “No,” write the total number of months all improvements were unoccupied before the sale date.
  7. Write the approximate percentage of total square footage of improvements occupied or leased on the sale date.
  8. Indicate whether the buyer occupied the property on the sale date.
  9. If the buyer did not occupy the property, proceed to the next line.
  10. Answer whether the buyer will continue to occupy part or all of the property after the sale.
  11. Provide the beginning and ending dates of the buyer’s lease agreement, if applicable.
  12. Briefly describe any renewal options related to the lease agreement.
  13. If the buyer owns other properties within a half-mile radius, provide the addresses and parcel identifying numbers for the two closest properties.
  14. Indicate whether Line 12a of Form PTAX-203 included an amount for personal property.
  15. If “Yes,” submit a list of personal property transferred.
  16. Answer whether the seller’s financing arrangements affected the sale price on Line 11 of Form PTAX-203.
  17. If “Yes,” explain how the financing affected the sale price.
  18. Assess whether the net consideration for real property entered on Line 13 of Form PTAX-203 is a fair reflection of the market value on the sale date.
  19. If “No,” provide an explanation.
  20. Complete the requested information for both the seller and buyer, including names, addresses, and daytime phone numbers.
  21. Ensure that both the seller and buyer (or their agents) sign the form, verifying the truthfulness of the information provided.

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