A seller in any of the following transfers is exempt from this Act, regardless of whether a disclosure report is delivered:
         (1) Transfers pursuant to court order, including, but
    
not limited to, transfers ordered by a probate court in administration of an estate, transfers between spouses resulting from a judgment of dissolution of marriage or legal separation, transfers pursuant to an order of possession, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
        (2) Transfers from a mortgagor to a mortgagee by deed
    
in lieu of foreclosure or consent judgment, transfer by judicial deed issued pursuant to a foreclosure sale to the successful bidder or the assignee of a certificate of sale, transfer by a collateral assignment of a beneficial interest of a land trust, or a transfer by a mortgagee or a successor in interest to the mortgagee’s secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.
        (3) Transfers by a fiduciary in the course of the
    
administration of a decedent‘s estate, guardianship, conservatorship, or trust. As used in this paragraph, “trust” includes an Illinois land trust.
        (4) Transfers from one co-owner to one or more other
    
co-owners.
        (5) Transfers from a decedent pursuant to testate
    
disposition, intestate succession, or a transfer on death instrument.
        (6) Transfers made to a spouse, or to a person or
    
persons in the lineal line of consanguinity of one or more of the sellers.
        (7) Transfers from an entity that has taken title to
    
residential real property from a seller for the purpose of assisting in the relocation of the seller, so long as the entity makes available to all prospective buyers a copy of the disclosure report furnished to the entity by the seller.
        (8) Transfers to or from any governmental entity.

Terms Used In Illinois Compiled Statutes 765 ILCS 77/15

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Decedent: A deceased person.
  • decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Intestate: Dying without leaving a will.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Trustee: A person or institution holding and administering property in trust.

         (9) Transfers of newly constructed residential real
    
property that has never been occupied. This does not include rehabilitation of existing residential real property.