Bill Title: Creates the Transfer Fee Covenant Act. States legislative findings and declares that transfer fee covenants violate the public policy of favoring the transferability of real property free of unreasonable restraints. Defines transfer, transfer fee, and transfer fee covenant. Provides that a transfer fee covenant or a lien to secure the payment of a transfer fee that is recorded after the effective date is void, unenforceable, and does not run with the title to the real property. Provides that it cannot be presumed that the provisions of this Act mean that a transfer fee covenant or lien recorded before the effective date is valid and enforceable.

Spectrum: Bipartisan Bill

Status: (Passed) 2010-07-27 - Public Act . . . . . . . . . 96-1345 [SB3747 Detail]

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Bill Drafts

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Amendments

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No bill amendments currently on file for Illinois SB3747

Supplemental Documents

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No supplemental documents for Illinois SB3747 currently on file.

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