Article Guide
The Illinois PTAX-203 A form is an essential document for anyone involved in non-residential real estate transactions where the sale price exceeds $1 million. This supplemental form accompanies the PTAX-203, the Illinois Real Estate Transfer Declaration, and must be filed at the County Recorder’s office along with the original deed or trust document. To complete this form, specific criteria must be met, including marking the property’s current use as an apartment building (over 6 units), office, retail establishment, commercial building, industrial building, or other designated types. The form requires detailed information about the property, such as its address, parcel identification number, and the duration it was on the market. Additionally, it asks about occupancy status at the time of sale and whether the buyer will continue to occupy the property. Other important sections include inquiries about personal property transfers, financing arrangements, and an assessment of whether the sale price reflects fair market value. Completing the PTAX-203 A accurately is crucial, as it helps ensure compliance with state regulations and provides transparency in real estate transactions.
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Illinois Real Estate Transfer Declaration Supplemental Form A
File this form with Form
•On Form
•On Form
Please read the instructions on the back of this form.
Do not write in this area.
This space is reserved for the County Recorder’s Office use.
County:
Date:
Doc. No.:
Vol.:
Page:
Received by:
Step 1: Identify the property and sale information.
1Write the property’s street address, city or village, and township. (From Line 1 of Form
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Street address of property (or 911 address, if available) |
City or village |
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Township |
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Write the parcel identifying number from Line 3a of Form |
Parcel Identifier: _________________________________ |
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Write the total number of months the property was for sale on the market.* |
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___ ___ Months |
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4aWas the improvement occupied on the sale date?* A “No” response means that all improvements |
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were totally unoccupied. |
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___ Yes |
___ No |
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If the answer is “No,” write the total number of months all improvements were unoccupied |
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before the sale date. Go to Line 5. |
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___ ___ Months |
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4bWrite the approximate percentage of total square footage of improvements occupied or leased |
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on the sale date. Include all improvements. |
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_______ Percent |
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4cDid the buyer occupy the property on the sale date? |
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___ Yes |
___ No |
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If the answer is “No,” go to Line 5. |
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4dWill the buyer continue to occupy part or all of the property after the sale? |
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___ Yes |
___ No |
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4eWrite the beginning and ending dates of the buyer’s lease agreement. |
Lease dates:_____ / _________ to _____ / _________ |
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4f |
Briefly describe any renewal options. |
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Year |
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Year |
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____________________________________________________________________________________________________________________________
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5If the buyer owns other properties within an approximate
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Street address |
City or village |
Parcel identifying number |
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Property 1_________________________________________ ___________________________ _________________________ |
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Property 2_________________________________________ ___________________________ _________________________ |
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6 |
Did Line 12a of Form |
___ Yes |
___ No |
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If the answer is “Yes,” submit a list of personal property transferred.* |
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Did the seller’s financing arrangements affect the sale price on Line 11 of Form |
___ Yes |
___ No |
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If the answer is “Yes,” please explain how the financing affected the sale price. |
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8In your opinion, is the net consideration for real property entered on Line 13 of Form
reflection of the market value on the sale date?___ Yes ___ No
If the answer is “No,” please explain.__________________________________________________________________________
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Step 2: Complete the requested information.
The buyer and seller (or their agents) hereby verify that to the best of their knowledge and belief, the facts stated in this form are true and correct. Any person who willfully falsifies or omits any information required in this form shall be guilty of a Class B misdemeanor for the first offense and a Class A misdemeanor for subsequent offenses.
Seller’s or trustee’s name: |
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Seller’s daytime phone:( |
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Address:____________________________________________________________________________________________________ |
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Street address |
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City |
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State |
ZIP |
Seller’s or agent’s signature: _________________________________________ |
Date: _____________________________________ |
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Buyer’s or trustee’s name: |
_________________________________________ |
Buyer’s daytime phone:( |
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— |
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Address:____________________________________________________________________________________________________ |
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Street address |
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City |
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State |
ZIP |
Buyer’s or agent’s signature: _________________________________________ |
Date: _____________________________________ |
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*See instructions.
This form is authorized in accordance with 35 ILCS
is REQUIRED. This form has been approved by the Forms Management Center. |
Page 1 of 2
Instructions for Completing Form
Step 1: Identify the property and sale information.
Line 3
Write the total number of months that the property was advertised for sale by a real estate agent, newspaper, trade publication, radio/electronic media, or a sign. If the property has been advertised for sale for more than 99 months, enter “99.”
Lines 4a through 4f
Line 4a — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the improvement (i.e., structure) was occupied on the sale date. If the property has more than one improvement, answer “No” only if all the improvements were totally unoccupied on the sale date.
If the answer to Line 4a is “No,” write the total number of months that all improvements were totally unoccupied before the sale date and go to Line 5. If the property has been unoccupied for more than 99 months, enter “99.” If the answer to Line 4a is “Yes,” go to Lines 4b and 4c.
Line 4b — Write the approximate percentage of the total square footage of all the improvements that was occupied or leased on the sale date. This applies to the improvements only, not the land.
Line 4c — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the buyer was a current occupant of the property at the time of the sale. If the answer is “No,” go to Line 5. If the answer is “Yes,” go to Line 4d.
Line 4d — Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the buyer will continue to occupy part or all of the property after the sale. If the answer is “No,” go to Line 5. If the answer is “Yes,” go to Line 4e.
Line 4e — Write the beginning and ending dates of the buyer’s lease agreement, if applicable.
Line 4f — Briefly describe in the space provided any options to renew the lease agreement between the seller and the buyer.
Example:
Line 5
If the buyer owns other properties within an approximate
Line 6
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not Line 12a of Form
Line 7
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not the amount on Line 11 of the Form
If the answer is “Yes,” please explain, in the space provided, how the financing affected the sale price.
Line 8
Answer “Yes” or “No” (indicate with an “X”) depending on whether or not, in your opinion, the net consideration for real property entered on Line 13 of the Form
Step 2: Complete the requested information.
Write the requested information for the seller and the buyer. Write the addresses and daytime phone numbers where the seller and buyer can be contacted after the sale. The seller and the buyer (or their agents) must sign this form. By signing the form, the parties involved in the real estate transfer verify that
•they have examined the completed Form
•the information provided on this form is true and correct; and
•they are aware of the criminal penalties of law (printed in the instructions for Form
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Form Specifications
| Fact Name | Details |
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| Form Purpose | The PTAX-203-A is a supplemental form for the Illinois Real Estate Transfer Declaration, specifically for non-residential properties sold for over $1 million. |
| Filing Requirement | This form must be filed with Form PTAX-203 and the original deed or trust document at the County Recorder’s office in the county where the property is located. |
| Conditions for Use | The form is required when the sale price exceeds $1 million and the property’s current use is marked as specific commercial types, such as “Office” or “Retail establishment.” |
| Governing Law | This form is authorized under 35 ILCS 200/31-1 et seq., which outlines the regulations for real estate transfers in Illinois. |
| Occupancy Information | The form requires details about the occupancy status of the property on the sale date, including whether the buyer will occupy the property post-sale. |
| Penalties for Falsification | Any person who willfully falsifies or omits information on this form may face criminal charges, including misdemeanors for first and subsequent offenses. |
Illinois Ptax 203 A: Usage Guidelines
Filling out the Illinois PTAX-203 A form is a crucial step in the real estate transaction process for non-residential properties sold for over $1 million. This form must be submitted alongside the PTAX-203 and the original deed at the County Recorder’s office. To ensure accuracy and compliance, follow the steps outlined below carefully.
- Identify the property and sale information:
- Write the property’s street address, city or village, and township.
- Enter the parcel identifying number.
- Indicate the total number of months the property was on the market.
- Answer whether the improvement was occupied on the sale date.
- If unoccupied, specify how many months it was unoccupied before the sale.
- Provide the approximate percentage of the total square footage that was occupied or leased on the sale date.
- Indicate if the buyer occupied the property on the sale date.
- State whether the buyer will continue to occupy the property after the sale.
- List the beginning and ending dates of the buyer’s lease agreement, if applicable.
- Describe any renewal options for the lease.
- List the two closest properties owned by the buyer within a half-mile radius, including their addresses and parcel identifying numbers.
- Answer whether Line 12a of Form PTAX-203 included an amount for personal property.
- Indicate if the seller’s financing arrangements affected the sale price.
- Assess whether the net consideration for real property reflects the market value on the sale date.
- Complete the requested information:
- Provide the seller’s or trustee’s name and daytime phone number.
- Write the seller’s address.
- Obtain the seller’s or agent’s signature and date.
- Provide the buyer’s or trustee’s name and daytime phone number.
- Write the buyer’s address.
- Obtain the buyer’s or agent’s signature and date.
Your Questions, Answered
What is the purpose of the Illinois PTAX-203 A form?
The Illinois PTAX-203 A form is a supplemental declaration that accompanies the PTAX-203 form, specifically for non-residential property sales where the sale price exceeds $1 million. This form is essential for reporting details about the transaction to the County Recorder’s office. It helps ensure that accurate information is recorded about the property, including its use, sale price, and occupancy status at the time of sale.
When do I need to file the PTAX-203 A form?
You must file the PTAX-203 A form if the sale price of the property exceeds $1 million and the property is classified as an apartment building (over 6 units), office, retail establishment, commercial building, industrial building, or other specified uses. This form should be submitted alongside the PTAX-203 form and the original deed or trust document at the County Recorder’s office within the county where the property is located.
What information do I need to provide on the PTAX-203 A form?
When completing the PTAX-203 A form, you will need to provide details about the property, such as its street address, parcel identifying number, and the total number of months it was on the market. Additionally, you must indicate whether the property was occupied on the sale date and provide information about the buyer's occupancy status and lease agreement if applicable. You will also need to disclose any personal property included in the sale and whether seller financing affected the sale price.
What are the consequences of providing false information on the PTAX-203 A form?
Providing false information or omitting required details on the PTAX-203 A form can lead to serious consequences. If someone willfully falsifies information, they may be charged with a Class B misdemeanor for the first offense and a Class A misdemeanor for any subsequent offenses. It is crucial to ensure that all information is accurate and truthful to avoid legal repercussions.
How can I ensure that my PTAX-203 A form is completed correctly?
To complete the PTAX-203 A form accurately, carefully read the instructions provided on the form. Make sure to gather all necessary information before you start filling it out, including details about the property, sale, and any related agreements. If you have questions or need assistance, consider consulting with a real estate professional or legal expert who can guide you through the process. Double-checking your entries can also help prevent mistakes.
Common mistakes
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Incomplete Property Information: Failing to provide the full street address, city or village, and township can lead to processing delays. Each of these details is crucial for accurate identification of the property.
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Incorrect Parcel Identifier: Entering the wrong parcel identifying number from Form PTAX-203 can result in mismatched records. This mistake can complicate the transaction and may require resubmission.
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Misreporting Sale Duration: Inaccurately stating the number of months the property was on the market can affect the assessment of its value. If the property was listed for over 99 months, it is essential to enter “99” to comply with the form’s requirements.
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Omitting Buyer Occupancy Details: Not answering the questions regarding whether the buyer occupied the property on the sale date can lead to confusion. This information is vital for understanding the property's usage and valuation.
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Failure to Disclose Personal Property: If personal property was included in the sale, neglecting to indicate this on Line 12a can result in penalties. An itemized list of personal property must be submitted if applicable.
Documents used along the form
The Illinois PTAX-203 A form is an essential document for real estate transactions involving non-residential properties with a sale price over $1 million. Along with this form, several other documents are commonly used to ensure compliance with state regulations and to provide necessary information to the County Recorder’s office. Below is a list of related forms and documents that may be required.
- PTAX-203 Form: This is the main Illinois Real Estate Transfer Declaration form. It must be filed alongside the PTAX-203 A form and contains basic information about the property and the transaction.
- Original Deed: The original deed or trust document is required to prove ownership transfer. This document details the legal description of the property and the names of the buyer and seller.
- Personal Property List: If any personal property is included in the sale, an itemized list must be submitted. This list should detail each item and its value.
- Lease Agreement: If applicable, a copy of the lease agreement between the buyer and seller may be required, especially if the buyer will occupy the property post-sale.
- Financing Documentation: If seller financing affects the sale price, relevant financing documents should be included. These documents clarify how financing arrangements influenced the transaction.
- Property Tax Bill: A recent property tax bill may be necessary to verify the parcel identifying number and ensure accurate property assessment.
- Assessment Notice: This notice provides information on the assessed value of the property and may be needed to support claims about market value.
- Affidavit of Title: This document affirms that the seller has clear title to the property and that there are no outstanding liens or claims against it.
- Closing Statement: A closing statement summarizes the financial aspects of the transaction, including costs, fees, and the final sale price.
- Disclosure Statements: Depending on the property type, various disclosure statements may be required, such as lead paint disclosures or environmental assessments.
When preparing for a real estate transaction in Illinois, it is crucial to gather these documents to ensure a smooth process. Each document plays a specific role in providing clarity and legal compliance throughout the transaction. Proper preparation can help avoid delays and complications during the closing process.
Similar forms
The Illinois PTAX-203 A form shares similarities with several other documents commonly used in real estate transactions. Each of these documents serves a specific purpose related to property transfer and valuation. Below is a list of eight documents that are comparable to the PTAX-203 A form, detailing their similarities:
- PTAX-203 Illinois Real Estate Transfer Declaration: This form is the primary document filed alongside PTAX-203 A. It provides essential information about the sale, including the sale price and property details.
- PTAX-203-B Illinois Real Estate Transfer Declaration Supplemental Form B: Similar to PTAX-203 A, this form is used for specific property types and includes additional information required for certain transactions.
- Form 1099-S Proceeds from Real Estate Transactions: This form reports the proceeds from real estate transactions to the IRS, similar to how PTAX-203 A reports sale details to the county recorder.
- Illinois Property Tax Exemption Application: This document is used to apply for tax exemptions on properties, similar to how PTAX-203 A provides information that may affect property tax assessments.
- Real Estate Purchase Agreement: This agreement outlines the terms of the sale and is similar to PTAX-203 A in that it requires detailed information about the property and the transaction.
- Closing Disclosure: This document details the final terms of the mortgage loan and closing costs, paralleling PTAX-203 A's role in documenting sale price and property conditions.
- Property Deed: The deed transfers ownership of the property and is filed with the county, similar to how PTAX-203 A is submitted alongside the deed for record-keeping purposes.
- Certificate of Occupancy: This document certifies that a building is safe for occupancy and is related to PTAX-203 A in that it may impact the property’s valuation and use during the sale process.
Dos and Don'ts
When filling out the Illinois PTAX-203 A form, it is essential to approach the process with care. Here are five important things to do and avoid to ensure accuracy and compliance.
- Do provide complete and accurate property information, including the street address and parcel identifier.
- Do check the sale price on Form PTAX-203, ensuring it meets the criteria for the PTAX-203 A form.
- Do carefully read all instructions provided on the form, especially regarding occupancy and lease agreements.
- Do verify that all signatures are included and that daytime phone numbers are provided for both the seller and buyer.
- Do submit the form along with the original deed or trust document at the appropriate County Recorder's office.
- Don't leave any sections blank. Every question must be answered to avoid delays.
- Don't write in the reserved area meant for the County Recorder’s office.
- Don't provide false information or omit details, as this could lead to legal penalties.
- Don't forget to include any required lists, such as personal property transferred, if applicable.
- Don't submit the form after the deadline, as this could result in complications with the property transfer.
By following these guidelines, you can help ensure that your submission is complete and accurate, facilitating a smoother process for your real estate transaction.
Misconceptions
Understanding the Illinois PTAX-203 A form is essential for anyone involved in real estate transactions over $1 million. However, several misconceptions exist regarding this form. Below is a list of common misunderstandings:
- Misconception 1: The PTAX-203 A form is only for residential properties.
- Misconception 2: The form can be submitted without the original deed.
- Misconception 3: Only the seller needs to complete the form.
- Misconception 4: The form is optional if the sale price is over $1 million.
- Misconception 5: The form does not require information about the property's occupancy.
- Misconception 6: The form does not need to be filed if the buyer plans to occupy the property.
- Misconception 7: Personal property transfers do not need to be reported.
- Misconception 8: There are no penalties for providing incorrect information.
- Misconception 9: The PTAX-203 A form is the only document needed for real estate transactions.
This form is specifically designed for non-residential properties with a sale price over $1 million.
It is mandatory to file this form along with the original deed or trust document at the County Recorder’s office.
Both the buyer and seller, or their agents, must verify and sign the form, ensuring all information is accurate.
Filing this form is required when the sale price exceeds $1 million and the property falls under specific categories.
Occupancy details, including whether the property was occupied on the sale date, must be provided.
The buyer's occupancy status is relevant, but it does not exempt the requirement to file the form.
If personal property is included in the sale, an itemized list must be submitted with the form.
Falsifying or omitting information on this form can lead to criminal charges, including misdemeanors.
This form must be filed alongside Form PTAX-203 and the original deed or trust document.
Being aware of these misconceptions can help ensure compliance with the requirements associated with the Illinois PTAX-203 A form. Proper understanding and accurate completion of the form are crucial in facilitating smooth real estate transactions.
Key takeaways
When filling out and using the Illinois PTAX 203 A form, it is essential to keep several key points in mind:
- The form is required for non-residential properties with a sale price over $1 million.
- Submit this form along with Form PTAX-203 and the original deed or trust document at the County Recorder’s office.
- Ensure that the property’s current use is marked correctly on Form PTAX-203, specifically for certain types of buildings.
- Provide accurate property and sale information, including the street address and parcel identifying number.
- Indicate whether the property was occupied on the sale date and provide relevant details about occupancy.
- Complete additional sections if personal property was included in the sale or if seller financing affected the sale price.
- Both the seller and buyer must sign the form, verifying that the information provided is true and correct.
Following these guidelines will help ensure a smooth process when filing the PTAX 203 A form.