RESID PROP-TRANSFER ON DEATH Senate SponsorsSen. Jason A. Barickman House Sponsors(Rep. Elgie R. Sims, Jr.) 8/1/2014SenatePublic Act . . . . . . . . . 98-0821 755 ILCS 27/5755 ILCS 27/35755 ILCS 27/40755 ILCS 27/50755 ILCS 27/65755 ILCS 27/75755 ILCS 27/90755 ILCS 27/100 rep.Amends the Illinois Residential Real Property Transfer on Death Instrument Act. Changes the definition of "residential real estate" by replacing the phrase "units in residential cooperatives; or, condominium units" with "a residential condominium unit" and by providing that residential condominium units include any parking unit or other amenity used with and owned by the owner of the condominium unit. Provides that an agent under a durable power of attorney or other instrument creating an agency does not have the authority to create or revoke a transfer on death instrument on behalf of the owner, but the restriction shall not be construed to prohibit the agent from selling, transferring, or encumbering the residential real estate under the terms of the agency. Provides that an instrument under the Act is effective if it is executed, witnessed, and acknowledged in substantial compliance (rather than "in compliance") with certain provisions of the Act. Provides that a transfer on death instrument is effective without acceptance. Replaces the provisions of a Section concerning the notice of death affidavit. Provides that a beneficiary who takes under a transfer on death instrument may file in the office of the recorder in the county or counties where the residential real estate is located a notice of death affidavit to confirm title following the death of the owner. Adds provisions concerning the required contents of the notice of death affidavit. Provides that the affidavit shall be acknowledged under penalty of perjury before a notary public or person authorized to administer oaths. Provides that the filing of a notice of death affidavit is not a condition to the transfer of title. Provides that a purchaser or mortgagee for value and without notice before the recordation of a lis pendens for an action to set aside or contest the transfer on death instrument for any reason shall take free and clear of any such action or contest. Repeals the Section concerning the statutory form for the notice of death affidavit and acceptance.Senate Committee Amendment No. 1 Provides that "residential real estate" includes any parking unit or units specified by the declaration to be allocated to a specific residential condominium unit (instead of "parking unit or other amenity used with and owned by the owner of the residential condominium unit"). Provides that if a declaration of condominium ownership provides for individually owned and transferable parking units, "residential real estate" does not include the parking unit of a specific residential condominium unit unless the parking unit is included in the legal description of the property being transferred by a transfer on death instrument. 1/21/2014SenateFiled with Secretary by Sen. Jason A. Barickman 1/21/2014SenateFirst Reading 1/21/2014SenateReferred to Assignments 1/29/2014SenateAssigned to Judiciary 2/4/2014SenatePostponed - Judiciary 2/18/2014SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Jason A. Barickman 2/18/2014SenateSenate Committee Amendment No. 1 Referred to Assignments 2/19/2014SenatePostponed - Judiciary 2/25/2014SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary 2/25/2014SenateSenate Committee Amendment No. 1 Adopted 2/26/2014SenateDo Pass as Amended Judiciary; 010-000-000 2/26/2014SenatePlaced on Calendar Order of 2nd Reading February 27, 2014 2/27/2014SenateSecond Reading 2/27/2014SenatePlaced on Calendar Order of 3rd Reading March 4, 2014 3/4/2014SenateThird Reading - Passed; 050-000-000 3/4/2014HouseArrived in House 3/6/2014HouseChief House Sponsor Rep. Elgie R. Sims, Jr. 3/6/2014HouseFirst Reading 3/6/2014HouseReferred to Rules Committee 4/23/2014HouseAssigned to Judiciary 4/30/2014HouseDo Pass / Short Debate Judiciary; 015-000-000 4/30/2014HousePlaced on Calendar 2nd Reading - Short Debate 5/7/2014HouseSecond Reading - Short Debate 5/7/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/8/2014HouseThird Reading - Short Debate - Passed 107-000-001 5/8/2014SenatePassed Both Houses 6/6/2014SenateSent to the Governor 8/1/2014SenateGovernor Approved 8/1/2014SenateEffective Date January 1, 2015 8/1/2014SenatePublic Act . . . . . . . . . 98-0821