Sec. 5. Definitions.
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/il/chapter-755/act-27/5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5. Definitions. In this Act:
"Beneficiary" means a person that receives real property under a transfer on death instrument.
"Designated beneficiary" means a person designated to receive real property under a transfer on death instrument.
"Joint owner" means an individual who owns real property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant or a tenant by the entirety. The term does not include a tenant in common.
"Owner" means an individual who owns an interest in real property. "Owner" does not include a trustee or an individual acting in a fiduciary, representative, or agency capacity who holds an interest in real property.
"Person" means: an individual; a corporation; a business trust; a trustee of a land trust, a revocable or irrevocable trust, a trust created under a will or under a transfer on death instrument; a partnership; a limited liability company; an association; a joint venture; a public corporation; a government or governmental subdivision; an agency; an instrumentality; a guardian; a custodian designated or to be designated under any state's uniform transfers to minors act; or any other legal entity.
"Real property" means an interest in realty located in this State capable of being transferred on the death of the owner.
"Residential real estate" means real property improved with not less than one nor more than 4 residential dwelling units; a residential condominium unit, including but not limited to the common elements allocated to the exclusive use thereof that form an integral part of the condominium unit and any parking unit or units specified by the declaration to be allocated to a specific residential condominium unit; or a single tract of agriculture real estate consisting of 40 acres or less which is improved with a single family residence.
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.
"Transfer on death instrument" means an instrument authorized under this Act.