ILLINOIS REPEALS THE LAND SALES REGISTRATION ACT


 

Repeal of Illinois Land Sales Registration Act - Registration is no longer required to offer out-of-state properties for sale to Illinois residents.
 

On September 22, 2017, Governor Bruce Rauner of Illinois signed Public Act 100-0534 into law repealing the Illinois Land Sales Registration Act.  Effective immediately, registration is no longer required to offer out-of-state properties for sale to Illinois residents.  This means no further filings are required and there is also no necessity to pre-qualify for exempt status since the Act is no longer in effect.

 

If you engage in a transaction within the state of Illinois (which may apply to participation in trade shows, etc.), you will still be required to facilitate the contract through an Illinois broker. Therefore, if you plan on taking part in any events or shows in Illinois, you may still have to utilize a Illinois broker. If you intend to have a presence in Illinois or wish to send contracts to purchasers in Illinois, you should contact our office for an analysis of the proposed activity.

 

     Hopefully, this action by the Illinois legislature will continue the deregulation of regulatory requirements and make the selling of real estate simpler for developers in the future. 
 
If you have any questions whatsoever on this Act, or questions about other state registration laws, please do not hesitate to contact us. 

2017-09-29