Illinois Compiled Statutes 765 ILCS 155 Transfer Fee Covenant Act. Section 5

    (765 ILCS 155/5)

    Sec. 5. Legislative findings. The General Assembly finds and declares that the public policy of this State favors the marketability of real property and the transferability of interests in real property free of title defects or unreasonable restraints on alienation. The General Assembly further finds and declares that transfer fee covenants violate this public policy by impairing the marketability and transferability of real property and by constituting an unreasonable restraint on alienation regardless of the duration of the covenants or the amount of the transfer fees, and do not run with the title to the property or bind subsequent owners of the property under common law or equitable principles.

(Source: P.A. 96-1345, eff. 1-1-11.)

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Last modified: February 18, 2015