Applicability; Exceptions Clause Samples
Applicability; Exceptions. The Residential Real Property Disclosure Act “applies to any transfer by sale . . . of residential real property.” 765 ILL. COMP. STAT. ▇▇▇. 77/10. The seller disclosure requirements of the Residential Real Property Disclosure Act do NOT however apply to, among other types of transfers, “a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.” 765 ILL. COMP. STAT. ▇▇▇. 77/15(2). Moreover, and as a matter of federal law, 12 U.S.C. § 1821(d)(2)(A)(i), if Seller is the FDIC in either capacity named in the Contract, it succeeded to all of the rights, titles, powers, and privileges of a failed insured depository institution who was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust and who acquired the Property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, including, without limitation, the benefit of the exception set forth in § 77/15(2).
Applicability; Exceptions. The provisions of this Act do not apply to the following:
(1) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers between spouses resulting from a judgment of dissolution of marriage or legal separation, transfers pursuant to an order of possession, transfers by a trustee in bankruptcy, transfers by eminent domain and transfers resulting from a decree for specific performance.
(2) Transfers from a mortgagor to a mortgagee by deed in lieu of foreclosure or consent judgment, transfer by judicial deed issued pursuant to a foreclosure sale to the successful bidder or the assignee of a certificate of sale, transfer by a collateral assignment of a beneficial interest of a land trust, or a transfer by a mortgagee or a successor in interest to the mortgagee’s secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.
(3) Transfers by a fiduciary in the course of the administration of a decedent’s estate, guardianship, conservatorship, or trust.
(4) Transfers from one co-owner to one or more other co-owners.
(5) Transfers pursuant to testate or intestate succession.
(6) Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the sellers.
(7) Transfers from an entity that has taken title to residential real property from a seller for the purpose of assisting in the relocation of the seller, so long as the entity makes available to all prospective buyers a copy of the disclosure form furnished to the entity by the seller.
(8) Transfers to or from any governmental entity.
(9) Transfers of newly constructed residential real property that has not been occupied.
Applicability; Exceptions. The following categories of Contractors can normally be excluded from the Drug & Alcohol Program Compliance requirements and can be classified as ‘visitors’ for the purposes of this Procedure. These Contractors provide delivery or removal services. • Manufacturers, suppliers, or distributors of equipment, material, supplies, goods, or other tangible items • Delivery companies • Waste or recyclables haulers