RESID PROP-TRANSFER ON DEATH

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.