How is title to Illinois real property held?

OPTIONS FOR HOLDING TITLE TO REAL ESTATE

If one person holds title to land, there are few, if any decisions to be made about holding title. In co-ownership situations, the property owners will have to decide how to “take” title to their land. When more than one person, such as a husband and wife or business partners, owns title to a piece of real property, the law of the State of Illinois allows for title to be held between the owners in three ways: Continue reading

Changes to the Illinois Residential Real Property Disclosure

UPDATE TO THE RESIDENTIAL REAL PROPERTY DISCLOSURE ACT

When most home sellers list their property with a real estate agent or listing broker, those sellers routinely fill out what is known as a “Residential Real Property Disclosure Report”. The “report”, required of many home sellers by law, is made up of a series of questions intended to elicit the disclosure of certain conditions of the property. The report requires disclosure of issues such as leakage, defects, and unsafe conditions to potential buyers. Continue reading

Cook County property tax reassessment

Callers to the Cook County Assessor’s Office during July or August may have noticed that their requests were politely rebuffed with the phrase “I’m sorry, our computer is down, I can’t get that information.” The reason: Cook County computers are working furiously to get out the second installment of 1997 property tax bills. Property taxes are paid in “arrears”. That is, tax is paid this year for ownership of the property in the previous year. In Cook County, property tax bills come out twice a year. Continue reading