"In Illinois" Flashcards
when farmland sold, possession transfers on March 1st without tax bill proration
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practice of real estate in illinois governed by
real estate license act of 2000
quick-take
related to condemnation, local units of government given power of eminent domain where plaintiff/condemnor may obtain immediate fee simple title to real property including right of possession and use
in illinois, escheat goes to:
county rather than state
fee simple determinable time period:
while condition passes from owner to owner indefinitely, original grantor’s right of reverter only lasts for 40 years. after that, condition can be enforced by not by threat of losing the property
illinois is a marrital property state and dtiches dower and curtesy for “uniform probate code” that gives surviving spouse and “elective share” on the death of the other spouse
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illinois homeowners entitled to homestead estate up to 15,000 for single person and 30,000 for married couple
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easement by prescription
use must be adverse, exclusive, under claim of right, and continuous and uninterrupted for 20 years; “taking” allows multiple parties to tack onto each other consecutively to get to the prescribed period of years for the easement to apply
sole ownership in illinois:
common, but non-owning spouse often has to sign over homestead rights. minors also have to sign if a nonowning spouse
illinois does not recognize community property but
does recognize marital property - also recognizes ownership in trust, partnership and by corporations and llc’s
law presumes two or more owners hold title as tenants in common…
if deed does not say how title is to be held
illinois allows sole owner to execute a deed to herself and…
others as joint tenants
tenancy by entirety is recognized…
in illinois
as a marital property state:
illinois recognizes 2 classes: marital property and non-marital property (prop. given to individual or obtained before marriage)
illinois permits land…
to be held in trust as part of living trust or sole asset in land trust
land trusts are used in illinois but…
trustee must disclose beneficiary’s name
illinois uses Uniform Partnership Act which…
permits real estate to be held in a partnership’s name
illinois has not adopted Uniform Condominium Act, instead…
uses Illinois Condominium Property Act to govern creation of condos
illinois real estate licensees can sell cooperative units without getting…
securities license
time share units are…
highly regulated
exemptions from property taxes:
schools, churches, etc. Exemptions also for homesteads (single family home owners up to $6000), senior citizens, and remodeling
Assessment
official valuation of a home by county or township appraisers
taxes are usually at this value
about 1/3 of fair market value
equalization factor
used to achieve uniformity in tax assessments
for tax value total equation….
1/3 value, equalize value, subtract exemptions, multiply adjusted assessed value by tax rate
taxes are adjusted…
every 4 years a parcel of land gets a full reassessment
real estate taxes are assessed…
once per year on jan 1st and are “prior first liens” and then due the following year, 1/2 by june 1 and the second 1/2 by sept 1
failure to pay tax liens may result in property selling via
annual tax sale, forfeiture sale, scavenger sale
ssa
“special service areas” - special taxing districts where costs of streets. landscaping, etc is passed on to homeowners in that area
mechanic’s lein
person who did work must have contract with the owner - can take priority over other liens if added value to property - lien right lasts for 2 years
judgements are
general liens on all real and personal property - can last 7 years
brokers can put a lien on property in amount of commission if…
it is a commercial property
page 220 - table of lien categories
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illinois land sales registration act of 1999
regulates sale of land divided into 25 or more lots and offered as part of a common promotional plan
brokerage agreement is
written or oral between sponsoring broker and consumer
