Escrow & Title
In Illinois, a 'take-off' or 'takeoff' in a construction closing refers to:
AThe builder removing pre-installed fixtures before closing
BA preliminary calculation of construction materials needed for a project
CThe survey measurement used to determine the exact property boundaries
DThe disbursement of construction loan draws as building milestones are completed✓ Correct
Explanation
In Illinois construction financing, a 'draw schedule' governs how and when construction loan funds are disbursed to the builder as construction milestones are completed (foundation, framing, rough-in, etc.). An inspector verifies each stage before funds are released. This protects the lender (and buyer in a buyer-funded construction loan) by ensuring funds are disbursed only for completed work. The final draw is typically released at completion and certificate of occupancy.
Related Illinois Escrow & Title Questions
- A property sold at a tax sale in Illinois creates a tax lien certificate (not a deed). The original owner typically has the right to:
- In Illinois, which of the following deeds offers the GREATEST protection to the grantee?
- In Illinois, recording a deed at the county recorder's office provides:
- In Illinois, who typically prepares the deed in a residential real estate transaction?
- A lis pendens is a legal notice that:
- In Illinois, the grantor-grantee index in the county recorder's office is organized by:
- A HUD-1 Settlement Statement was historically used in real estate closings. Under TRID (effective 2015), it has been replaced for most residential transactions by the:
- In Illinois, a deed must be recorded to provide constructive notice. If an unrecorded deed exists and the property is subsequently sold to a bona fide purchaser for value, who has priority under Illinois recording law?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →