Property Ownership
In Illinois, what is a tax deed?
AA deed executed by a seller to minimize capital gains taxes
BA deed issued to the purchaser of a property at a county tax sale after the redemption period expires✓ Correct
CA deed used specifically for transferring property to a trust
DA deed recording the assessed value for property tax purposes
Explanation
In Illinois, when a property owner fails to pay property taxes, the county may sell a tax lien. If the lien is not redeemed within the statutory period, the lienholder may petition the court for a tax deed, which conveys title to the purchaser. Tax deeds often have title issues and buyers typically obtain title insurance.
Related Illinois Property Ownership Questions
- The government's right to take private property for public use with just compensation is called:
- A covenant running with the land is best described as:
- What type of deed provides the LEAST protection to a buyer in Illinois?
- What is an 'index lease' in commercial real estate and how is it used in Illinois?
- Which of the following is an example of personal property (chattel) that would NOT automatically transfer with a real estate sale unless included in the contract?
- A fee simple determinable estate automatically reverts to the grantor when:
- What is a 'judicial foreclosure' and how does it work in Illinois?
- Riparian rights in Illinois give property owners who border a waterway the right to:
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