Property Ownership
What is a 'tax deed' in Illinois and how is it different from a warranty deed?
AA deed that includes a tax clearance certificate; provides full warranties
BA deed issued by the county after a property is sold for delinquent taxes; provides no warranties of title✓ Correct
CA deed that includes the current year's tax bill; used only in commercial transactions
DA state-issued deed for all properties owned by Illinois agencies
Explanation
A tax deed is issued when a property is sold for delinquent taxes. In Illinois, the process involves the county selling a tax certificate, a redemption period, and ultimately a court proceeding to issue the tax deed if not redeemed.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
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