Illinois Redemption Period
I read that it is 2 years. Now does this mean it's 2 years from the tax sale for the certificate, or 2 years after their property was lost for back taxes?
I read that it is 2 years. Now does this mean it's 2 years from the tax sale for the certificate, or 2 years after their property was lost for back taxes?
2 years from the tax sale.
The tax lien buyer has the option to extend that an additional 6 months and it is not uncommon to do so.
[addsig]
Redemption is measured from the date of sale.
Illinois has a complex time period for filing your tax deed. I have seen some investors get into trouble here so if redemption does not occur in the first year start looking for an attorney to help you foreclosure.
You must file your petition for tax deed 'any time within 5 months but not less than 3 months prior to the expiration of the redemption period'. 35 ILCS 200 Sections 22-30.
Remember that the following liens will generally be your responsibility: subsequent taxes, fees, assessments, easments and utility liens.
If you do not record your deed within 3 years it is void. Use caution in any state unless you know the rules. [ Edited by DariusBarazandeh on Date 04/05/2004 ]
This is a question for Darius or anyone else who would be so kind as to help me out with an answer. As part of the process of obtaining a deed in Illinois the following property tax code, 35 ILCS 200/22‑5 -Notice of Sale and Redemption Rights states that, "In order to be entitled to a tax deed, within 4 months and 15 days after any sale held under this code, the purchaser __ shall deliver to the clerk a notice to be given to the parties in whose names the taxes are assessed___________." Can you tell me if they are talking about a time period after the first annual sale where the title for lien is first obtained, or after the sale at the end of the two year period? If it is the first of the two and the time period has already expired, is it useless to petition the court for the deed? Help is greatly appreciated! Confused!
How do you find out if the property has an IRS lien on it? or anyother lien or debts? other than Taxes owed which we know!
Todd
we did not buy any propertyat the sale. It all went for very close to market value. It was crazy, People were buying worthless, unbuildable lots left and right, and paying alot for the, After they won the bidding, people started clapping in the audience. It was a circus. They will not be clapping when they discover they bought a 8 foot, by 30 foot sliver of groung.
The only waty to know is research. Most of the information you will need is in public records...
Sm-
What site did you find that has the most vaulable information?
And just wanted to thank you for sharing your experiences on here and your knowledge.
Sonja
Quote:
On 2005-08-15 20:32, sm7272 wrote:
we did not buy any propertyat the sale. It all went for very close to market value. It was crazy, People were buying worthless, unbuildable lots left and right, and paying alot for the, After they won the bidding, people started clapping in the audience. It was a circus. They will not be clapping when they discover they bought a 8 foot, by 30 foot sliver of groung.
<BR>The only waty to know is research. Most of the information you will need is in public records...
Call the county court house of the county you are interested in researching. Find the name of the department that records official documents. Call that department (recorder, clerk of the court, in my area) and ask them if they have internet access to the public records. Which records are available (mortgages, liens, evictions, judgements, probate, divorace, etc), how timely do they show on the internet, and what is the URL.
Brenda
Thank you Brenda