Illinois Petition To Sell Real Estate is a legal document used in the state of Illinois to initiate the sale of real estate. It is typically used when a property owner wants to sell their property, but they are unable to do so due to certain legal restrictions or because the actual owner of the property is unknown. The petition must be filed with the Circuit Court of the county in which the property is located. It must include information about the property, such as its legal description, the current owners, and the proposed sale price. The petition must also provide a detailed description of the reasons why the sale must be authorized. The most common types of Illinois Petition To Sell Real Estate are petitions for tax sales, petitions for guardianship sales, and petitions for foreclosure sales. In a tax sale, the petition is filed when a property owner has failed to pay their taxes, and the county or municipality must sell the property to recover the unpaid taxes. In a guardianship sale, the petition is filed when a guardian needs to sell a property on behalf of a minor or other incapacitated person. Finally, in a foreclosure sale, the petition is filed when a lender seeks to sell a property due to a borrower's failure to repay their mortgage.
Illinois Petition To Sell Real Estate
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FAQ
The executor can sell property without getting all of the beneficiaries to approve. However, notice will be sent to all the beneficiaries so that they know of the sale but they don't have to approve of the sale.
By leave of court and upon such terms as the court directs, a representative of a ward may sell or mortgage the ward's real estate or any interest in real estate including the oil, gas, coal or other mineral interest therein, when the court deems it necessary or expedient for the support and education of the persons
The Easiest Way for an Executor to Sell a House in Chicago Before you can sell the house, you must have the clear legal authority to proceed with the sale. Then, you should make sure that all mortgage payments are up to date, and all property taxes have been paid.
Rates might vary from $10 an hour up to $50 an hour or more. I am aware of at least one court case in which a $50 an hour fee was approved by the court. Ultimately, the reasonableness of the fee must be determined by the court.
Deadline to close the estate: 14 months from the date the will is admitted to probate. If the estate remains open after 14 months, the court will expect the representative to account or report to the court to explain why the estate needs to remain open.
In Illinois a lawyer is required for probate unless the estate is valued at less than $100,000 and does not have real estate; in that case the Illinois Small Estate Affidavit says the estate does not require a lawyer for probate court. This can reduce the time and cost to distribute the deceased's assets.
No, all heirs don't have to agree to sell a property.