Illinois Petition To Sell Real Estate is a legal document that allows a property owner to petition the court to sell real estate in order to pay off debts or other obligations. This petition is filed with the Circuit Court Clerk in the county where the property is located. There are two types of Illinois Petition To Sell Real Estate: Judicial Sale and Private Sale. Judicial Sale is where the property is sold at a public sale in court, with the proceeds going to the creditor. Private Sale is when the property is sold in a private sale, with the proceeds going to the property owner. The Petition must include information about the property, the petitioner, and the creditors. The petition must also include the reasons for the sale and the proposed terms of the sale.
Illinois Petition To Sell Real Estate
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How to fill out Illinois Petition To Sell Real Estate?
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FAQ
This statement of the decedent's intent is commonly known as that person's "Will." Under Illinois law, it is required that any person who possesses the Will of a decedent file it with the Clerk of the Circuit Court of the county in which that individual resided within 30 days after the death of the testator is known to
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.
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
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.
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.
On average, probate in Illinois takes no less than twelve months. The probate process must allow time for creditors to be notified, filing of required income tax returns, and the resolution of any disputes.
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.
If you believe that the executor is not living up to their duties, you have two legal options: petition the court or file a civil lawsuit. Beneficiaries can petition the court to have the executor removed from their positon if they can prove they should be removed for one of the reasons listed above.