Illinois Title and Related Matters Checklist
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How to fill out Title And Related Matters Checklist?
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FAQ
In Illinois, residential, platted land, requires a 20 year search period. This means that if you are doing a search in 2019, the examiner would have to go back to the last warranty deed between unrelated parties occurring before 1999. For property where there is no prior policy, a full title search is usually required.
Typically, buyers will need to bring a few standard documents like proof of insurance and their photo IDs, but the title company and your real estate agent will be able to let you know if you'll need to bring anything else with you.
A title commitment is a commitment by a title company to issue a title insurance policy upon closing. If, after closing, it is determined that the seller did not have the right to transfer the full interest in the real estate to the buyer, the risk will lay with the title company not the buyer.
Title insurance: Illinois contracts generally require the seller to pay for a title search and title insurance for the buyer. Cost is based on the sale price and only varies slightly between title companies. Plat of survey: Starting at $375. Real estate broker commission: Varies depending on broker retained.
A title insurance company is able to perform and guarantee a full property search. The research department at a county clerk or recorder's office is only able to assist with searches for recorded documents; it cannot provide full search services. The county office is not insured for errors and omissions (E&O).
Cost for the search will vary, with a minimum of around $350.00. Title Examination fees start around $350 and go up. This is for review of the findings of the title search. IL CPL is short for Illinois closing protection letter.
Some property title searches can be completed in as little as a few hours, but others can take as long as two weeks.