Illinois Acquisition Title Opinion
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How to fill out Acquisition Title Opinion?
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FAQ
When the seller countersigns accepting the buyer's offer, then the contract is subject to attorney review which is a three (3) day period that either attorney, for the seller or buyer, can review the contract and disapprove of same in favor of certain suggested revisions.
In Illinois, attorney review is a 5-business day period that allows a property buyer's or seller's attorney to review and approve or disapprove a real estate contract. Sometimes, provisions will also allow the attorney to amend a real estate contract as well.
Generally speaking, if you have been occupying lands that you do not own, rent or otherwise have permission to use in excess of 12 years (or in the case of Crown lands 30 years), without any objection from the registered owner, you can claim what is known as ?adverse possession?.
You must show that: the squatter has factual possession of the land. the squatter has the necessary intention to possess the land. the squatter's possession is without the owner's consent.
Under Illinois law, adverse possession is established by showing with clear and unequivocal evidence that your clients' possession of the property was (1) continuous; (2) hostile or adverse; (3) actual; (4) open, notorious and exclusive; and (5) under a claim of title inconsistent with the true owner.
If your possession has been ?adverse,? you own it. Adverse possession is the only example of squatter's rights in Illinois property law. Whether that possession begins by innocent mistake or illegal trespass, 20 years makes you the legal landowner.
Remain present. In Illinois, a trespasser must continually use a piece of property for 10 years before he or she can file an adverse possession claim. A decade is a long time for a person to continue to use a property unnoticed. You can easily prevent an adverse possession claim by keeping tabs on your land.
In Illinois, eminent domain gives the government the power to take your property, even if you don't want to sell. But under the Fifth Amendment, eminent domain must be for a ?public use,? which traditionally meant projects like roads or bridges.
