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- Property Tax Foreclosures are up too
- What is a land trust?
- Forcing the sale of jointly owned property
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Legal Blog of Thaddeus M. Bond & Associates
Thursday, July 30, 2009
Property Tax Foreclosures are up too
The news has been filled with many stories the past few years about mortgage foreclosures and their effect on families and the economy. Less well known but equally significant is the number of property tax foreclosures taking place.
In Illinois, your property taxes will be sold at an auction if they go unpaid. The successful bidder receives a certificate which becomes a lien on the property superior to almost all other liens. After a period of time set by statute, the certificate holder may petition the court to take over ownership of the property if the delinquent taxes, late fees, interest and penalties are not paid.
Our firm represents many tax buyers in the Chicago area. We also represent property owners to try and help them prevent the loss of their property or, in some cases, to receive compensation if they lose their home.
The tax sale process is very complicated and many lawyers do not have a full grasp of how it works. If you need assistance resolving any matters relating to delinquent property taxes, the tax sale process or property tax foreclosures, do not hesitate to contact us.
In Illinois, your property taxes will be sold at an auction if they go unpaid. The successful bidder receives a certificate which becomes a lien on the property superior to almost all other liens. After a period of time set by statute, the certificate holder may petition the court to take over ownership of the property if the delinquent taxes, late fees, interest and penalties are not paid.
Our firm represents many tax buyers in the Chicago area. We also represent property owners to try and help them prevent the loss of their property or, in some cases, to receive compensation if they lose their home.
The tax sale process is very complicated and many lawyers do not have a full grasp of how it works. If you need assistance resolving any matters relating to delinquent property taxes, the tax sale process or property tax foreclosures, do not hesitate to contact us.
posted by Ted Bond, Jr. at 2:59 PM
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Friday, July 24, 2009
What is a land trust?
A land trust is an arrangement whereby both legal and equitable title to land is held by a trustee (often a bank or trust company) and the interest of the beneficiary is personal property. A land trust agreement explains the rights and responsibilities of the land trustee and beneficiary. The beneficiary or any person designated in writing by the beneficiary has the power to direct the land trustee regarding the title, management, mortgaging and other ownership rights of the land. The beneficiary is also entitled to collect rent, make improvements, and receive the proceeds of the sale of the land.
Land trusts are often used as an estate planning vehicle to make the transition of ownership easier upon the death or disability of the beneficiary. They can also be used to disguise true ownership from the general public. Structured properly, only the name of the land trustee will be of public record. The names and interests of the beneficiaries are often not readily available to prying eyes.
If you have any questions about how land trusts work or if a land trust might benefit you, feel free to contact our real estate lawyers.
Land trusts are often used as an estate planning vehicle to make the transition of ownership easier upon the death or disability of the beneficiary. They can also be used to disguise true ownership from the general public. Structured properly, only the name of the land trustee will be of public record. The names and interests of the beneficiaries are often not readily available to prying eyes.
If you have any questions about how land trusts work or if a land trust might benefit you, feel free to contact our real estate lawyers.
posted by Ted Bond, Jr. at 11:27 AM
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Wednesday, July 8, 2009
Forcing the sale of jointly owned property
What can do you do when your relationship with the joint owner of your real estate sours and it is no longer practical to continue owning the property? In Illinois, either party has the right to seek a partition. This means they can force the sale of the property. The statute provides for a sale through a court ordered public auction but the parties often agree to a more profitable private sale through a real estate broker. Once a buyer is found, the courts, or the parties through a negotiated settlement, will resolve distribution of the net proceeds. The distribution does not have to be in direct proportion to the party's legal title. Instead, the courts consider the following factors: the amount paid by each party for the down payment at the time of purchase; each party's respective contributions to mortgage interest, property taxes, insurance, utilities and maintenance; and who had occupancy and possession of the property and for what time periods. Partition actions are most common among those who were dating but not married or among family members who no longer get along. If you are having a problem with the other owner(s) of your property, you need a real estate lawyer to protect your interests and to make sure you receive all to which you are entitled. Feel free to contact us for further information.
posted by Ted Bond, Jr. at 11:48 AM
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