Cameron Jenkins is reviewing an Illinois issue in Chicago. The person asks why Illinois closing statements often credit taxes for a period before the current closing year tax bill is actually paid. Which statement best applies?
Correct Answer
C) Illinois property taxes are commonly handled in arrears, so closing prorations often account for prior-period ownership before the bill is paid.
Illinois practice commonly treats real estate taxes as paid in arrears, which is why proration mechanics are so important at closing.
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Deep Analysis of This Transfer Of Title Question
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Related Topics & Key Terms
Key Terms:
Related Concepts
Constructive notice is the legal presumption that a person has knowledge of information that is available through public records or visible inspection of the property, regardless of whether they actually knew about it.
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
For a deed to be valid, it must contain several essential elements including a competent grantor, identifiable grantee, consideration, legal description, granting clause, signature of the grantor, and delivery and acceptance.
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