Under Illinois law, what is the redemption period for a residential property with 6 or fewer units that has been sold at a tax sale?
Correct Answer
C) 2 years
Under 35 ILCS 200/21-350, the redemption period for residential properties containing 6 or fewer units is 2 years from the date of the tax sale. This extended period is intended to give owner-occupants a meaningful opportunity to redeem their home by paying the delinquent taxes, interest, and costs.
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Related Concepts
Title insurance is a policy that protects the insured party against financial loss from defects in title that were not discovered during the title search. Unlike other insurance, it covers past events rather than future risks.
A title search is an examination of public records to determine the history of ownership, liens, encumbrances, and other interests affecting a property. It verifies that the seller has the legal right to transfer the property.
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
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