Legal Question in Real Estate Law in Illinois

Brother and sister died in Illinois in the same year without a will leaving 2 pieces of property (apartment bldgs) located in Chicago. There are 4 beneficiaries, all want to sell but one, John Doe. John lives in Chicago, all the other beneficiaries live out of state. He doesn't want to sell the properties on the market, he wants a judge to force partition sale of the properties so they go to public auction where he can purchase them cheaply. The other beneficiaries want a receiver to take over control of the properties in the meantime because John won't agree to a management co. Both properties are at a negative cash flow and none of the beneficiaries have money to pay the operating cost. How is a receiver going to pay the operating cost? Can he/she take out a loan?


Asked on 10/02/17, 4:42 pm

1 Answer from Attorneys
Stephen Messutta

Too complicated for this forum. That being said, all real estate that passes by intestacy (no will) has to go through probate. So there could be a fight over who their estate administrators will be too. All depends on the size of each decedent's estate, which must be handled separately. As to a loan, you'd need to find a lender willing to take security in less than the entire fee simple, and that will be a trick.

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Answered on 11/01/17, 11:07 am


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