Legal Question in Real Estate Law in Illinois

What is the general rule for the amount asked to be put aside in an escrow when buying a rehabbed condo with a new P.I.N. the unit has not yet been reassessed. My attorney told me that taxes are generally about 2% of the purchase price. Is that accurate?


Asked on 9/06/10, 5:57 pm

1 Answer from Attorneys

You have an attorney; it would be inappropriate for us to respond since it is or could be a point of negotiation. However, if you are working with a broker, the should be able to can give you current statistics in this regard depending where the property is located, and there would be no impropriety in making that inquiry.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law only in the State of Illinois. Responses are based solely on Illinois law unless stated otherwise.

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Answered on 9/13/10, 12:49 pm


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