Legal Question in Real Estate Law in Illinois

I have a lien placed on a property. I just found out someone bought the taxes on that property. What happens to my lien if the present owner doesn't pay the taxes due?


Asked on 11/25/14, 3:11 pm

2 Answers from Attorneys

Thomas Moens Moens Law Offices, Chartered

Provided the tax buyer follows all of the required steps and the taxes are not redeemed, likely your lien will be extinguished.

Read more
Answered on 11/25/14, 3:17 pm
Glenn Guttman Rieff Schramm Kanter & Guttman

Where a 3rd party purchases the backtaxes owed on the property in which you have a lien, if the property owner, "redeems", or pays back the 3rd party all of the backtaxes, interest and penalties, then your lien will continue to "cloud" the title to the property.

If, on the other hand, the true owner does not "redeem" and the 3rd party tax buyer takes title to the property by way of a "tax deed", then your lien will be wiped out by operation of law. The "tax deed" conveys "new and merchantable" title to the tax buyer.

Read more
Answered on 11/26/14, 1:07 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois