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ILLINOIS A TITLE COMPANY, LENDER OR ATTORNEY CLOSING STATE

Investor Friendly Title companies, Investor Friendly lenders, and Investor Friendly attorneys may conduct closings, but only attorneys may prepare documents.

Lenders generally hire attorneys and have them prepare all the paperwork.

Conveyance is by warranty deed. Recorded deeds must include a declaration of the sales price.

Mortgages are the customary security instruments. Judicial foreclosure is mandatory and takes at least a year from the filing of the default notice to the expiration of the redemption period.

Illinoisans use ALTA policies.

Buyers usually pay the closing costs and the lender’s title insurance premiums; sellers pay the owner’s title insurance premiums and the state and county transfer taxes.

Property tax payment dates vary. Larger counties typically schedule them for March 1st and September 1st, and smaller counties schedule them for June 1st and September 1st.

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