Illinois  |  Real Estate Law

Legal Question

Asked on: 10/20/05, 3:46 pm

How do ''contract sales'' work in Illinois?

What does it mean, in Illinois, to enter into a contract sale? I am the accountant for a not-for-profit organization that has closed on a contract sale to purchase a building. Who owns the building for purposes of liability to pay real estate tax? Who owns the building for purposes of insuring the structure? Can the building be considered an asset of the organization, from an accounting point of view? What's the difference between legal title and equitable title?

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