Legal Question in Real Estate Law in Illinois

Illinois house built on C-4 Commercial zoned property, Property Class 0060 , Tax Bill (county records) shows 0040 - Improved Residential Lot. Zoning allows for house on C-4 is this a determining factor on type of loan allowed, Commercial or Residential?

Asked on 1/17/18, 7:14 am

1 Answer from Attorneys

No. One thing has nothing to do with the other. Generally it is the use of the property that is determinative, and frankly normally commercial loans have higher interest rates. What are you trying to accomplish? However, the house, if it is older, may be "legal non-conforming" which means if it is desroyed by a fire the local code may not allow its reconstruction in a C-4 zone. Check with your building administration, but also realize codes do change, and the current code may not protect you against a future event....

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Answered on 1/21/18, 10:39 am

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