Home -> Law Blog Directory -> Real Estate & Property Law Blogs -> Closing Real Estate in Chicago

Real Estate & Property Law

: Closing Real Estate in Chicago

Pay Your Property Taxes & Oh, and Never Trust...

By Peter Olson, Esq.

the flunkies working at the desk of the government agencies when serious legal consequences are at stake.

Saw this property tax case reported recently from the First District Appellate Court. In 2000 the property owner failed to pay her property taxes and the property was put up for auction in April, 2002 at the Cook County annual tax sale. The redemption period (the date by which a property owner can pay the taxes w/ accumulated fees and interest and retain the property) was set to expire on February 24, 2005. So cutting to the chase...

On February 18, 2005 the property owner paid the county clerk in the amount stated on the estimate provided to her by the county clerk. However, the day before the redemption period ended the clerk's office called and told the property owner that she was some $20 short on her redemption payment. So the company that bought her back taxes obviously wanted the court to issue a tax deed. It did not!

The court said that the property owner was entitled to an "equitable redemption" and gave the property owner an additional 14 days to pay the delinquency which she then did. I surely wouldn't have been happy if I had bought those taxes. And ya know when courts start using the "E" word, equity/equitable, that there ain't too much statutory support for their position.

Full post as published by Closing Real Estate in Chicago on January 19, 2008 (boomark / email).