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The date of the closing is normally also the date when possession of the real estate is transferred from the seller(s) to the buyer(s). However, the real estate contract can specify a different date when possession changes hands. Transfer of possession of a house, condominium, or building is usually accomplished by handing over the key(s) to it.
The Act was patterned after the Securities Act of 1933 and required land developers to register subdivisions of (currently 100 or more) non-exempt lots or condominium units. Originally, the filings were to be with the United States Department of Housing and Urban Development.
The commission is usually a percentage of the sales price of the property, ranging from 2 or 3% up to about 10%, but usually in the range of about 3 - 7% for houses. The commission could also be a flat fee or some combination of flat fee and percentage, based on the rate you negotiate. Commission rates and fees are negotiable and not regulated.
The closing: On the closing date, the closing documents are signed by the buyer and seller. [9] On this day, the seller may also deliver possession to the buyer, typically by giving the buyer keys to the property. [10] Post closing: The signed documents are recorded at the recording office. [11] Title insurance is issued during this time. The ...
The compilation is an official compilation by the state and is entirely in the public domain for purposes of federal copyright law; anyone may publish the statutes. [3] There is no official version of the ILCS, but there are several unofficial versions: West's Illinois Compiled Statutes endorsed by the Illinois State Bar Association, West's ...
Adverse possession in common law, and the related civil law concept of usucaption (also acquisitive prescription or prescriptive acquisition), are legal mechanisms under which a person who does not have legal title to a piece of property, usually real property, may acquire legal ownership based on continuous possession or occupation without the permission of its legal owner.