Return to site

Searching Real Estate in Illinois

Six types of searches in Illinois are the most common.

· Methods,Searching

Searching Real Estate in Illinois - Six types of Searches in Illinois most common

In Illinois we have several different searching protocols depending situationally. Illinois Abstract Service, specializes in “tract searches” or also known as, “ownership reports”. However, seven common searches exist.

  1. Illinois Later Dating Searches
  2. Illinois Residential Refinance Searches
  3. Illinois Residential Purchase Searches
  4. Illinois Commercial Refinance Searches
  5. Illinois Commercial Purchase Searches
  6. Illinois Ownership Searches  

Illinois Later Dating Searches

The purpose of a later date is to update Title Commitments. Title companies will issue pre-closing and post-closing later dates as standard procedure. This consists of running County Recorder searches, tax searches and name searches coming from the current effective date of the commitment to the coverage date of the County.

Post-closing later dates is unique, designed to cover the recording date of the Deed, or Mortgage. This is done right before a Title Policy is issued.

Illinois Residential Refinance Searches

Residential refinance searches require a search forward from the last Warranty Deed. All affecting documentation from the last Warranty Deed (with Title Insurance) going forward must be pulled for review. Tax map, indicating parcel number to verify against the legal description also important for the standard Illinois Residential Refinance Search.

No need to pull underlying affecting documents such as CCRs, or plat information recorded prior to the last Warranty Deed.

Full tax search needs to be performed with the County in question. The current year taxes as well as back taxes owed. Going back five years on taxes is most cautious approach. Taxes need to be verified that they have not been sold to tax buyers.

A name search must be ran with: Illinois State Tax Lien, Pacer and County Court docket. A professional low cost background check would be also good. Title Companies typically, require ALTA Statements before all closings.

 

Illinois Abstract Service

Illinois Residential Purchase Searches

Illinois Residential Purchase Searches require a search forward from the last insured Warranty Deed. All documentation found in the record should be pulled and examined to see if they still affect the parcel. The parcel needs to be searched for CCRs, covenants restrictions back to the plat. The plat must also be examined.

Full tax search needs to be performed with the County in question. The current year taxes as well as back taxes owed. Going back five years on taxes is most cautious approach. Taxes need to be verified that they have not been sold to tax buyers.

A name search must be ran with: Illinois State Tax Lien, Pacer and County Court docket. A professional low cost background check would be also good. Title Companies typically, require ALTA Statements and current survey before all purchase closings.

Illinois Commercial Refinance Searches

Illinois Commercial Refinance searches require a search forward from the last Warranty Deed. All affecting documentation from the last Warranty Deed (with Title Insurance) going forward must be pulled for review. Tax map, indicating parcel number to verify against the legal description also important for the standard Illinois Commercial Refinance Search.

Unlike Residential Refinance searches, the Commercial Refinances require copies of all affecting CCRs listed in the policy as well as any coming forward from the date of policy. Commercial Refinance Searches require full CCR information.

Full tax search needs to be performed with the County in question. The current year taxes as well as back taxes owed. Going back five years on taxes is most cautious approach. Taxes need to be verified that they have not been sold to tax buyers.

A name search must be ran with: Illinois State Tax Lien, Pacer and County Court docket. A professional low cost background check would be also good. Title Companies typically, require ALTA Statements before all closings.

 

Illinois Abstract Service

Illinois Commercial Purchase Searches

Illinois Commercial Purchase Searches are similar to Illinois Residential Purchase Searches. However, much more complexity multiple parcels typically connected.

Require a search forward from the last insured Warranty Deed. All documentation found in the record should be pulled and examined to see if they still affect the parcel. The parcel needs to be searched for CCRs, covenants restrictions back to the plat. The plat must also be examined.

Full tax search needs to be performed with the County in question. The current year taxes as well as back taxes owed. Going back five years on taxes is most cautious approach. Taxes need to be verified that they have not been sold to tax buyers.

A UCC search and Illinois LLC search need to be ran, as this is commercial. A name search must also be ran with: Illinois State Tax Lien, Pacer and County Court docket. A professional low cost background check would be also good.

Illinois Ownership Searches

Illinois Ownership Searches are the same as a Illinois Residential Refinance Search.

They require a search forward from the last Warranty Deed. All affecting documentation from the last Warranty Deed (with Title Insurance) going forward must be pulled for review. Tax map, indicating parcel number to verify against the legal description also important for the standard Illinois Residential Refinance Search.

No need to pull underlying affecting documents such as CCRs, or plat information recorded prior to the last Warranty Deed.

Full tax search needs to be performed with the County in question. The current year taxes as well as back taxes owed. Going back five years on taxes is most cautious approach. Taxes need to be verified that they have not been sold to tax buyers.

A name search must be ran with: Illinois State Tax Lien, Pacer and County Court docket. A professional low cost background check would be also good. This is not a title product.

All Posts
×

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OK