As a practical matter the foreclosure process in Illinois is more formal than in other states. This is not something that should detract you from investment in Illinois. Rather you will need to hire an attorney to handle filing the petition for tax deed. I would also go a step further. As you can see the window of time which you have to file is quite small (e.g., ‘any time within 5 months but not less than 3 months prior to the expiration of the redemption period’). Practically speaking this means that you must file your petition for a tax deed between 1 year 5 months and 1 year 9 months after the purchase. It is critical that you keep all of the information straight and keep accurate records of the required filing and application periods for each county.

In order to attain a tax deed the holder of the certificate must file a petition to attain a tax deed. The statute allows the holder of a certificate to file a petition in circuit court ‘any time within 5 months but not less than 3 months prior to the expiration of the redemption period…’ The purchaser may file a petition asking the court to ‘direct the county clerk to issue a tax deed if the property is not redeemed from the sale.’

You need to hire an attorney to handle this process. You could assign the lien to another investor or perhaps an investor on this board may be interested. If you do decide to foreclose on the lien you will need to record the resulting deed within one year ‘from and after the time for redemption expires…’ If action is not taken then the ‘certificate or deed, and the sale on which it was based, shall after the expiration of the one year period, be absolutely void with no right of reimbursement’. Three things should clearly stand out in your mind:

1. One year after redemption ends
2. Deed must be recorded, or
3. The deed is absolutely void with no reimbursement!

Don’t make the mistake of sitting on the deed without recording it. Since you are not going to be able to foreclose on your own I am confident that your attorney will understand the importance of filing the deed quickly. If he/she does not understand then demand that the deed be filed or go file it yourself.

Contact the county and make sure you are sure of every deadline that could hamper your investment efforts. Once you have a few purchases under your belt it will come naturally to you, unless the law changes that is!

Keep me updated and please call me personally if you have any questions 713-961-1134

Warmest Regards,

Darius M. Barazandeh, JD/MBA

NOTE: Any material found on this discussion forum or email with Mr. Barazandeh is not a substitute for detailed consultation with an attorney and does not create an attorney/client relationship. Information contained within this discussion forum is NOT intended to be, nor should it be taken by the reader as legal, financial or tax advice. If the services of a real estate attorney are needed please email Mr. Barazandeh or another attorney to learn about becoming a legal client.