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Illinois Statutes Chapter 755. Estates § 75/11. Report of open-market sale

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 11. Report of open-market sale.

(a) Unless required to do so within a shorter time by Article XVII of the Code of Civil Procedure, a broker appointed under Section 10(b) to offer heirs property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under Section 6 or 10.

(b) The report required by subsection (a) must contain the following information:

(1) a description of the property to be sold to each buyer;

(2) the name of each buyer;

(3) the proposed purchase price;

(4) the terms and conditions of the proposed sale, including the terms of any owner financing;

(5) the amounts to be paid to lienholders;

(6) a statement of contractual or other arrangements or conditions of the broker's commission; and

(7) other material facts relevant to the sale.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 755. Estates § 75/11. Report of open-market sale - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-755-estates/il-st-sect-755-75-11/

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