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Modern Real Estate Practice In Illinois

Modern Real Estate Practice In Illinois. Chapter 7: Interests in Real Estate. Government Powers. Police Power Eminent Domain Taxation Escheat. In Illinois . Equity in Eminent Domain Act effective in Illinois on January 1, 2007, following the Kelo v. New London supreme court case

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Modern Real Estate Practice In Illinois

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  1. Modern Real Estate Practice In Illinois Chapter 7: Interests in Real Estate

  2. Government Powers • Police Power • Eminent Domain • Taxation • Escheat © 2008 Dearborn Real Estate Education

  3. In Illinois • Equity in Eminent Domain Act • effective in Illinois on January 1, 2007, following the Kelo v. New London supreme court case • places the obligation on government to prove an area is blighted before forcing property owners to sell their property for private development projects • helps property owners receive fair market value for their property, requires relocation costs for displaced residents and businesses © 2008 Dearborn Real Estate Education

  4. Estates in Land • Fee Simple Estate • Fee Simple defeasible • Life Estate • Conventional life estate • Life Estate pur autre vie • Remainder and reversion • Legal life estate • Homestead © 2008 Dearborn Real Estate Education

  5. Estates in Land • Life Estate • Homestead – homeowners in Illinois entitled to a homestead estate up to $15,000 in land and buildings occupied as single residence © 2008 Dearborn Real Estate Education

  6. Encumbrances • Liens • Restrictions • Easements • Licenses • Encroachments © 2008 Dearborn Real Estate Education

  7. Nature and Water: Rights and Restrictions • Riparian rights • rights of owners of land along the course of a river, stream or similar body of water • Littoral rights • the rights of owners whose land borders commercially navigable lakes, seas and oceans © 2008 Dearborn Real Estate Education

  8. Nature and Water: Rights and Restrictions • Accretion • an increase in the land resulting from the deposit of soil by the water’s action (called alluvion or alluvium); if water recedes, new land is acquired by reliction • Erosion • the gradual wearing away of the land by natural forces • Avulsion • the sudden removal of soil by an act of nature © 2008 Dearborn Real Estate Education

  9. Nature and Water: Rights and Restrictions • Doctrine of Prior Appropriation • Under this doctrine, the right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner whose property lies adjacent to the water. To secure water rights, a landowner must demonstrate to a state agency that he or she plans a beneficial use of the water. © 2008 Dearborn Real Estate Education

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