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    slc2957's Avatar
    slc2957 Posts: 1, Reputation: 1
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    #1

    Nov 23, 2011, 09:12 AM
    Land Contract and taxes
    Is there a way I can get the real estate tax bill in my name having bought a house on a Land Contract in Illinois, so that I can benefit from owner occupied exemption?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Nov 25, 2011, 04:03 PM
    That depends on the terms of the Land Contract. It might be best if you post this in the Law Forum, as it is REALLY a legal question.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Nov 25, 2011, 04:07 PM
    {Moved from Taxes}

    As noted it depends on the terms of the contract. In most Land Contract Sales or Contract for Deed purchases, you do not own the property until the contract is fulfilled. So you need to buy out the contract so the property can be transferred to your name.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Nov 25, 2011, 04:08 PM
    On a land contact, no, since you don't own the property, till the contract is fulfilled. If you do a owner finance where the house is put in your name on the deed, then the taxes go into your name.

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