HB4892 - Illinois: Liens, Mortgage
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HOME BUYERS PROTECTN LIEN Creates new Act. Creates the Home Buyer's Protection Lien Act. Provides that a prospective purchaser of a residential dwelling unit in a residential development shall have a lien upon real estate or any interest in that real estate in the amount of his or her deposit advanced to the residential developer under a written instrument to purchase the dwelling unit. Provides that the lien attaches upon the prospective purchaser being otherwise entitled to possession or to receive a substantial benefit under a written instrument for the purchase of a residential dwelling unit and the prospective purchaser recording a notice of lien. Provides requirements for lien contents, serving the lien, filing an action on the lien within 2 years after recording the lien, pleadings, costs, release of lien, and other matters. Provides that prior recorded liens, mortgages, and valid mechanics lien claims have priority over a prospective purchaser's lien. Comment on Bill - Be the first to leave a comment!
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