Illinois Legal Description is a term used in real estate law and refers to the specific method of identifying and describing a particular piece of property in the state of Illinois. It allows for a comprehensive and precise identification of land parcels for legal and administrative purposes. In Illinois, legal descriptions typically follow the Metes and Bounds system or the Lot and Block system. 1. Metes and Bounds Description: This type of legal description is one of the oldest methods used in Illinois. It involves defining the boundaries of a property by specifying a series of straight lines, angles, and distances. Metes and Bounds descriptions often rely on physical features such as trees, rocks, or existing structures to establish boundary points. 2. Lot and Block Description: Commonly used for urban or suburban areas, this legal description method divides land into individual lots and identifies them by referring to a recorded plat or survey. The lots are usually assigned alphanumeric codes, and the boundaries are defined by roadways, easements, or other established landmarks. Well or Unit Information, on the other hand, is related to the energy industry, specifically oil and gas production in Illinois. It refers to the detailed data and specifications regarding individual wells or drilling units. This information is crucial for regulatory compliance, lease agreements, and overall management of oil and gas resources. 1. Well Information: This category includes data such as the well's unique identification number, its location (latitude and longitude), drilling depth, production history, well type (oil or gas), well bore configuration, and any regulatory permits or certifications associated with the well. 2. Unit Information: In Illinois, drilling units are established to efficiently extract oil and gas from underground reserves. Unit information encompasses the legal boundaries of the designated drilling area, the participating owners/operators, unit size, spacing regulations, pooling agreements, and production allocation formulas. It is essential in determining each party's rights and responsibilities within the drilling unit. Both Illinois Legal Description and Well or Unit Information play critical roles in their respective domains. While the former ensures accurate property identification for real estate matters, the latter provides the necessary specifications and management details for oil and gas operations in the state of Illinois.
Illinois Legal Description and Well or Unit Information
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FAQ
A third way of giving a legal description is called the lot and block description, which is used in cities with new subdivisions. The lot and block description is recorded on a plat map.
A legal description is a formal description of real property that identifies the boundaries of an entire parcel. The basic test as to whether a legal description is good is whether a surveyor can properly locate and identify the parcel based upon its description.
There is no set rate for property tax in Illinois. Your tax bill is based on two factors, the equalized assessed value (EAV) of your property, and the amount of money your local taxing districts need to operate during the coming year. Most property is assessed at 33 1/3 percent of its fair market value.
Illinois does not collect business personal property tax, this was replaced with personal property replacement taxes (PPRT) in 1979. All property other than real estate is exempt from the property tax in Illinois.
The legal description is commonly provided in a deed, mortgage, title commitment or other purchase document. It can also be obtained from a county recorder, tax assessor, or similar official. On a very basic level a legal description will involve a Lot, a Block and a Subdivision name to define the property.
The type of legal description that courts prefer is metes and bounds legal description.
In order to correct an error on a California deed, you will need to revise or modify the language in the deed to remove the error. If your deed has been signed and recorded, you will need to complete a Correction Deed or a Scrivener's Affidavit to correct the error.
A legal description is a written recorded document defining the boundaries of a property. The legal description must contain, at the very least, the city and county the property is located in. In practice, the description has to contain enough information so that a surveyor can reliably determine the boundaries later.
