Sec. 11. Report of open-market sale.

151 words·~1 min read·/il/chapter-755/act-75/11

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.