Illinois Compiled Statutes 755 ILCS 5/1-2.07 – “Encumbrance” includes mortgage, real estate tax or special …
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Terms Used In Illinois Compiled Statutes 755 ILCS 5/1-2.07
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
“Encumbrance” includes mortgage, real estate tax or special assessment, deed of trust, vendor’s lien, security agreement and other lien.