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1. Contract. This Vacant Land Purchase and Sale Contract ("Contract") is made by and between __________________________ ("Buyer") and ____________________________ ("Seller") (collectively, "Parties" and individually "Party"), with respect to the purchase and sale of the parcel of land, as described in Exhibit A attached hereto, located at
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THIS CONTRACT IS INTENDED TO BE USED FOR THE SALE OF SUBDIVIDED LOTS OR SMALL PARCELS OF REAL ESTATE ON WHICH THE BUYER INTENDS TO CONSTRUCT A RESIDENCE. 1. THE PARTIES: Buyer and Seller are hereinafter referred to as the "Parties". Buyer(s)____________________________________ Seller(s)_______________________________________.
convey the real property described in Section II. Buyer and Seller shall be collectively known as the “Parties.” II. Legal Description. The real property is described as vacant land with a total gross area of ____ ☐ Square Feet (SF) ☐ Acres (AC). The real property is further described as: Street Address: _____
- Glossary
- L x W x OH
- Formulas and Measurements
- Schedule
- Abbreviations
- Web Links
- Property Tax Code (35 ILCS 200) ilga.gov
- Unit 1- Appraisal Theory
- Learning objectives
- Terms and Concepts
- Bundle of Rights
- Principle of Highest and Best Use
- Highest and best use is defined as:
- The principle of substitution provides the basis of the three approaches to value
- The Three Approaches to Value
- The Sales Comparison Approach
- Elements of Comparison
- The appraiser adjusts the comparable sales to the subject property.
Ad valorem — according to value. Ad valorem tax — tax levied according to value. Allowable expenses — legitimate expenses that can be deducted from effective gross income to arrive at net income. Capitalization — a mathematical process for conversion of the net return produced by a property into an indication of value. Capitalization Rate — R in th...
Eave height — the height of a building from grade-level to the building’s eaves. Economic life — the expected period of time over which improvements to real property contribute to property value. The economic life of an improvement could be different than its actual physical life. Effective age — the typical age of a structure equivalent to the one...
SF Ground Area Eff. Perimeter LF SF Wall Area L:W Ratio Story
Area of a Rectangle Area of a Triangle SFGA — CF — SFWA — square feet of ground area cubic feet square feet of wall area
AC AP Apt Asmt Att Avg Blk BPA BR Brk Bsmt CB CCAO CDU CF CIP Cntrl Col Comm Comp Conc Cond Condo Const Corr C/P CY Attic Air conditioning Appraiser or appraisal Apartment Assessment Attached Average Basement Block Base price adjustment Building residual Brick Basement Concrete block Chief county assessment oficer Condition, desirability, utility C...
Property Tax Division: tax.illinois.gov Property Tax Education Unit: email: rev.proptaxed@illinois.gov
Illinois Property Tax Appeal Board: ptab.illinois.gov
This unit provides an overview of the three approaches to value, the bundle of property rights, and the three types of depreciation. The purpose of this unit is to provide a basic understanding of the appraisal process.
After completing the assigned readings, you should be able to identify the three approaches to value. explain the formula for the sales comparison approach. explain the formula for the cost approach. understand the three types of depreciation. explain the formula for the income approach, and understand which approach is best to use to value differe...
Market value Highest and best use Principle of substitution Sales comparison, or market approach Cost approach Replacement cost new (RCN) Improvements Depreciation Income approach Capitalization Capitalization rate IRV formula Potential gross income (PGI) Vacancy and collection losses Effective gross income (EGI) Net operating income (NOI) Allowabl...
Owning real estate carries with it a traditional “bundle of legal rights” transferred with the property from seller to buyer. These are the recognized rights of the holder of title to the property and include: the right of possession - the property is owned by whomever holds title. the right of control - within the laws, the owner controls the use ...
The assessor must determine a property’s highest and best use before determining the property’s market value. Property has its highest value at its highest and best use.
The reasonably profitable and legal use of vacant land or an improved property which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria that the highest and best use must meet are: legal permissibility, physical possibility, financial feasibility, and maximum profitability...
and states that a buyer is not justified in paying more for a property than it would cost to acquire an equally desirable, substitute property. That is, the value of a property is established as the amount equally desirable and comparable properties are being bought and sold for in the market.
The three approaches to valuing real property are: The sales comparison, or market approach — compares properties that have recently sold to the property that is being appraised. The cost approach — involves calculating the replacement cost of the building and subtracting depreciation. The income approach — involves capitalizing the property’s net ...
The action of the market, shown in prices paid for real property, is a highly reliable indicator of value. As a result, the value of property can be reliably estimated by observing and analyzing the selling prices of comparable properties. The sales comparison approach is dependent on the availability of sales of comparable properties (sales comps)...
Consideration must be given to all the tangible and intangible factors influencing value: location construction age physical features condition desirability, and usefulness or utility In addition, utmost consideration must be given to the time and conditions of each sale. The time the sale occurred is important because the value of real estate chan...
If the comparable property is superior in some manner to the subject property, the sales price of the comparable property is adjusted downward to the subject property. Likewise, if the comparable property is inferior in some manner to the subject property, the sales price of the comparable property is adjusted upward to the subject property. An eas...
What is an Illinois Real Estate Contract? An Illinois real estate contract is a legally binding document that outlines the terms and conditions of a real estate transaction between a buyer and a seller.
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Nov 11, 2023 · Here are the main concerns you'll want your purchase agreement to cover. Whether you or the seller prepares the first draft depends partly on custom in your state, but regardless of who begins the process, be sure to assert your rightful voice in negotiating the language and terms. In This Article.
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What is an Illinois land contract?
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What is an Illinois real estate contract?
Aug 30, 2024 · An Illinois land contract documents the binding terms of the purchase and sale of vacant land between two parties. Both the seller and buyer must draft this contract with information regarding the land's legal descriptors as well as the agreed-upon purchase price.
