Illinois General Assembly - Bill Status for SB0318

Amends the Conveyances Act. Provides that a party to a real estate settlement that will convey legal or equitable title to real estate or any interest in real estate or create any lien on real estate by way of a mortgage may record a notice of real estate settlement with the recorder of deeds of the county in which the real estate is located. Permits the recorder of deeds to charge a fee for recording a notice of real estate settlement not to exceed the fee to record a federal tax lien. Provides the notice of real estate settlement form. Provides that, after the filing of a notice of real estate settlement, any person claiming title to, an interest in, or a lien upon the real estate described in the notice through any party in the notice shall be deemed to have acquired the title, interest, or lien with knowledge of the anticipated settlement and shall be subject to the terms, conditions, and provisions of the deed or mortgage between the parties recorded within the specified period. Provides that a notice of real estate settlement is effective for 60 days from the date of recording. Provides that a 60 day extension of time may be accomplished by recording an additional notice and that a notice may be terminated by the recording of a discharge of notice of real estate settlement. Effective 60 days after becoming law.

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