Illinois Compiled Statutes 20 ILCS 805/805-205 – Acquiring real property subject to life estate
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Terms Used In Illinois Compiled Statutes 20 ILCS 805/805-205
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The Department has the power to acquire, for purposes authorized by law, any real property in fee simple subject to a life estate in the seller in not more than 3 acres of the real property acquired, subject to the restrictions that the life estate shall be used for residential purposes only and that it shall be non-transferable.