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.