770 ILCS 15/1
This Act may be cited as the Commercial Real Estate Broker Lien Act
This Act may be cited as the Commercial Real Estate Broker Lien Act. (Source: P.A. 87-779.)
Illinois Compiled Statutes 770 ILCS 15 — Commercial Real Estate Broker Lien Act.
Illinois · statute · 770 ILCS 15 · 5 active provisions
770 ILCS 15/5
Definitions
Definitions. As used in this Act: "Commercial real estate" means any real estate located in Illinois other than (i) real estate containing one to 6 residential units, (ii) real estate on which no buildings or structures are located, or (iii) real estate classified as farmland for assessment purposes under the Property…
770 ILCS 15/10
Broker's lien
Broker's lien. (a) Any broker shall have a lien, upon commercial real estate or any interest in that commercial real estate, in the amount that the broker is due: (1) under a written instrument signed by the owner of an interest in the commercial real estate or the owner's duly authorized agent; (2) (blank); or (3) und…
770 ILCS 15/15
Priority
Priority. Prior recorded liens and mortgages shall have priority over a broker's lien. A prior recorded lien shall include, without limitation, (i) a valid mechanic's lien claim that is recorded subsequent to the broker's notice of lien but which relates back to a date prior to the recording date of the broker's notice…
770 ILCS 15/20
Escrow of disputed amounts
Escrow of disputed amounts. Except as otherwise provided in this Section, whenever a claim for lien has been filed with the County Recorder or Registrar of Titles that would prevent the closing of a transaction or conveyance, an escrow account shall be established from the proceeds from the transaction or conveyance in…