Question

An Illinois commercial real estate broker believes he will not receive his commission from the seller of an office complex. Can he place a lien against the property?

a) Yes, but it must be placed before closing.
b) Yes, but only after the closing.
c) No, liens for commissions are illegal in Illinois.
d) No, office buildings are not considered commercial property.

Answer 1

In Illinois, a commercial real estate broker can place a lien against the property before closing if they believe they will not receive their commission from the seller of an office complex.

Step-by-step explanation:

In Illinois, a commercial real estate broker can place a lien against the property if they believe they will not receive their commission from the seller of an office complex. However, the lien must be placed before closing. This means that the broker should take the necessary legal steps to secure the lien rights prior to the completion of the sale.