Frequently Asked Questions
Q: Will I have to pay real estate taxes?
A: No. Friends of the Abraham Lincoln Historical Farm LLC is responsible for paying all real estate taxes on the property.
Q: Can I visit the property.
A: Absolutely.
Q: What will I see when I go there?
A: You will see the land as it existed when Abraham bought it from his father in 1841.
Q: I noticed the Deed says "in consideration of the sum of One and No/100 Dollars ($1.00)". What does this mean? Why do I have to pay $95 for this?
A: It is conventional for real property deeds to include a recitation of consideration. The amount of consideration recited in the document often does not match the actual consideration for the transaction. The recitation of consideration is a legal requirement.
Q: Do I actually own a piece of this land? If so, why does it say on the deed "this Deed has been issued for novelty purposes only"?
A: Yes, the Deed does create a valid conveyance of an interest in real property to you. The language stating that the Deed is for novelty purposes only is included to make sure you understand that the Deed does not constitute a security, should not be expected to appreciate in value and should not be purchased for investment purposes.
Q: Why does the deed state "In no event shall this Deed be sold by any person to any person for consideration equal to or in excess of $100.00?
A: Illinois law imposes a tax upon transfers of real property. However, there is an exemption for conveyances where the consideration is less than $100. This language is intended to prevent a transaction that would subject the parties to transfer tax liability.
Q: Can I transfer ownership of my piece of this property to someone else?
A: Yes, however, pursuant to the Restrictions, Limitations, Disclaimers and Waivers included in the Deed, you may not sell the property for a profit. Also, if you decide to sell your piece of the property, you must sell the entire piece; you may not sell less than your entire ownership interest in the property.
Q: Can I record my Deed after I purchase it?
A: For information about recording the Deed, please contact the Coles County, Illinois Clerk and Recorder.
Q: Will I be able to locate the specific piece of land I purchased?
A: We include a map and directions to the property with your deed. You can locate the lot in which you purchased an interest, but not the specific piece within that lot. You purchased a "tenant-in-common life estate interest" in the property. A "tenant-in-common interest" is a form of property ownership in which two or more persons or entities each have an undivided interest in the property. A "life estate" gives a person the right to use or occupy property during such person's life. Therefore, a tenant-in-common life estate is an undivided interest in property during one's lifetime. Each grantee of a Deed owns a tenant-in-common life estate interest in Lot 1, which is the one-acre lot closest to the road.
Q: What is the size of each lot? How large of a piece of the land am I purchasing?
A: It is the size of a penny, or roughly 1/14 millionth of an acre. 1/14,198,352nd of an acre to be exact.
Q: Why this size?
A: Whether you are purchasing a square yard, a square foot, a square inch, or a penny-size piece, what's important is that you now have the opportunity to own a piece of this historic property. We chose the size of a penny for two reasons. One is the obvious connection the penny has with Abraham Lincoln. The other is that it allows more people to become owners. It is our belief that this historic property should not belong to any one person, state or nation but to all people everyone who along with Abraham Lincoln love liberty unselfishly for all mankind.
Q: What is the book about?
A: The book is about the history of the land, and Lincoln's connection to it.
Q: Who is the author of the book?
A: The author is Kurt W. Peterson, Ph.D. from University of Notre Dame, Associate Professor of and Department Chair of History at North Park University in Chicago, IL.
Q: When will it be available?
A: We are hoping it will be available before the end of the year.
Q: How does your organization plan to help charities?
A: We are making our deeds available to charitable organizations to use as a fundraiser. If you are interested in this, please email us at fundraiser@lincolnfamilyfarm.com.
