The purpose of the legislation is also to provide a method for obtaining merchantable title. In re Application of Olmstead, 269 Ill. App. 3d 821, 822 (1995). While merchantable title is not perfect record title, it is title that is readily transferred and reasonably secure against litigation or flaws decreasing market value.

35 ILCS 200/22-55 (West 2002). In light of the requirement of merchantable title, a tax deed issued pursuant to a judicial process grants to the purchaser a new and independent title, free and clear from previous titles and claims, and any prior lien on a property becomes void upon issuance of a tax deed. Crawford v. Love, 243 Ill. App. 3d 977, 980 (1993); Lincoln Park Federal Savings Loan Ass'n v. DRG, Inc., 175 Ill. App. 3d 176, 178 (1988); see also In re Application of Olmstead, 269 Ill. App. 3d 821, 823 (1995); Pappmeier v. Green Tree Acceptance, Inc., 193 Ill. App. 3d 824, 826 (1990). However, section 22-70 of the Code ( 35 ILCS 200/22-70 (West 2002)) identifies several preexisting interests that are not eliminated by tax deed.

A lease is a contract, conveying a lesser interest in property than a deed, which gives possession of the leased premises for the full term of the lease. In re Application of Olmstead, 269 Ill. App.3d 821 (1995). A lease requires "a definite agreement as to the extent and bounds of the property; a definite and agreed term; and a definite and agreed rental price and manner of payment."