Legal Question in Real Estate Law in Illinois
contract for deed
My husband and I signed a contract for deed in the amount of 400.00 a month until paid off. Since then that amount has been raised to 560.00 a month instead. When the agreed amount was 400.00 at the time of signing. Is this legal, is there anything that we can do?
2 Answers from Attorneys
Re: contract for deed
An attorney would need to review the contract to answer your questions. Perhaps there is a provision that allows the payment to be increased to cover increased taxes. Perhaps not. There is no way to know without reviewing the contract. Contact a real estate attorney in your area.
Re: contract for deed
You need to read the contract to see if there is a provision for increasing the monthly payment. Some land contracts include payments for real estate taxes. If so, and the taxes have increased, that might explain the increase. Some require that you keep the property insured and if the holder of the land contract determines thatthe property is not insured, he or she can pay for insurance and increase the monthly amount that you pay to him or her under the land contract.
You need to read the contract for anything that triggers this increase. If you do not understand the contract, you need to have a lawyer review it.
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