Legal Question in Real Estate Law in Illinois
Contract for deed
It says in our contract, that any installment is 30 days past due, the seller may then be hereby authorized to treat this agreement at an end and re-enter and regain possesion od premises as if this Agreement had not existed and treat all payments made buy Buyers hereunder as rent and as agreed fair liquidated damages. What exactly does this mean? Does it mean if we don't pay him he can just come take the building back from us, but not the property we purchased, like tables chairs etc... His name is not on any corporation papers, it's just on the title to the building. What rights do we have as buyers? He's trying to sell to other people now.
3 Answers from Attorneys
Re: Contract for deed
You need to make an appoointment with an attorney as soon as possible. Be sure to know how many payments that you have made and the total amount paid.
Re: Contract for deed
1. You need to record the contract right away with your county recorder of deeds.
2. You need to contact an attorney right away to determine your rights under the contract.
3. They can keep your prior payments. This is how these contracts are typically written.
4. They cannot make you move unless they serve you with a five day notice (requiring payment) and then file a forcible entry case against you. This process will probably take about 6 weeks.
Contact me if you have any other questions.
Re: Contract for deed
It tells you what the Seller can do, not what he has to do. From what it says, he can come in and act as if the agreement never existed - if the property was part of the purchase, then you are out of luck. Liquidated damages would equal whatever rent you had paid to date - you would owe hiim that amount. I agree that you need an attorney to review the whole contract - otherwise you will not get correct advice.
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