Legal Question in Real Estate Law in Illinois

Contract for deed - interest

Is it required that interest be charged when buying/selling contract for deed or can a set amount be stated and monthly payments put toward that amount until paid in full?


Asked on 3/12/02, 1:29 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Contract for deed - interest

It can be a set amount, under Ill.contract law, but I believe the I R S will make you impute an interest rate, especialy if it is family.

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Answered on 3/12/02, 3:37 pm


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