Legal Question in Real Estate Law in Illinois

Re: contract for deed

You can have a contract for deed in Illinois, and your title does not have to be free and clear. However, the mortgage must still be paid.

Re: contract for deed

Yes, you can have a contract for deed in Illinois. The current mortgage is typically paid off at the end of the term. The present mortgage payments still have to be paid, of course. Why don't you contact a lawyer who practices near your residence to assist you in this matter? Could be the best money you ever spent.

Re: contract for deed

Selling property by a contract or agreement for deed is perfectly legal. The property does not need to be "free and clear" necessarily. Be aware that most mortgages do not allow you to sell your property on contract. If there is a due on sale clause in your mortgage (which is very likely), the lender would be entitled to the full balance due immediately on signing the agreement for deed. Talk to a real estate attorney in your area.