Legal Question in Real Estate Law in Illinois
Contract for Deed Question
I have visited several websites that offer the forms to help you set up a contract for deed. On one of the sites I viewed it indicated that some states require the contract to be recorded to show proof of the agreement and other states do not. I am trying to find out the specifics for the state of Illinois. I want to make sure that the contract is legally binding and I am not sure if I have to record anything through the state or if the buyer signing the contract for deed document is all I need.
Thanks
3 Answers from Attorneys
Re: Contract for Deed Question
You need to consult a real estate attorney. There are a number of things which can go wrong trying to to this yourself. For example, if you have a mortgage on the property, the mortgage likely restricts you from selling the property on contract.
Re: Contract for Deed Question
Be carefull - there are a lot of things that can go wrong - I suggest that you have a real estate attorney complete the transaction for the protection of both parties. Give me a call - I offer free consultations. JJL
Re: Contract for Deed Question
My advice is to get a lawyer to protect your intrests and do everything right. Do you know that you should get a title search and title insurance? I have an old client who did what you want to do and didn't have a lawyer. She didn't get a title search or title insurance. The house was in foreclosure and she was not informed. She lost the house and her substantial down payment, not to mention the 6 months of payments she made to the owner. A lawyer would have caught this and saved her all her money for a modest legal fee. Whatever she paid the lawyer would have been much less than she got cheated out of. Please don't make the same mistake she did.
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