Legal Question in Real Estate Law in Illinois

Lending Agreements

I may be selling an automobile to a friend of the family on a payment schedule. What sorts of legals forms/contracts (this web site) should I use to protect myself? Whom retains the title? If I retain title and specify the auto for the coladeral on the documentation, what impact does that have on issues of insurance? If he gets the vehicle that I retain ownership of that he is paying for, can victoms and property owners bring law suit against me? Thank you for your direction.


Asked on 4/18/02, 10:05 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Lending Agreements

You would have to have a lease/purchase form or transfer Title and have a lein put on the Title with the secretary of states office,with a note&security agreement form / recomend the latter, ownership of the vehicle in several states automaticaly make you liable for any and all damages caused by that vehicle.

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Answered on 4/19/02, 10:40 am


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