Legal Question in Real Estate Law in Illinois

Re: Partial Purchase of contract for deed property

It is not a problem. You would purchase it from the contract purchaser, who would be obligated to pay the contract seller from the proceeds. Please, please hire a real estate attorney to assist you. Not only will you need to worry about liens and encubrances which are attributable to the contract purchaser, but you will also need to worry about liens attributable to the contract seller. These transactions can be tricky.

Re: Partial Purchase of contract for deed property

There are a couple of different ways you can accomplish this. You can purchase the contract, assuming it is assignable or you can get the contract seller to enter into a new contract for deed with you. Alternatively, you can buy out the contract buyer and the contract seller's interest and get your own financing.

It is very important that you have a good attorney with real estate experience handle this transaction for you, though. There are at least two different property interest holders in this transaction, each of which may be subject to different liens on their interests.