Legal Question in Real Estate Law in Illinois

real estate contract

In a rent-to-own contract, is there a limit to when a payment is late? Could it be as few as 5 days? Is there a limit to how much can be charged as a late fee? Is it customarily a % of the payment? At what point (how many days) is a buyer considered to be in default?

Are conditions for foreclosure included in a contract?


Asked on 5/22/07, 11:44 am

1 Answer from Attorneys
Noelle Ansley Noelle Ansley

Re: real estate contract

You have to look at the language contained in the contract.

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Answered on 5/23/07, 11:48 am


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