Contract for deed – interest
Is it required that interest be charged when buying/selling contract for deed or can a set amount be stated and monthly payments put toward that amount until paid in full?
Contract for deed – interest
Is it required that interest be charged when buying/selling contract for deed or can a set amount be stated and monthly payments put toward that amount until paid in full?
Re: Contract for deed – interest
It can be a set amount, under Ill.contract law, but I believe the I R S will make you impute an interest rate, especialy if it is family.
Bruce Buckrop
Bruce Buckrop
329 18th Street , Suite #500
Rock Island, IL 61201