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
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.
Thomas Moens
Moens Law Offices, Chartered
1523 52nd Avenue
Moline, IL 61265
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
John Lynch
Serpe, Dizonno, Lynch & Associates, LLP
801 Warrenville Road, Ste. 560
Lisle, IL 60532
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.
George Zuganelis
George M. Zuganelis, Attorney at Law, P.C.
3048 N. Milwaukee Ave
Chicago, 60618