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Sample
Articles of Agreement
please note
- the above sample is not the form used by Reda | Ciprian |
Magnone, LLC and is just a sample for demonstration purposes.
It may not be suitable for all of your needs.
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ARTICLES OF AGREEMENT FOR DEED
In the
wake of the subprime lending crisis and the credit crunch of 2007 and
2008, the "Articles of Agreement for Deed" or "Installment Land
Contract" has re-emerged as an important tool for the sale of real
estate.
As one
of a few methods commonly referred to as "seller financing", Articles
of Agreement create a transaction whereby a seller (also referred to as
a vendor) maintains legal title to real estate and the right to receive
payments under the Articles while the buyer (or vendee) receives
"equitable title" (ie. the buyer is the real owner of the property) to
the property and makes installment payments to the Seller. When the
Buyer has paid the full contract price, the Seller conveys a deed to
the Buyer and the transaction is at an end.
Articles
of Agreement are legal and enforceable in Illinois.
Oftentimes, a buyer will have fewer rights under the
agreement than if the buyer purchased with a traditional mortgage loan
and received title to the real estate at a conventional closing.
Upon default, the land and payments to the seller may be
forfeitted and possession lost.
Because of the vast complexities of an Installment Contract
transaction, neither a buyer nor a seller should contemplate such a
transaction without consulting with an attorney.
SERVICES
AND FEES
We
provide advice to installment contract buyers and sellers as well as
installment contract drafting and review. Fees vary depending
on the complexity of the transaction.
HOW
TO GET STARTED
The
first step to obtaining the assistance with a seller financing
transaction is to give us a call and set up an appointment or discuss
your situation on the phone. Please feel
free to contact
Richard Magnone
or
John Ciprian at 773-399-1122.
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8501
W. Higgins Suite 440
Chicago, Illinois 60631773-399-1122
feel free to contact us for more information
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DISCLAIMER This
website is intended to
supply general information to the public. Although the information is
generally accurate, it cannot be guaranteed. The nature of Legislation
is that the law can change quickly and visitors should always insure
that
legal information is accurate before acting. Nothing herein
creates a landlord tenant relationship and the information contained in
this website should not be construed as legal advice upon which a
reader can rely. The law and customs in your
jurisdiction may be different. This information is
necessarily brief and may or may not apply to your situation. In all
cases, PLEASE, consult a lawyer before acting.
This website is intended to be advertising, and not solicitation, or
legal advice. Thus, the reader should not consider this information to
be an invitation for an attorney-client relationship, should not rely
on information provided herein, and should always seek the advice of
competent counsel in the reader's state.
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