 8501 W. Higgins Suite 440 Chicago, Illinois 60631 773.399.1122 | fax 773-399-1144 |
||||||
| ARTICLES OF AGREEMENT FOR DEED IN ILLINOIS | ||||||
| | Home | Primer | Services and Fees | Articles of Agreement Links | Getting Started | | ||||||
|
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 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. |
|||||
 8501 W. Higgins Suite 440 Chicago, Illinois 60631773-399-1122 feel free to contact us for more information |
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. |
|||||
