Common Contracts
1 similar Contract for Deed contracts
Contract for deed homes in decatur illinoisContract for Deed • November 1st, 2024
A Contract for Deed is a binding agreement between a buyer and a seller that allows the buyer to make installment payments directly to the seller. This process differs from traditional financing options where the bank holds the ownership until the mortgage is paid off. The buyer gains equitable title but does not receive legal title until all payments are made. In Illinois, this contract must be in writing, signed by both parties, and recorded with the county recorder of deeds. Disclosures must also be provided to the buyer before signing. A Contract for Deed can benefit buyers who may not qualify for traditional mortgage loans or sellers who want to sell a property without requiring an upfront payment from the buyer. However, there are risks involved as well. Buyers might lose their investment if they fail to make timely payments, and sellers might face default on payments from buyers. The terms of this contract, including the purchase price, payment schedule, and interest rate, can b
