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Home > Law > Real Estate Law   »   Contract for deed

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Old Jul 8, 2007, 02:50 PM
sodie75
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Contract for deed
I was offered to buy a house on contract for deed int the state of Illinois, and I was wondering about the laws that pertain to that. Can anyone help me?

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Old Jul 8, 2007, 03:46 PM   #2  
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Laws in what area? Contracts for sale are basically composed of an agreement on the buyer's part to pay a certain amount (down pmt and monthly) for a specified term. At the end of the term the seller transfers the property to the buyer.

Contracts for sale often include a baloon payment to allow the buyer to obtain their own financing.

You should have a real estate lawyer check the contract.
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