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    sodie75's Avatar
    sodie75 Posts: 1, Reputation: 1
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    #1

    Jul 8, 2007, 02:50 PM
    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? :confused:
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jul 8, 2007, 03:46 PM
    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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