Are you considering getting your legal matters sorted in the Windy City with the help of experienced business lawyers? Contracts for deed are terms used to describe an arrangement of real estate deals in Chicago. These contracts are designed to provide safety and security for both the buyer and the seller. While the State of Illinois does not have an official law dictating the terms of contracts of deed, Chicago regulations can be made to ensure everyone involved in the deal is treated fairly.

Still, contract for deed agreements that involve real estate in Chicago demonstrate a focused process for the buyer and the seller, as well as the terms and conditions of the sale. If you are seeking legal counsel on contract for deed regulations in Chicago, there are several attorney resources to turn to for professional advice.

What is a Contract for Deed?

Contract for deed, also referred to as a land contract or an installment contract, is an agreement to purchase a property between a buyer and a seller, with the buyer obtaining money from a lender to purchase the property. In the traditional format of a real estate purchase, the seller first registers a deed in his name, then transfers the deed to the buyer. In a contract for deed agreement, the deed is transferred to the buyer after the buyer has fully paid the agreed-changes of the sale, with the seller still holding the right to the deed until all payments have been complete.

Are There Regulations Governing Contract for Deed in Chicago?

The State of Illinois does not have any laws that outline specific regulations for contract for deed. Although, these contracts are still required to abide by the state’s uniform fraud act and the truth in lending act.

In other states, like Michigan, contract for deed includes specific language that guarantees the security of the contract. There are some details of the contract for deed that are outside the control of state regulations. For example, many of these contracts are for longer periods of time, making them susceptible to gain or lose value over the course of the contract.

Additionally, contracts for deed are considered to be somewhat risky for a buyer since the seller is still holding the deed before the buyer is able to clear the payments for the purchase. As a result, there are certain risks the buyer should consider before entering a contract of deed.

Finding Legal Resources in Chicago

UpCounsel is a valuable resource for finding legal help regarding contracts for deed in Chicago. Whether you need a one-time counsel or an entire freelance legal department, UpCounsel’s network of experienced lawyers can provide you with the best advice and assistance on contract for deed regulations in the Windy City.

Their directory consists of attorneys with an average of 14 years of experience. This means you can trust their advice and make sure you are getting the most out of your purchase. Furthermore, profiles of each online attorneys can also provide you with ratings and reviews for their previous clients, given you an insight of their work and what you can expect from these lawyers.

End thoughts

To properly ensure a contract for deed adheres to all regulations and properly guides both the buyer and the seller of the property, it is essential to reach out to legal help, such as that of UpCounsel. These attorneys specialize in contracts of deed according to the law in Chicago, allowing you to make investments in real estate and feel confident that you and the seller are on the same page.


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