Welcome to your one-stop solution for an Illinois specific Contract for Deed Template
. Whether you’re involved in a real estate transaction or negotiating a land contract, having the right legal document
Just like any other agreement, this contract ensures both parties understand their responsibilities and terms of property ownership. Our user-friendly template simplifies this purchase agreement process for you.
You can easily download, edit, and tailor the template according to your specific needs. The contract provides a comprehensive guideline that aligns with the unique real estate laws in Illinois.
CONTRACT FOR DEED
This Contract for Deed, (“Agreement”) is made this ______ day of ___________, 20______, between **[SELLER NAME]**
(hereinafter “Seller”) with an address at **[SELLER ADDRESS]**
, City of **[SELLER CITY]**
, State of Illinois and **[BUYER NAME]**
(hereinafter “Buyer”) with an address at **[BUYER ADDRESS]**
, City of **[BUYER CITY]**
, State of Illinois.
2. DESCRIPTION OF PROPERTY:
Seller agrees to sell and Buyer agrees to buy the property legally described as: **[PROPERTY LEGAL DESCRIPTION]**
and commonly known as **[PROPERTY STREET ADDRESS]**
, City of **[PROPERTY CITY]**
, State of Illinois (the “Property”).
3. PURCHASE PRICE:
The total purchase price for the Property is **[TOTAL PURCHASE PRICE]**
and shall be paid by Buyer to Seller as follows: initial payment of **[INITIAL PAYMENT AMOUNT]**
upon execution of this Agreement, with the balance of **[BALANCE AMOUNT]**
to be paid in monthly installments, including interest, as provided below.
4. TERMS OF PAYMENT:
The balance of the purchase price will be paid in monthly installments of **[MONTHLY INSTALLMENT AMOUNT]**
beginning on **[FIRST PAYMENT DATE]**
and continuing on the same day of each succeeding month thereafter until the balance is fully paid.
Interest will be charged on the unpaid balance at the rate of **[INTEREST RATE]**
Buyer will take possession of the Property on **[POSSESSION DATE]**
7. TAXES AND ASSESSMENTS:
All taxes and assessments levied against the Property will be paid by **[PARTY RESPONSIBLE FOR TAXES/ASSESSMENTS]**
If Buyer defaults under this Agreement, Seller may declare the total unpaid balance under this Agreement immediately due and payable.
9. CONVEYANCE OF PROPERTY:
Upon payment of all sums due under this Agreement, Seller agrees to convey good and marketable title to the Property to Buyer, free and clear of all encumbrances.
10. GOVERNING LAW:
This Agreement shall be governed by and construed in accordance with the laws of the state of Illinois.
11. ENTIRE AGREEMENT:
This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written.