Accounts Receivable Contract For Deed In Illinois

• Category: Loans and Lending - Accounts Receivables
• State: Multi-State
• Control #: US-00402
• Format: Word; Rich Text

Description

The Accounts Receivable Contract for Deed in Illinois is a legal document that facilitates the sale of accounts receivable between a seller and a buyer. This contract outlines essential terms, including the seller's warranties regarding the accounts, such as their authenticity, outstanding balances, and conditions of payment. Key features include provisions on recourse options, buyer inspection rights, and the delivery of any funds collected on the accounts after the sale date. It requires the seller to provide a complete list of accounts, ensuring that buyers have clarity on what they are purchasing. This form is particularly useful for attorneys, partners, and associates who manage financial transactions or legal due diligence related to sales of receivables. Paralegals and legal assistants benefit from this contract by being able to assist in its preparation and understanding the implications of the accounts being sold. It also serves owners looking to streamline their business cash flow by selling off outstanding invoices. Overall, the contract provides a structured approach to transferring accounts receivable while minimizing legal risks.