This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. This form is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Illinois Contract For Deed Statute
State:
Illinois
Control #:
IL-01-83
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois Lady Bird Or Enhanced Life Estate Deed - Individual To Individual?
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FAQ
You should record the Contract for Deed in the county where the property is located as soon as possible. Recording the contract helps protect you. You should still record the contract even if it states it ?cannot? be recorded. Bring the signed contract to the county courthouse to officially record the contract.
A Contract for Deed is a way to buy a house that doesn't involve a bank. The seller finances the property for the buyer. The buyer moves in when the contract is signed. The buyer pays the seller monthly payments that go towards payment for the home.
Include the agreed upon purchase price, down payment amount, interest rate and payment details. You should also outline the payment schedule and how and where payments are to be made. Besides monthly payments, you'll want to define if they will have to pay a final lump sum or balloon payment at the end of the term.
Typically, these contracts can be renegotiated so long as both parties are willing. Information needed to make a Contract for Deed. ... Property details. ... Buyer and seller information. ... Price and payment information. ... Payment terms. ... Seller debt. ... Property use and access. ... Insurance and taxes.
Illinois deeds must meet the following content requirements: Current owner (grantor) and new owner (grantee) name and address. An Illinois deed that transfers title to real estate must include on the face of the document the names and addresses of the current owner and the new owner. Granting clause.