Replace Text In Legal Illinois Commercial Property Sale Forms For Free

Example: 'X' sold 10 bags of Wheat to 'Y' against payment of Rs. 3,000. Example: 'X' agrees to sell 10 bags of wheat to 'Y' for Rs. 3,000 after getting the stock.

55 ILCS 5/3-5018 details the fees that the recorder can charge for this service. Although a deed does not have to be recorded to be a valid conveyance, there are practical reasons for recording a deed. Deeds do not take effect as to creditors and subsequent purchasers without notice until the instrument is recorded.

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.

Illinois deeds submitted for recording must be accompanied by a signed Transfer Tax Declaration Form (PTAX-203) unless the deed is exempt from transfer tax. The declaration uses a form published by the Department of Revenue and includes information about the transaction and a calculation of the transfer tax due.

In fact, you may face serious consequences if you do. You may be forced to sell. If you don't complete the transaction and have no lawful reason to renege on the contract, you may be forced into "specific performance"?a court order that demands the contract be executed ing to its terms.

IT IS VERY IMPORTANT that you record the contract for deed at the county recorder's office. This lets others know you are interested in the property. It is your responsibility to do this. The county recorder's office may not let you record the contract for deed until past due property taxes are paid.