Illinois Bond For Sale Or Mortgage of Real Estate-Surety is a form of financial security that is used to guarantee the performance of a contract or obligation. It is typically used to protect the interests of a lender or other parties in the case of a borrower’s failure to pay the debt, or to provide assurance that the terms of a contract will be met. This form of surety bond is available in two forms: the real estate mortgage bond and the surety bond. Real Estate Mortgage Bond: A real estate mortgage bond is a surety bond that guarantees a lender’s security interest in real estate. The lender is protected from losses due to the borrower’s default on the loan. It is usually required by the lender when a loan is issued and secured by real estate. Surety Bond: A surety bond is a form of surety ship that requires a third party to guarantee the performance of a contract or obligation. The surety is obligated to pay the bond amount to the obliged if the principal fails to fulfill the terms of the contract. This type of bond is commonly used in construction, leasing, and other business transactions. In Illinois, the surety bond and the real estate mortgage bond are both available for sale or mortgage. These bonds are issued by licensed surety companies and are governed by the Illinois Surety Bond Statute.