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In Illinois, the property records are located at the county recorder. You can go there in person to conduct a search or you can check the county recorder's website to see if they offer online searching.

A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.

A land contract is a written legal contract, or agreement, used to purchase real estate, such as vacant land, a house, an apartment building, a commercial building or other real property. As a type of specialty home financing, a land contract is similar to a mortgage.

The main feature that differentiates a deed and an agreement is that deeds do not require consideration to be binding, while agreements do. Another key difference is that agreements can be enforceable even where they are made orally while deeds must be executed in writing.

A contract for deed (sometimes called an installment purchase contract or installment sale agreement) is a real estate transaction in which the purchase of the property is financed by the seller rather than a third party such as a bank, credit union or other mortgage lender.

Under a contract for deed, the grantee (vendee) generally has the legal right to possess and use the property during the course of the contract and to receive legal title to the property when the terms of the contract are completed.

In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs. Another important feature of a contract for deed is that seizure of the property in the event of a default is generally faster and less expensive than seizure in the case of a traditional mortgage.

Termination of Contract for Deed The seller must deliver a notice to the buyer of the seller's intent to terminate the contract. The notice names the conditions of the default, terms of reinstatement that set out what the buyer must pay to redeem his interest and notice of the consequences upon failure to comply.

A contract for deed, also called a land contract, is a legal agreement for the sale of property between a buyer and seller, alternative to a mortgage.

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.