Chicago Illinois Buyer's Request for Accounting from Seller under Contract for Deed

• Category: Illinois Real Estate - Contract for Deed - Notices
• State: Illinois
• City: Chicago
• Control #: IL-00470-13
• Format: Word; Rich Text

Description

This is a Purchaser's Request of Accounting Statement from Seller. It is a request in writing to receive an accounting of the payments paid since the contract was made and a breakdown of any interest, fees, costs, taxes and insurance paid. It is also a request for the balance due on the contract. A Chicago Illinois Buyer's Request for Accounting from Seller under Contract for Deed is a document that a buyer submits to the seller to request a thorough and detailed accounting of all financial transactions related to the property being purchased under a contract for deed agreement. This request serves to ensure transparency and provide the buyer with a clear understanding of the financial aspect of the transaction. Keywords: Chicago Illinois, buyer's request, accounting, seller, contract for deed, financial transactions, transparency, property purchase. Different types of Chicago Illinois Buyer's Requests for Accounting from Seller under Contract for Deed may include: 1. Purchase Price Breakdown: This type of request seeks a detailed breakdown of the purchase price, specifying the amount paid towards the principal, interest, escrow accounts, taxes, insurance, and any other relevant fees or charges. 2. Escrow Account Statement: A buyer may request an accounting of any funds held in an escrow account, including the initial deposit and subsequent payments made towards the property. 3. Transaction Expenses: This type of request aims to identify and itemize any expenses incurred during the transaction process, such as fees paid to lawyers, real estate agents, title companies, or any other professional services availed. 4. Tax and Insurance Payments: Buyers can request a detailed record of any tax payments or insurance premiums made by the seller or held in escrow during the period covered by the contract for deed. 5. Balloon Payment Calculation: If a contract for deed includes a balloon payment, the buyer may request an accounting statement that outlines the amount due, accrued interest, and any potential adjustments or escrow account involvement. 6. Maintenance and Repair Costs: Buyers may seek an accounting of all maintenance and repair costs attributed to the property during the seller's possession under the contract for deed arrangement. 7. Interest Calculation: If interest is involved in the contract for deed agreement, the buyer may request documentation demonstrating how the interest rate was calculated and applied to the payments. It is important for the buyer to clearly outline their specific requirements and expectations in the request to ensure that all relevant financial information is provided by the seller. This allows for a comprehensive understanding of the financial aspects of the contract for deed and promotes transparency and accountability between the buyer and seller.

A Chicago Illinois Buyer's Request for Accounting from Seller under Contract for Deed is a document that a buyer submits to the seller to request a thorough and detailed accounting of all financial transactions related to the property being purchased under a contract for deed agreement. This request serves to ensure transparency and provide the buyer with a clear understanding of the financial aspect of the transaction. Keywords: Chicago Illinois, buyer's request, accounting, seller, contract for deed, financial transactions, transparency, property purchase. Different types of Chicago Illinois Buyer's Requests for Accounting from Seller under Contract for Deed may include: 1. Purchase Price Breakdown: This type of request seeks a detailed breakdown of the purchase price, specifying the amount paid towards the principal, interest, escrow accounts, taxes, insurance, and any other relevant fees or charges. 2. Escrow Account Statement: A buyer may request an accounting of any funds held in an escrow account, including the initial deposit and subsequent payments made towards the property. 3. Transaction Expenses: This type of request aims to identify and itemize any expenses incurred during the transaction process, such as fees paid to lawyers, real estate agents, title companies, or any other professional services availed. 4. Tax and Insurance Payments: Buyers can request a detailed record of any tax payments or insurance premiums made by the seller or held in escrow during the period covered by the contract for deed. 5. Balloon Payment Calculation: If a contract for deed includes a balloon payment, the buyer may request an accounting statement that outlines the amount due, accrued interest, and any potential adjustments or escrow account involvement. 6. Maintenance and Repair Costs: Buyers may seek an accounting of all maintenance and repair costs attributed to the property during the seller's possession under the contract for deed arrangement. 7. Interest Calculation: If interest is involved in the contract for deed agreement, the buyer may request documentation demonstrating how the interest rate was calculated and applied to the payments. It is important for the buyer to clearly outline their specific requirements and expectations in the request to ensure that all relevant financial information is provided by the seller. This allows for a comprehensive understanding of the financial aspects of the contract for deed and promotes transparency and accountability between the buyer and seller.