![]() Title companies will even insure the interest of an Articles buyer. When the Buyer has paid the full contract price, the Seller conveys a deed to the Buyer and the transaction is at an end.Īrticles of Agreement are legal and enforceable in Illinois. ![]() the buyer is the real owner of the property) to the property and makes installment payments to the Seller. ![]() In the wake of the subprime lending crisis and the credit crunch from 2007 to 2010, the “Articles of Agreement for Deed”, also known as an “Installment Land Contract”, has re-emerged as an important tool for the transfer and sale of Illinois real estate.Īs one of a few methods commonly referred to as “seller financing”, Articles of Agreement for deed create a transaction whereby a seller (also referred to as a vendor) maintains legal title to real estate and the right to receive payments under the Articles while the buyer (or vendee) receives “equitable title” (ie. ![]()
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