Buying Contract For — Deed

: Ensure the right to an independent inspection and a formal appraisal to verify value before signing.

Contract for deed common questions (FAQ) - Illinois Legal Aid Online

: Disclosure of any existing mortgages or limitations on the property. Critical Steps for Buyers buying contract for deed

A (also known as a land contract or installment sale agreement) is a seller-financing agreement where the buyer makes payments directly to the seller rather than a bank. Unlike a traditional mortgage, the seller retains the legal title to the property until the final payment is made.

: Clearly state who is responsible for property taxes and homeowners insurance. : Ensure the right to an independent inspection

: Verify the seller actually owns the property and that there are no undisclosed liens.

: Specify who is responsible for maintenance and whether the property is being sold "as is". Unlike a traditional mortgage, the seller retains the

: If you miss a single payment, you may lose the property and all previous payments (depending on state law).