My question involves real estate located in the State of: Illinois
In this scenario, if the buyer defaults on the contract for any reason during the term of the contract the seller would then have the right to take back the property by signing his name to the quit claim deed already signed by the buyer. This would bypass any foreclosure proceeding that would ordinarily have to occur if there was no presigned quit claim deed in place. Is this legal in Illinois? The attorney for the seller would supposedly hold the presigned quit claim deed in escrow to be executed by the seller at the appropriate time under the proper circumstances, whatever those might be. In many states this practice of having presigned quit claim deeds in contracts for deeds is not allowed. I am wondering if this is allowed in Illinois. Thank you.
In this scenario, if the buyer defaults on the contract for any reason during the term of the contract the seller would then have the right to take back the property by signing his name to the quit claim deed already signed by the buyer. This would bypass any foreclosure proceeding that would ordinarily have to occur if there was no presigned quit claim deed in place. Is this legal in Illinois? The attorney for the seller would supposedly hold the presigned quit claim deed in escrow to be executed by the seller at the appropriate time under the proper circumstances, whatever those might be. In many states this practice of having presigned quit claim deeds in contracts for deeds is not allowed. I am wondering if this is allowed in Illinois. Thank you.
Deeds - Quitclaim: Is It Legal when Doing Contract for Deed to Have Buyer Presign a Quit Claim Deed
Aucun commentaire:
Enregistrer un commentaire