Q: We signed a contract for deed in IL and cannot afford to stay. Can we vacate the premises and return property to seller
We want to get out of the contract for deed. We are behind on payments. Seller states if we move we are liable for the entire amount
being due immediately...
A:
There are too many missing parts to your question. If you signed a contract to lease the premises and with option to purchase at the end of the lease, then you would be liable for the term of the lease. That being said, the landlord would need to make a reasonable effort to the lease the premises, mitigate his damages, and if he did the lease the premises you would be off the hook.
If you signed a purchase agreement to purchase the property, and you wanted to walk away and return the property to the owner, the terms of the contract would dictate if there are any damages to be paid. I would think they would be minimal. It does not make sense that you would be required to pay the entire contract, as you would be the owner of the property. It sounds like a weak threat.
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