Q: Contract for deed void because of missing and wrong info on contract? It's also only a 4 year contract.
My mother in law sold her house on a contract for deed sale in Coles Co. Illinois. It was signed in June of 2015 and wrote out as monthly payments for 48 months and then a lump sum balloon payment. The girl who helped her write the Contract did it like crap.
Contract says original purchase price was $35k. 48 monthly payments of $400 and then a balloon payment of $19,200. Obviously it should be $19,200 in monthly payments and a balloon payment of $15,800. The entire contract is little mistakes like that. Also, after reading requirements for IL contract for deed laws and seeing that one of the requirements is that the Contract length be at least a term of 5 years.
The guy stopped paying and we are going through eviction process now. Sent letters out. Have a court date set in January 2019.
I just want to know if this contract is even legally good? What should I be expecting a judge to say about the mistakes in contract and fact that contract length is less than 5 years.
A: There are several issues based on the facts presented. Illinois has very strict requirements when it comes to contracts for deed, or installment land contracts. If all of the requirements are not met, it can be deemed voidable by the court, which could entitle the previous buyer to all funds paid towards the contract.
That said, I recommend organizing the contract, as well as everything else that is relevant to this matter, and consulting with an attorney. After a thorough review of the facts, a knowledgeable attorney can advise as to the best course of action moving forward.
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