DGAA bLAWg

Beware: The Illinois Rent-to-Own Law Has Changed

Web Admin - Friday, May 18, 2018
Schaumburg real estate attorney rent-to-own contractsWhen purchasing real estate property, most homeowners obtain a mortgage, which provides them with certain legal protections, including in the case of foreclosure. However, following the financial crash of 2008, many potential homeowners have purchased homes through installment contracts (also known as rent-to-own agreements), allowing them to live in their home and pay down the purchase price over time.

These types of agreements provide low-income homeowners or those who are unable to qualify for a mortgage with the ability to purchase their own home. However, since the seller retains the title of the home until all payments have been made, some predatory sellers may use rent-to-own agreements to take advantage of buyers, especially if they fail to disclose issues related to property maintenance or building code compliance.

Changes to Illinois Law Regarding Installment Contracts

On January 1, 2018, a new state law went into effect that is intended to provide buyers with protections in an installment sales contract (often referred to as an Installment Contract for Sale of Real Estate, Articles of Agreement for Deed, or Installment Agreement for Deed). The Illinois Installment Sales Contract Act applies to sellers who sell three or more residential real estate properties in a single year, and it does not apply to agricultural property that is larger than four acres. The law contains the following new provisions:

- A seller must record a contract with the county recorder of deeds within 10 days of the sale of the property. If the contract is not recorded, the buyer can rescind the contract, and the seller must provide them with a refund of all payments made.

- A contract must contain a statement in large, bold type that informs the buyer of their right to obtain a home inspection and/or appraisal from a third party before signing the contract.

- If a building on the property has been condemned, the contract must contain a statement in large, bold type informing the seller of this fact.

- A contract must include a statement of what repairs the buyer is responsible for making to the property. The seller is responsible for making any repairs not included in this statement.

- If a buyer defaults on any payments, they have 90 days to make payments and cure the default before the seller can bring any action against them. If a buyer cannot cure the default, the seller must refund them any money they spent to perform repairs on the property.

- If a buyer defaults after paying at least 20% of the property’s purchase price, the seller must follow foreclosure procedures in order to evict the buyer from the property.


Contact an Inverness Real Estate Attorney

If you are planning to use an installment contract to buy or sell a home, an experienced attorney can review your contract to ensure that your rights are protected and that the correct legal procedures are followed. To schedule a personalized consultation, contact a Mount Prospect real estate lawyer at 847-934-6000.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.



Sources:
http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3813&ChapterID=62
http://www.ilga.gov/legislation/publicacts/100/PDF/100-0416.pdf
https://www.isba.org/ibj/2017/10/lawpulse/newlawprotectsrealestatepurchaserswhobuy


Recent Posts


Tags

insurance claim denial dynasty trusts Illinois personal injury lawyers caretaker rights medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers hit and run accident Des Plaines accident attorney Rolling Meadows traffic attorney Family Medical Leave Act privacy Palatine Attorney Des Plaines personal injury lawyer Palatine employment law lawyer Buffalo Grove employment lawyer Kenilworth estate planning attorney personal injury law firm drunk driving traumatic brain injury DUI penalities Schaumburg injury lawyer landlord Deer Park workers compensation lawyer drug crime Des Plaines civil attorney Long Grove estate planning attorneys real estate leasing Rolling Meadows employment attorney digital evidence Illinois jet ski accident lawyer first degree murder DUI license revocation pedestrian-automobile accident condo Mount Prospect elder law attorney real estate lawyer severance agreements insurance claims nursing home negligence pregnant women IRA benefits Rolling Meadows marijuana attorney right to work pay when paid contract digital information trust payments life insurance Policy Cancellation Arlington Heights tax lawyer Buffalo Grove personal injury lawyer employee misclassification fatal car accidents business litigation underfunded trust insurance negligence IRS license suspension Illinois bicycle safety BAC Des Plaines pet law attorney bike accident living trust benefits truck collisions Arlington Heights estate planning attorney Schaumburg personal injury attorney Schaumburg wrongful death attorney power of attorney Barrington estate planning attorney Arlington Heights real estate lawyer Rolling Meadows insurance dispute lawyers, insurance dispute Illinois personal injury attorney digital assets cell phone tower data personal injury accidents traffic tickets Mount Prospect wills and trusts lawyers Illinois Probate Act of 1975 motorcycle accident loss of consortium healthcare claims Deer Park personal injury lawyer product liability Illinois traffic ticket lawyer Schaumburg drug defense lawyer construction contracts premises liability Crystal Lake medical malpractice law firm POA Arlington Heights injury attorney blood alcohol content Crystal Lake car accident lawyer Rolling Meadows medical malpractice lawyers Crystal Lake pedestrian accident lawyer motorcycle accident lawyer Barrington employment law attorney vacation home fines texting and driving Illinois workers compensation lawyer senior citizens cell phone accidents Schaumburg real estate lawyer Illinois traffic attorney changes to mortgage law Inverness personal injury attorney Illinois Smoke Detector Act Des Plaines Mt Prospect Attorney eluding a police officer Illinois red light cameras insurance attorney Barrington criminal lawyer Illinois insurance attorney cell phone unauthorized overtime employment attorney personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys liability claims living trust Rolling Meadows corporate lawyer overtime violations Mount Prospect real estate lawyer Inverness accident lawyer car accident lawyers employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys pedestrian injuries, pedestrian fatality insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Rolling Meadows employment law attorney no contest clauses Schaumburg employment law attorneys pain and suffering Illinois Workers’ Compensation Commission marijuana job lawyers Inverness real estate lawyer Long Grove real estate attorney license Barrington employment attorney Schaumburg insurance lawyers medical malpractice compensation child safety probate lawyer DNR employment lawyer Palatine insurance lawyer life insurance policy Rolling Meadows DUI lawyer comparative negligence real estate attorneys Des Plaines real estate lawyer Riverwoods estate planning lawyer food poisoning Illinois workplace discrimination attorney Rolling Meadows business lawyer Palatine drug lawyer Inverness elder law lawyer Palatine probate lawyer Thanksgiving Illinois construction accident attorney unpaid assessment Illinois car accident attorney Rolling Meadows Traffic Lawyer trauma after an accident civil litigation attorney texting while driving sexual harassment Rolling Meadows insurance dispute lawyers Illinois estate planning attorney expungement boating accidents Crystal Lake personal injury lawyer driving Crystal Lake medical malpractice attorneys Inverness injury lawyer Chicago car accident lawyer insurance disputes Palatine employment lawyer deadly crashes Crystal Lake law firm Arlington Heights accident attorney meal breaks Rolling Meadows criminal lawyer Illinois rollover accident lawyers bicycle dooring accidents tax attorney Illinois defective products attorney Illinois traffic attorneys insurance claim Arlington Heights employment law attorneys real estate closing Rolling Meadows litigation lawyer Rolling Meadows drug possession Chicago lawyer spinal cord injury contracts traffic violations Affordable Care Act Crystal Lake employment attorney operating agreements Barrington personal injury lawyer Buffalo Grove real estate attorney digital media accounts, estate planning, Arlington Heights estate planning attorney, Illinois insurance dispute lawyers Rolling Meadows tax attorney Illinois employment laws dram shop law Crystal Lake will lawyer auto accidents employee rights Palatine real estate lawyer Illinois trusts attorney Des Plaines injury law firm Illinois wills and trusts Des Plaines drug crimes lawyer capital gains tax employee discrimination Chicago employment attorney vacation home guardianship attorney Des Plaines collections attorney Illinois corporate lawyer murder charges sexual images Des Plaines claims law firm Buffalo Grove car accident lawyer deed transfer Rolling Meadows personal injury lawyers estate planning trusts golf accidents Illinois wrongful termination lawyer dog bites Illinois workers compensation attorney probate claims process civil litigation revenge porn Illinois probate lawyer Crystal Lake traffic lawyer car accident lawyer field sobriety test Barrington boating accident attorney workers compensation benefits Inverness DUI lawyer Barrington drug crime attorney real estate zoning Schaumburg personal injury lawyer Illinois insurance claims lawyers startup company Schaumburg civil litigation attorney Chicago will attorney, social media platforms, Illinois estate planning lawyer, probate process construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation hiring employees Arlington Heights car accident lawyer Deer Park motorcycle accident lawyer estate planning Crystal Lake employment law attorney DGAA llinois Real Estate Lawyers Association Des Plaines motorcycle accident attorney Illinois collections attorney Illinois trucking safety Chicago insurance law firm Illinois traffic accident lawyer personal injury attorney trusts murder defense Rolling Meadows real estate attorney marijuana crimes attorney Deer Park employment law attorney personal injury Schaumburg car accident attorney mortgage Chicago will attorney Schaumburg criminal attorney Illinois pedestrian accident attorney controlled substance IRA trust transfer Chicago biking tips anesthesia errors Do Not Resuscitate School Visitation Rights Act drunk driving statistics Arlington Heights employment attorney insurance agents wills Illinois real estate lawyer employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, defective products lawyer FSLA disability benefits automated cars Inverness probate lawyer ken apicella Illinois employment law Arlington Heights wills and trusts attorneys jet ski accidents TBI foreclosed rental property Palatine law firm advance healthcare directive federal regulations for LLCs Colin Gilbert Palatine business attorney social media after death Inverness civil lawyer BAIID subcontractor Illinois employee rights attorney. distracted driving accident victims medical malpractice claims Illinois home inspection Illinois living will bicycle accidents breathalyzer test drug crimes ObamaCare pedestrian accident Buffalo Grove traffic attorney Barrington business law firm Long Grove estate planning attorney Illinois workplace lawyer insurance dispute attorney Kenilworth estate planning lawyer Illinois estate planning law firm Illinois personal injury jet ski Inverness insurance attorney Des Plaines medical malpractice attorney Illinois wills and trusts attorneys medication errors DMV murder manufacturing estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Super Mario Illinois real estate landlord tenant law pet bites probate claims Palatine corporate attorney license reinstatement Colin H. Gilbert Crystal Lake pet attorney Detainer Actions Crystal Lake traffic attorney Inverness real estate attorney commercial real estate Retaliatory Discharge Palatine workers compensation lawyer insurance claim delay civil rights violation Schaumburg federal crimes Federal Food Drug and Cosmetic Act condo association Kenilworth estate planning attorneys digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers employment law, Illinois employment laws estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, Illinois job attorney involuntary manslaughter Deer Park medical malpractice attorney clemency Barrington injury attorney installment contracts Barrington criminal defense lawyer denied insurance claims Palatine elder law attorney Schaumburg personal injury lawyers fiduciary rule delay Illinois insurance claim dispute lawyers Rolling Meadows employment law attorneys Deer Park criminal attorney Buffalo Grove traffic lawyers insurance claim denials Arlington Heights wills and trusts lawyer traffic accidents Des Plaines personal injury attorney living trust vs will medical research denial of life insurance Illinois mortgages Palatine corporate law attorneys Illinois boating accident lawyer slip and fall Illinois law estate planning for college students Palatine traffic lawyer breach of contract Schaumburg employment attorney wrongful termination Arlington Heights criminal lawyer Illinois registered agent financial advisors personal injury claim Crystal Lake estate planning lawyer traffic crimes bad faith insurance claims Des Plaines Traffic Lawyer FMLA Illinois DUI attorney underinsured motorist Deer Park DUI lawyer Buffalo Grove personal injury attorney estate tax holiday statistics Buffalo Grove corporate attorney Illinois Human Rights Act Crystal Lake civil litigation lawyer Schaumburg traffic lawyer Rolling Meadows estate planning attorney crossover accidents LLCs Illinois pet lawyer Arlington Heights traffic attorney Crystal Lake injury attorney Palatine civil attorney ACA Illinois construction accidents Illinois criminal defense attorney minimum wage probate Whistleblower Claims pedestrian accidents Barrington personal injury attorney boating DUI hands free device Arlington Heights trucking lawyer Schaumburg probate attorney reckless homicide Deer Park traffic lawyer Self-Directed IRA Accounts wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Des Plaines drug lawyer speeding Barrington employment law firm Illinois Trust Code GM ignition switches Crystal Lake medical malpractice lawyer owner responsibility Deer Park real estate law firm real estate contract Inverness traffic law firm agent pet law Crystal lake insurance dispute attorney Arlington Heights insurance attorney fault based insurance Illinois will lawyer blended families income distribution deducation icy parking lots accidental death benefits preventable medical errors Illinois injury lawyer commercial leases employment law Illinois lawyer suspended license criminal healthcare Long Grove wills and trusts attorneys estate plan Illinois business lawyer attorney fees irrevocable trust Illinois employment attorneys Chicago traffic lawyer Illinois employment law attorneys Arlington Heights lawyer Illinois LLC creation drug crimes lawyer car accident Barrington Traffic Lawyer natural gas explosion Palatine employment attorney Barrington litigation attorney Palatine punch death work unions Palatine civil litigation lawyer Buffalo Grove probate lawyer car crashes rent to own real estate contracts Palatine criminal defense lawyer Des Plaines DUI attorney Palatine trusts lawyer overtime pay trustee Rolling Meadows drug defense attorney investment property PTSD Liquor Control Act Crystal Lake accident attorney trench injuries Illinois estate planning privacy laws Illinois medical malpractice claim paid sick leave IRELA comp time denied insurance claim gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Barrington civil litigation attorney Arlington Heights personal injury attorney Illinois civil litigation lawyer Barrington medical malpractice lawyers dealing with problem employees Schaumburg corporate attorney traffic laws insurance dispute Barrington estate planning lawyer Schaumburg estate planning lawyer Inverness estate planning lawyer car crash injuries gift taxes Home Remodeling Repair Act Schaumburg elder law lawyer Illinois attorney Barrington workers compensation attorney Crystal Lake business law attorneys whistleblower protections Illinois Wage Payment and Collection Act Schaumburg medical malpractice lawyer rumble strips car accidents Legal Info taxes creditors Deer Park accident attorney Des Plaines tax law firm estate planning attorney Illinois personal injury lawyer slip and fall accidents liens insurance denials life insurance lawyer Barrington attorney Rolling Meadows accident lawyer pizza emoji Arlington Heights car crash attorneys Schaumburg construction accident lawyer medical marijuana Illinois motorcycle accident lawyer real estate attorney Long Grove real estate lawyer Employment Discrimination Law Arlington Heights medical malpractice lawyer Illinois employment law attorney Arlington Heights wills and trusts lawyers Rolling Meadows criminal attorney Illinois medical malpractice attorney Chicago trucking accident attorney wills and trusts corporate law Palatine construction attorney Rolling Meadows personal injury attorney Illinois traffic laws sole proprietorship Illinois business law atorneys Rolling Meadows insurance attorney Illinois insurance disputes Arlington Heights Traffic Lawyer Illinois elder law attorney Illinois speeding lawyer Attorney Ken Apicella traumatic brain injuries insurance claim dispute attorney CAM surgical mistakes Illinois employment lawyer real estate trucking accident lawyers Palatine personal injury lawyer estate attorney wrongful death Arlington Heights personal injury lawyer personal injury lawyer Des Plaines personal injury lawyers Fourth of July Arlington Heights TBI attorney Illinois insurance claim attorney Crystal Lake criminal defense attorney Chicago estate planning residential real estate independent contractor Illinois Transfer on Death Instrument Arlington Heights wills and trusts attorney Illinois medical malpractice lawyers commercial leasing compensatory time products liability criminal defense probate fees forming a corporation in Illinois mass shooting insurance agent negligence spinal cord injuries fiduciary rule Rolling Meadows traffic law firm homestead rights institutional trustee elder abuse criminal law Buffalo Grove injury lawyer Joliet general practice lawyers Illinois driving without license trucking accidents car collision Illinois medical malpractice case Fair Labor Standards Act unfunded trust elder law consent to a search Buffalo Grove insurance claim dispute lawyers Rolling Meadows Attorney small business Arlington Heights pedestrian accidents uninsured motorist wage theft filing a medical malpractice claim Class A misdemeanor Inverness corporate attorney Crystal Lake tax lawyer power of attorney for healthcare Jay Andrew Buffalo Grove medical malpractice lawyers modern family estate planning brain injury Des Plaines real estate attorney Palatine estate planning lawyer unpaid overtime Forcible Entry Transfer on Death Instrument Crystal Lake employment lawyer South Barrington real estate lawyer rollover accidents Crystal Lake bike accident lawyer traffic violations defense insurance claim dispute college kids insurance denial appeals Illinois insurance claim dispute lawyer Chicago corporate attorney employees back injuries appealing an insurance claim Long Grove estate planning workers comp Illinois insurance lawyer Home Sale Contingencies Barrington Illinois estate planning lawyer loopholes Crystal Lake insurance lawyer Palatine injury attorney natural gas in terrorem provision defective products Schaumburg criminal law attorney Schaumburg estate attorney living wills Rolling Meadows probate lawyer Palatine traffic accidents problem employees Chicago employment lawyer drugs South Barrington real estate attorney foreclosure Chicago estate planning lawyer Schaumburg estate planning attorney Rolling Meadows boating crash lawyer Illinois employment law firm DUI attorney car crash Rolling Meadows personal injury lawyer internet home inspection lawyer Buffalo Grove law firm Food and Drug Administration's Food Safety Modernization Act Chicago attorney Crystal Lake car accident attorney criminal record Arlington Heights Attorney Des Plaines insurance attorney traffic deaths Deer Park traffic accident attorney insurance adjusters Illinois small business workers compensation new real estate form BUI caregiver Exclusions traffic offenses medical malpractice Illinois Sales Representative Act head on collisions distracted driving accidents Illinois tax attorney DUI defense underage DUI rollover car crashes insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys low-ball insurance settlement Des Plaines criminal attorney Schaumburg Attorney special needs trust Crystal Lake personal injury attorney life insurance claims personal injury claims estate planning lawyer Barrington real estate lawyer Landlord Tenant Ordinance employment contract boating under the influence Rolling Meadows car accident lawyers preventing accidents swimming pools rest breaks Chicago insurance claim attorneys Buffalo Grove criminal defense lawyer workplace sexual harassment liability health insurance dispute Rolling Meadows insurance lawyer

Archive