John Carson
New Member
- Jurisdiction
- Illinois
My wife and I found a very nice property that an owner was willing to sell to us with a contract for deed. All the terms of the contract looked reasonable except the fact that we had to sign this quit claim deed on the property at the same time we signed the contract for deed essentially signing away the property back to the seller before we even made our first payment on the house. We are wondering if we should do that or not. Conceivably, we could make five years of on time payments and then be late with one payment and the seller could sign his half of the quit claim deed and take back our property without having to go through a foreclosure process. That does not sound fair to me and my wife but he is trying to do that to us and insists he does it with all the people that buy houses from him on contract for deed. Something does not sound right about this and we are just trying too find out if he is allowed to do that in Illinois. It is really a nice house that we are trying to buy but this quit claim deed on the property he is trying to makes us sign right now does not make sense to us, sounds very tricky. We do not know what to do and our attorney is trying to find out if this is legal or not but so far he has not come up with anything definite.
In this contract for deed we are about to sign, if we default on the contract for any reason during the term of the contract the seller would then have the right to take back the property from us by signing his name to the quit claim deed already signed by us. This would bypass any costly and time consuming foreclosure proceeding that would ordinarily have to occur if there was no pre signed quit claim deed in place. Is this legal in Illinois? The attorney for the seller would supposedly hold the pre signed 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 pre signed quit claim deeds in contracts for deeds is not allowed. We are wondering if this is allowed in Illinois. Thank you.
In this contract for deed we are about to sign, if we default on the contract for any reason during the term of the contract the seller would then have the right to take back the property from us by signing his name to the quit claim deed already signed by us. This would bypass any costly and time consuming foreclosure proceeding that would ordinarily have to occur if there was no pre signed quit claim deed in place. Is this legal in Illinois? The attorney for the seller would supposedly hold the pre signed 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 pre signed quit claim deeds in contracts for deeds is not allowed. We are wondering if this is allowed in Illinois. Thank you.