Illinois Compiled Statutes 735 ILCS 5/15-1214 – Real Estate Installment Contract
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/15-1214
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- shall: as used in this Article means mandatory and not permissive. See Illinois Compiled Statutes 735 ILCS 5/15-1105
“Real estate installment contract” means any agreement or contract for a deed under which the purchase price is to be paid in installments with title to the real estate to be conveyed to the buyer upon payment of the purchase price or a specified portion thereof. For the purpose of this definition, an earnest money deposit shall not be considered an installment.