Sec. 30. Distressed property conveyance contract terms.

383 words·~2 min read·/il/chapter-765/act-940/30

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 30. Distressed property conveyance contract terms. Every contract required by Section 25 must contain the entire agreement of the parties, be fully assignable, and survive delivery of any instrument of conveyance of the distressed property. Every lease entered into pursuant to a contract required by Section 25 is terminable at will by the distressed property owner, without liability. Every contract required by Section 25 must include the following terms:

(1)the name, business address, and the telephone number of the distressed

property purchaser;

(2)the address of the distressed property;

(3)the total consideration to be given by the distressed property purchaser or tax lien

payor in connection with or incident to the sale;

(4)a complete description of the terms of payment or other consideration

including, but not limited to, any services of any nature that the distressed property purchaser represents he or she will perform for the owner of the distressed property before or after the sale;

(5)a complete description of the terms of any related agreement designed to

allow the owner of the distressed property to remain in the home such as a rental agreement, repurchase agreement, contract for deed, or lease with option to buy;

(6)a notice of cancellation as provided in this Section;

(7)the following notice in at least 12-point boldface type, if the contract is printed,

or in capital letters, if the contract is typed, and completed with the name of the distressed property purchaser, immediately above the statement required by this Section:

"NOTICE REQUIRED BY ILLINOIS LAW Until your right to cancel this contract has ended, ..................(Name) or anyone

working for ...................(Name) CANNOT ask you to sign or have you sign any deed or any other document. You are urged to have this contract reviewed by an attorney of your choice within 5 business days of signing it."; and

(8)if title to the distressed property will be transferred in the conveyance

transaction, the following notice in at least 14-point boldface type if the contract is printed, or in capital letters if the contract is typed, and completed with the name of the distressed property purchaser, immediately above the statement required by this Section:

"NOTICE REQUIRED BY ILLINOIS LAW As part of this transaction, you are giving up title to your home.".