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#449542 - 12/24/15 03:06 PM can I do a contract assignment
bsl Offline
Junior Member

Registered: 12/24/15
Posts: 2
Loc: IL
I have an opp that has come my way I wanted to know if anyone knows if I can do a contract assignment on my contract for deed to flip for a profit

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#449547 - 12/25/15 12:06 AM Re: can I do a contract assignment [Re: bsl]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
Are Land Contracts legal in Illinois ?

If so, you probably can do an assignment, using another Contract between you and the ultimate Purchaser . . . . but you should advise the original Seller. You can "assign" your Rights; but not your Responsibilities.

If you have lined up a Buyer, then I'd seek the advice of an Attorney who has actually been involved in transactions like this (Contracts for Deed or Land Contracts).

When I first did one, the Attorney involved had only read about them in Law School; and he had been practicing Law here for over 30 years.

PS: They may also be referred to as "Installment Contracts" in Illinois; but it appears that they're legal. Here's a little explanation of how they work:

Installment Contracts


Edited by Vermont (12/25/15 01:41 AM)
Edit Reason: Added PostScript
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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