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The Role of an Eviction in Defaulted Illinois Contract Sales

Written by Kreisler-Law-PC on . Posted in CCP, contract sale, eviction judgment, evictions, Forcible Entry and Detainer Act, Illinois Code of Civil Procedure, Illinois Forcible Entry and Detainer Act, installment contract for deed, Litigation, real estate transaction

When a real estate seller is willing to finance his buyer’s purchase of the property being sold with a relatively small down payment, it is common for the transaction to proceed by what is called a contract sale or an installment contract for deed. Under that form of transaction, the seller does not execute and record a deed when the transaction closes and possession of the property is transferred to the buyer. Instead, the parties execute a document under which the buyer agrees to make payments and to insure and maintain the property and the seller agrees when the seller has been paid as agreed, a deed will eventually be delivered.

When a buyer defaults under the contract, the seller is faced with the problem of how to terminate the contract and get his property back. The contract sale document will provide that after default and upon notice, the contract may be terminated and all prior payments forfeited. However, that does not put the contract seller back into possession of the property.

Restoration of possession requires the use of the Illinois Forcible Entry and Detainer Act, which is contained in the Illinois Code of Civil Procedure (“CCP”). Section 5/9-104.1 of the CCP requires that a demand be served on the buyer giving at least 30 days to satisfy the demand before suit may be filed. The case then proceeds like any other eviction, except that in entry of the eviction judgment, the court may stay the enforcement of the judgment for up to 60 days where more than 75% of the original purchase price remains unpaid but in cases where less than 75% remains unpaid, the Court is required to stay enforcement of the order for 180 days. The court may grant a shorter stay even where than 75% of the original purchase price remains unpaid, if the plaintiff can show that plaintiff had granted previous extensions of the time to pay or for other good cause shown.

Feel free to contact an Illinois attorney experienced in handling all aspects of real estate transactions and litigation at Logan Law, LLC if you have questions about sale of your Chicago area real estate or any other area of the laws governing real estate.

Logan Law, LLC; Specializing in Business Law and Litigation

Written by Kreisler-Law-PC on . Posted in Business Law, Litigation

As you probably already know, we pride ourselves on providing the expertise, resources and sophistication of the larger law firms without all the hassle and expense. We feel a strong one-on-one client/ attorney relationship is the way to best represent each of our clients. Basically, are approach is on a much more personal level. Our law office can be summed up in two words, focus and commitment. We are focused on your needs and committed to serving you in the best possible way.

One of our specialties is business law and litigation. We can help with establishing the business entity and the preparation and filing of organizational documents. Business agreements require negotiation and the drafting of contracts, franchise agreements and merger agreements and we can do it all. There is also business and contract litigation to consider, we represent plaintiffs and defendants in all kinds of contract disputes, collections and other forms of litigation.

At our initial evaluation, we shall discuss, in a general manner, the legal problems or issues you wish to address. We will also discuss the fees and terms of engagement for the assignment. If there is mutual agreement, we shall prepare a written agreement for your signature. Now, most services can be provided by either an hourly rate or a flat fee. The predictability of flat fees is temping, but not all cases render a flat fee.

You should note that no legal advice is provided to non-clients; thus legal advice is generally not provided during an initial evaluation nor until a written retainer agreement is signed by us and by you. However, if we do proceed to provide legal advice during our initial meeting, you will be charged for the time spent.

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Chicago Landlord or tenant Lawyer Barry Benjamin Kreisler

Barry Benjamin Kreisler

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