Winnebago County Contract for Deed Form

Additional Illinois and Winnebago County documents included at no extra charge:

Where to Record Your Documents

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Cities and Jurisdictions in Winnebago County

Properties in any of these areas use Winnebago County forms:

• Cherry Valley
• Durand
• Loves Park
• Machesney Park
• Pecatonica
• Rockford
• Rockton
• Roscoe
• Seward
• Shirland
• South Beloit
• Winnebago

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In Illinois, ("Installment sales contract" or "contract" means any contract or agreement, including a contract for deed, bond for deed, or any other sale or legal device whereby a seller agrees to sell and the buyer agrees to buy a residential real estate, in which the consideration for the sale is payable in installments for a period of at least one year after the date of sale, and the seller continues to have an interest or security for the purchase price or otherwise in the property.) ((765 ILCS 67/5) Sec. 5. Definitions)

Key requirements and considerations for a Contract for Deed in Illinois:
1. Written Agreement: The contract must be in writing and signed by both parties. It should include all the terms of the sale, such as the purchase price, payment schedule, interest rate, and responsibilities for taxes and maintenance.

2. Disclosure Requirements: The seller is required to provide certain disclosures to the buyer, including:
o Property Condition: Any known material defects in the property.
o Installment Payment Terms: Detailed terms of the installment payments, including interest rates and payment schedules.

3. Recording the Contract: The buyer should ensure the contract is recorded with the county recorder’s office to protect their interest in the property. This helps in providing notice to third parties and securing the buyer’s interest.

4. Equitable Title: While the seller retains legal title, the buyer receives equitable title, giving them the right to occupy and use the property.

5. Default and Forfeiture: The contract should outline what constitutes a default and the consequences, which may include forfeiture of the property. Illinois law provides some protections for buyers, such as requirements for notice and an opportunity to cure the default before forfeiture.

6. Interest and Fees: (The interest rate being charged, if any, expressed only as an annual percentage rate.) (765 ILCS 67/10) (5))


7. Compliance with Local Laws: Ensure the contract complies with all relevant local, state, and federal laws, including consumer protection laws.

8. Legal Description of Property: The contract should include a legal description of the property being sold.

9. Transfer of Title: The contract should specify that the seller will transfer the legal title to the buyer once all payments have been made and the terms of the contract are fulfilled.

10. Insurance and Taxes: The contract should specify who is responsible for paying property taxes and maintaining insurance on the property during the installment period.

11. Right to Prepay: (Prepayment penalties prohibited. The seller may not charge or collect a prepayment penalty or any similar fee or finance charge if the buyer elects to pay the outstanding principal balance of the purchase price under the contract before the scheduled payment date under the contract.) (765 ILCS 67/60)Sec. 60.)

12. (An amortization schedule, as defined in Section 5.) (765 ILCS 67/10)(23.)
[As used in this Act, unless the context otherwise requires:
"Amortization schedule" means a written schedule which sets forth the date of each periodic payment, the amount of each periodic payment that will be applied to the principal balance and the resulting principal balance, and the amount of each periodic payment that will be applied to any interest charged, if applicable, pursuant to the contract.] [765 ILCS 67/5] Sec. 5. Definitions]

13. A versatile Contract that can be used for installment payment and/or with ballon payment option. Use for residential, condominiums and rental properties. Residential property has additional requirements, a 3 day notice of Right to Cancel, RESIDENTIAL REAL PROPERTY DISCLOSURE REPORT, residential homes built before 1978 require a Disclosure of Information and Acknowledgement-Lead-Based Paint and/or Lead-Based Paint Hazards. Included for your convenience.

Important: Your property must be located in Winnebago County to use these forms. Documents should be recorded at the office below.

This Contract for Deed meets all recording requirements specific to Winnebago County.

Our Promise

The documents you receive here are guaranteed to meet or exceed the applicable Winnebago County recording format requirements. If there is a rejection caused by our formatting, we will correct the issue or refund your payment. This guarantee applies to document formatting only and does not extend to information entered by the user, the selection of the form, or the legal effect of the completed document.

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