The seller has the option of recording the Contract for Deed, or a Memorandum of Contract (within 10 business days of the date of sale of any residential real estate subject to an installment sales contract, and prior to any subsequent sale or other transfer of any interest in the residential real estate or contract by the seller, the seller shall record the contract or a memorandum of the contract with the county recorder of deeds. A memorandum of the contract shall be titled "MEMORANDUM OF AN INSTALLMENT SALES CONTRACT") ((765 ILCS 67/20(a))

In short an ("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. "Installment sales contract" does not include a financing arrangement that for religious or cultural reasons does not allow the imposition or collection of interest and that is offered by a person, partnership, association, limited liability company, or corporation doing business under and as permitted by any law of this State or the United States relating to banks, savings and loan associations, savings banks, credit unions, or third-party religious or cultural lenders.) ((765 ILCS 67/5)

Why record a Memorandum instead of a Contract?
Memorandum of Contract: This is useful when you want to protect certain details of the agreement while still providing public notice of its existence. It is appropriate for maintaining some level of privacy and avoiding the recording of lengthy or sensitive contract details.

Original Contract: Recording the original contract is beneficial when you need full legal protection and clarity. It ensures that all terms are public and enforceable, providing comprehensive protection against disputes and claims.

How to Use This Form

Select your county from the list above
Download the county-specific form
Fill in the required information
Have the document notarized if required
Record with your county recorder's office

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Common Uses for Memorandum of an Installment Sales Contract

Protect a buyer's interest in a property during installment payments
Establish the terms of a seller-financed real estate sale
Assign a land contract to a new investor or purchaser
Cancel a recorded memorandum of contract for deed after closing
Provide public notice of a land contract to protect the buyer
Sell property with seller financing instead of a traditional mortgage
Sell a family property with flexible payment arrangements

Compare other Illinois deed forms and documents

Quitclaim Deed Gift Deed Correction Deed Warranty Deed Special Warranty Deed Grant Deed Easement Deed Termination, Cancellation of Easement / Right of Way Mineral Deed Mineral Deed with Quitclaim Covenants Special Power of Attorney for the Purchase of Property Special Power of Attorney for the Sale of Property Statutory Short Form Power of Attorney for Property Mortgage Secured by Promissory Note Release of Mortgage Contract for Deed Full Release of Memorandum of an Installment Sales Contract Deceased Joint Tenant Affidavit Transfer on Death Instrument Transfer on Death Revocation Notice of Death Affidavit and Acceptance Trustee Deed Executor Deed Administrator Deed Contractor 60-Day Residential Notice Mechanics Lien Mechanics Lien Subcontractor Mechanics Lien Preliminary 60 Day Notice Mechanics Lien Preliminary 90 Day Notice Waiver of Lien to Date Unconditional Waiver and Release of Mechanic Lien Subcontractor Final Waiver and Release of Lien Disclaimer of Interest Lis Pendens Lis Pendens Release Certificate of Trust

Important: County-Specific Forms

Our memorandum of an installment sales contract forms are specifically formatted for each county in Illinois.

After selecting your county, you'll receive forms that meet all local recording requirements, ensuring your documents will be accepted without delays or rejection fees.

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