Mcdonough County Memorandum of an Installment Sales Contract Form

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

Where to Record Your Documents

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Cities and Jurisdictions in Mcdonough County

Properties in any of these areas use Mcdonough County forms:

• Adair
• Bardolph
• Blandinsville
• Bushnell
• Colchester
• Good Hope
• Industry
• Macomb
• Prairie City
• Sciota
• Tennessee

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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.

Important: Your property must be located in Mcdonough County to use these forms. Documents should be recorded at the county recording office listed above.

This Memorandum of an Installment Sales Contract meets all recording requirements specific to Mcdonough County.

Our Promise

The documents you receive here are guaranteed to meet or exceed the applicable Mcdonough 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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