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Updated September 07, 2023

An Illinois land contract documents the binding terms of the purchase and sale of vacant land between two parties. Both the seller and buyer must draft this contract with information regarding the land’s legal descriptors as well as the agreed-upon purchase price. Upon coming to mutual terms, the parties must schedule a closing date in order to execute the contract and transfer any funds due at signing. The seller must then sign the deed after the contract has been finalized.

Where to Record? (765 ILCS 5/35) – All deeds must be recorded with the County Recorder’s Office in the jurisdiction of the property.