Lake County Memorandum of an Installment Sales Contract Form (Illinois)

The following Illinois and Lake County supplemental forms are included as a courtesy with your order:

When using these Memorandum of an Installment Sales Contract forms, the subject real estate must be physically located in Lake County. The executed documents should then be recorded in the following office:

Local jurisdictions located in Lake County include:

• Antioch
• Barrington
• Buffalo Grove
• Deerfield
• Fort Sheridan
• Fox Lake
• Grayslake
• Great Lakes
• Gurnee
• Highland Park
• Highwood
• Ingleside
• Island Lake
• Lake Bluff
• Lake Forest
• Lake Villa
• Lake Zurich
• Libertyville
• Lincolnshire
• Long Grove
• Mundelein
• North Chicago
• Round Lake
• Russell
• Vernon Hills
• Wadsworth
• Wauconda
• Waukegan
• Winthrop Harbor
• Zion

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.

Our Promise

The documents you receive here will meet, or exceed, the Lake County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

Save Time and Money

Get your Lake County Memorandum of an Installment Sales Contract form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties and local jurisdictions.

4.8 out of 5 - ( 4434 Reviews )