Gary S. Mueller & Associates, Ltd.815-725-7300
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Agreement for Deed

In addition to assisting clients through a typical residential, commercial, or industrial closing, our firm is experienced in all facets of real estate including Agreements for Deed.  Up until late 2007, our office handled a fair number of Agreements for Deed, but the use of this type of arrangement has become more prevalent.  An Agreement for Deed is a situation where the Seller agrees to sell property but agrees to allow the Buyer to pay a monthly payment directly to the Seller.  In essence, the Seller serves as the “bank” until the Buyer is able to pay for the balance of the purchase price.  In an Agreement for Deed situation, the parties go through an initial closing where the Deed, transfer tax stamps, title charges, attorney’s fees, and some other expenses are incurred.  Typically, the attorney for the Seller places the executed documents into escrow until the second or final closing.  The second or final closing is similar to a typical closing.  At that closing, the Buyer provides the remaining funds to purchase the property from the Seller.  In the current market, Agreements for Deed are becoming more utilized when a Buyer needs some time to establish credit or to come up with funds to purchase the property from the Seller.

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