Updated over 2 years ago on . Most recent reply
Seller Financing Forms (Note & Mortgage) IL - Where? How?
This Monday (November 12th, 2023) I am going to look at house with a seller who is willing to do owner financing. This is an off market deal. I plan to have the Illinois offer contract with me, filled out as much as possible, so that if things look good I can lock down the property immediately. I've never done owner financing before, so I'm not how the process should work. And, my attorney retired and I don't yet have a new one. So I don't have representation or advice from an agent or an attorney (yet). My plan is to have the seller sign the contract, and then after I find a new attorney, have him (or her) write up a note and mortgage if the seller doesn't already have one. My questions are: 1) Am I on the right track? 2) Is there anything I should be careful of? 3) Where can I find samples of loan an mortgage documents that are legal in Illinois?