Since the Beneficial Interest is not real estate , does the Act apply ? The attorney in Illinois with whom I consulted encouraged me to comply with the Act anyway in case a judge rules that the Act does apply . When you go in front of a judge , anything can happen . . . no matter what the law in your State says . Judges “ make law ” every day in their courtrooms and if you don ’ t like it , you can appeal .
This Could Be a Good Thing
Even if you view the attorney I consulted as being overly cautious , you might consider fulfilling the requirements under that law . They could make your contract even more defensible if it should be challenged .
Here are highlights of those requirements :
1 . The contract must be in writing ; 2 . The Seller must give the Buyer a copy of the contract at least three days before closing .
3 . The contract must contain many disclosures , including , but not limited to the following :
• Purchase price
• Down payment
• Interest rate
• Payment due date
• Balloon payment due date ( if any )
• Amortization Schedule
• Statement of who is responsible for repairs .
• Who pays real estate tax bills
• Who pays for property insurance
• A list of building code violations
• Amount of any unpaid real estate property taxes
• If there are any liens against the property
• If the property has been condemned
• The Seller must record the contract or a memorandum of the contract at the Recorder of Deeds Office in the county where the property is located
• The Seller must provide the Buyer with an account statement upon request
• No prepayment penalties can be charged for payments not due yet
• If you default , you have the right to pay all fees and charges currently due under the contract to cure the default in 90 days .
MEET RANDY HUGHES
I encourage you to learn more by going to my FREE online training at www . landtrustwebinar . com / 411 and text the word “ reasons ” to 206203 2005 for my free booklet , Reasons to Use a Land Trust . You can also reach me the oldfashioned way by calling me at 2173551281 . ( I actually answer my own phone , unlike most other businesses in America today !)
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