Legal Question in Real Estate Law in Illinois
if we are buying homes contract for deed are you presumed owner of the propertie
according to the city ordinance home owners do not have to pay a $200.00 water deposit . although we own 11 homes in this town ,6 of the homes are thru mortgage companies and the other 5 are being bought contract for deed signed before a notary public , the city states that we do not own the cfd properties and says we owe $1000.00 for water deposits. are we presumed owners of these homes?
2 Answers from Attorneys
Re: if we are buying homes contract for deed are you presumed owner of the prope
Hello. In my opinion the
city probably would win in
court, to answer your question. Technically, in
the contract for deed arrangement, you are not the
owner.
Re: if we are buying homes contract for deed are you presumed owner of the prope
This actually is an interesting question, as it involves an interpretation of an ordinance, and also common law. Since I don't have the ordinance to review, I can't give you a definitive answer. However, at common law, a contract purchaser was deemed to have an equitable interest in real property.
I don't have a clue where you live, but I would suggest that you invenst a small amount of money with a real estate attorney in the county in which these properties are located. If you don't know of an attorney, I'm sure that the local bar association does. Good luck!!
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