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735 ILCS 5/ 15-1214
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§ 15-1214 Real Estate Installment Contract
Article XV: Mortgage Foreclosure
Part 12: Definitions
Rule Text
"Real estate installment contract" means any agreement or contract for a deed under which the purchase price is to be paid in installments with title to the real estate to be conveyed to the buyer upon payment of the purchase price or a specified portion thereof. For the purpose of this definition, an earnest money deposit shall not be considered an installment.
Amendment history: (from Ch. 110, par. 15-1214) (Source: P.A. 84-1462.)