Barone Group - Compass

WHAT ARE ARTICLES OF AGREEMENT?

Articles of Agreement are an alternative way to buy or sell real estate where the seller finances the purchase instead of the buyer getting a traditional mortgage right away.

The buyer typically makes a down payment and monthly payments to the seller under an agreed-upon contract. Depending on the agreement, legal title may remain with the seller until the contract requirements are satisfied.

🔍 HOW DO YOU PROTECT YOURSELF?

Don’t treat Articles of Agreement like a handshake deal.

✔️ Have a real estate attorney review/draft the agreement
✔️ Verify title, liens & existing financing
✔️ Clearly define taxes, insurance, maintenance & repairs
✔️ Vet the buyer’s income, credit & ability to pay
✔️ Understand default remedies and any balloon/refinance deadline
✔️ Make sure the transaction complies with applicable Illinois law

Articles of Agreement can be a powerful tool when traditional financing doesn’t fit — but the structure of the deal matters just as much as the price.

📲 Thinking about buying or selling creatively? Let’s talk about the options — and bring the right attorney/lender into the conversation before signing anything.

- Barone Group!

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