In a real estate sale condo accomplished through a ‘contract’ not a regular mortgage, I believe an appraisal of the property would be standard practice and who would pay for it?

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In a real estate sale condo accomplished through a ‘contract’ not a regular mortgage, I believe an appraisal of the property would be standard practice and who would pay for it?

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Asked on November 14, 2018 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You seem to be mixing two concepts: all real estate sales involve a contract whereby one person agrees to sell the real estate to another for a certain price and under certain terms; and a mortgage is a way of getting financing, not an agreement to sell or buy something. Any real estate purchase where the buyer is not purchasing with cash they had in the bank involves a conrtract and a mortgage.
Are you referring to a private mortage, where the seller essentially finances the sale by allowing the buyer to pay him/her over time, in certain increments, at a certain interest rate, as if the buyer were repaying a mortgage--except instead, he or she is paying the seller? If so, then yes--that is legal for a condo sale, as it is for a sale of any other real estate. You would be well-advised to retain a real estate attorney to draw up and structure the agreement for you, to make sure you (whether as buyer or seller) are properly protected.


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