Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hi and thanks for asking your question. My name is ***** ***** I will be assisting you. To protect yourself, it would be important to enter into a written contract with the seller when you give him the $4,000. That way, you are protected with a written agreement. You can use a standard Illinois contract form, such as this one: http://chicagorealtor.com/wp-content/uploads/2014/05/6-0-MASTER.pdf. The other thing you should so is pick a title company to close the sale, put their name in the contract as escrow agent, and give your $4,000 to the title company to hold in escrow. It is probably not a good idea to give your deposit directly to the seller.