Real Estate Contract

[caregiver30]

What is the name of your state? Illinois

My grandmother has her home for sale which she no longer lives in. The house needs some repairs and an investor is offering to buy the house and pay her 80% upfront, which would be $77,500. The remaining $15,400 would be paid in $100 installments over a 36 month period. At the end of 36 months, the final balance of $11,800 would be due immediately.

Here's my question. What should the correct verbiage state in the contract to ensure that this payment arrangement is honored? Also, in the event of the investor's death how will the proceeds still be paid, and how should this be written in to the contract?

Thanks

[HuAi]

Pay a RE lawyer a couple hundred bucks to draw up this agreement for you.