The process of buying a home in Illinois has become increasingly complex over the years. While retaining a skilled real estate attorney from the start is a good idea, you should also familiarize yourself with the steps of the buying and selling procedure. Here are some things you need to know.
The Residential Purchase and Sale Agreement Defines Parameters
The Illinois Residential Purchase And Sale Agreement is a binding contract, which binds a seller and buyer into a legal agreement. It allows both to negotiate terms of the agreement with aid from third parties, such as a realtor. Once the contract is signed, it cannot be violated or broken in any way.
The agreement comprises relevant terms and conditions, such as the price, surveys, financing, the condition of the property and other elements both parties must come to an agreement on. The buyer must ensure the property undergoes proper inspections before he/she signs the agreement. Similarly, the seller has to make sure to give the buyer a standard state disclosure form.
Inspection and Loan Approval Is Mandatory In Most Cases
Most real estate contracts come with an inspection provision, meaning buyers have the right to hire a professional inspector to check for defects. Some may also allow buyers to request repairs to the property post inspection. Others may allow repairs as per a set dollar amount and some may also allow the buyers to cancel the deal if they think the property is beyond repairs.
Whatever the case may be, the buyer and seller attorneys will negotiate repairs on their clients’ behalf. Once the inspection period has passed, the attorney of the buyer will help his/her client with the mortgage contingency. This allows the buyer to cancel the transaction if he/she cannot acquire a loan that meets the terms of the contract.
In such cases, the attorney has to determine whether the loan commitment of the lender complies with the terms of the contract or not. This also includes ensuring the seller receives proper notice regarding loan approval or if it was not approved.
Whether you want to sell or buy real estate in Illinois, get in touch with the attorneys at Covert Marrero Covert LLP today. We are experienced in guiding clients through the often complex transaction process. Get in touch with us for a consultation in Warrenville, Naperville and Schaumburg, IL today.
