Kane County Real Estate Lawyers

Drafting and Review of Real Estate Sale and Purchase Agreements

Purchasing a home or other property is an exciting opportunity, and a major investment. Owning a home is a big step in many people’s lives, but is often overwhelming. As any property owner can tell you, the property purchase is accompanied by reams of paperwork. Each document will contain technical legal language about complex areas of the law. With so many documents involved in your purchase, it is important to ensure that every page is accurate and your agreement is correctly written. Without careful scrutiny of your real estate agreement, important clauses may be overlooked or excluded. If you are contemplating buying or selling property, be sure to consult with an experienced Sugar Grove real estate lawyer today. Your attorney can draft and review the agreement while prioritizing your financial interests.

Considerations in Real Estate Agreements

Buying or selling any property is certainly not a simple process. There are many steps that both buyer and seller must take, and many considerations that need to be discussed. Each party has many legal options when drafting the final real estate agreement. In fact, many buyers and sellers often find their wide variety of options overwhelming. Some considerations to think about include:

  • Home inspection contingencies;
  • Property valuation;
  • Mortgage contingencies;
  • Closing dates;
  • Final costs;
  • Repair issues; and
  • Survey inquiries.

Instead of getting bogged down in the details, consult with a knowledge Illinois real estate attorney who can help take care of these details for you. Your attorney can thoroughly explain your options, and help you make an informed decision.

State Law and Required Disclosures

Another important part of any real estate agreement is disclosures. State law requires certain sellers to disclose specific issues with the property to any prospective buyers. This law applies to residential property sellers, and requires these owners to inform buyers about certain issues with the house. Such disclosures are in addition to federally required ones, such as lead paint disclosures. Buyers usually depend on these disclosures when deciding to move forward with their purchase.

You should know that while state law does not require a home inspection during the disclosure phase of the purchase, many buyers want such a contingency in the purchase agreement. Both buyer and seller should carefully weigh any and all disclosures during negotiations and when drafting the real estate agreement. As with all aspects of real estate law, the disclosure requirements can lead to complications during the property purchase. Whether you are a buyer or seller, you should consult with a reputable, experienced real estate lawyer in your area before moving forward.

Attorney Review and Modification

The myriad of issues and concerns that are involved in these transactions make it critical to include built-in protections within the real estate contract. Perhaps the most important is the attorney review and modification clause. As the name implies, this portion of a contract allows both the buyer and the seller to have a real estate attorney examine their agreement for a set period of time after it was signed. The lawyer can then offer guidance regarding anything that may need to be changed or altered in the agreement to protect the client. If the professional finds some cause for concern and the other party refuses to budge, then the client has the option of canceling the contract, instead of being forced to purchase the home or pay damages.

The bottom line: Never sign a real estate contract unless the contract includes an attorney review and modification provision. If you are asked to sign something without it, insist that it be added.

Experienced Sugar Grove Real Estate Law Firm

At White & Ekker, P.C., our Kane County real estate attorneys can provide you with experienced legal advice regarding your real estate purchase agreement. We have extensive knowledge about Illinois contract and real estate law. We will use this knowledge to benefit you by carefully drafting and reviewing a real estate agreement tailored to your needs. To contact one of our real estate lawyers, call 630-466-1600. You can ask questions and discuss your concerns during a free initial consultation.

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