Buying a home is one of the most important decisions Illinois residents will make, and probably the most expensive as well. Due to the importance of this purchase, most people want to know as much as possible about the home before they buy it. One way to do so is through home inspections, which are an important component of real estate transactions.
Many people include a contingency in their purchase contracts regarding the outcome of the home inspection. It may be possible to make the sale price contingent upon the home inspection. For instance, if repairs are needed to the home, the seller may lower the purchase price to cover the cost of the repairs.
On the other hand, the contingency could require the seller to make any repairs suggested by the home inspection at his or her expense prior to the closing. If a follow up inspection does not indicate those repairs were made up to code and properly, the buyer would not be obligated to go through with the closing. In either case, the buyer may have the option to back out of the transaction if the home inspection indicates that significant repairs are required to the home.
Home inspections are just one part of the due diligence required in real estate transactions. Potential buyers may want to make sure that they are buying a house free from major defects with a clear title. In order to do that, it may be a good idea to consult with experienced Illinois real estate attorney.