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real estate transactions Archives

The basics of real estate contracts

Anytime you buy or sell a piece of property here in Illinois, one of the first steps will more than likely be to negotiate and execute a written agreement with the other party. Unless you participate in real estate transactions on a regular basis, you may not have a clear understanding of what these real estate contracts involve. Below is some basic information about what these contracts include, which should give you a starting point for understanding them.

Can environmental toxins or pollutants like mold kill a sale?

As a precautionary measure, many Illinois homeowners will pay for an inspection before putting their homes on the market. What happens if the inspector finds environmental toxins or pollutants such as mold? Does that kill your chances of selling your home? Perhaps not, but it may put some additional liabilities on you as the seller.

What disclosures are required in real estate transactions?

You could have a variety of reasons for selling your home, but you do not need to disclose all of them. However, you will need to make certain disclosures required by Illinois law in all real estate transactions. If you fail to do so, you could end up with larger problems than you would by letting potential buyers know if something significant is wrong with the house.

Do you need legal counsel on mandatory disclosure requirements?

The simple answer to this question is, yes. Whether you are buying or selling real estate here in Illinois, having an understanding of the laws applicable to this topic is essential. Having legal counsel on mandatory disclosure requirements could keep a seller out of trouble and a buyer in the know.

What happens if you find one of these construction defects?

Like many other Illinois residents, you may believe that purchasing a brand new home can help you avoid the issues that come with buying an older home in which one or more families has lived over the years. The problem is that even newly constructed homes can have defects. Do the problems with your new home qualify as "construction defects" for filing a claim?

Building defects can destroy the joy of a real estate purchase

Buying property should be an exciting and satisfying experience for Illinois residents. Sadly, not all purchases turn out to be that way due to the discovery of defects in the structure. Building defects are supposed to be disclosed by the seller, but that does not always happen.