When you look to buy a piece of commercial property here in Illinois, you obviously have numerous considerations to look into before finalizing your purchase. Your due diligence includes title searches, surveys and financing issues. However, have you considered whether any environmental toxins or pollutants exist on the property that could cause you problems in the future?
When it comes to making investments here in Illinois, how you pay for them often depends on your financial situation. Of course, it would be nice to pay cash for your investments in order to save on paperwork, interest and other issues that go along with real estate financing, but that is not always possible. If you need to seek financing from other sources, you may consider the following options.
Whether you want to purchase a residential or commercial property here in Illinois, you will probably follow the same outline as other purchases have. Even though the outlines of most real estate transactions may follow the same path, the details of each transaction make them unique. In addition, those details could make or break a good deal for you.
Whether you have a house built, put an addition on your existing home or renovate, you will more than likely need help with the work. This means hiring an Illinois construction company in order to do the work. As such, you place a great deal of trust in those who will be working on your home. Even if you know little or nothing about construction, it may help to have some idea of the potential construction defects that could affect the success of your project.
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.
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.
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.
You did it! You saved up and bought your first home. It was an exciting thing until after you moved in and found that the home had building defects that the seller or building failed to disclose. What can you do? According to the state of Illinois, you may have legal recourse.
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.
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?