Residential Purchase and Sale Agreements in Chicago, Illinois
Buying or Selling a House in Chicago? We’ll Examine the Fine Print!
A purchase and sale agreement is a written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. It's important that these documents are outlined correctly to ensure a smooth transaction. One of our Real Estate Attorneys in Chicago can walk you through the legal aspects of purchasing real estate, above and beyond the expertise of a real estate agent.
Here’s How We Can Help You Evaluate Purchase and Sale Agreements:
- Checking for Contingencies: If you’re selling, we’ll examine the agreement to determine if it contains any contingencies that are not in your best interest. One common possibility is that the offer to purchase your property is contingent on the sale of the buyer's home. If the buyers' property sells, the sale goes through. However, if it doesn't, the sale is off and the buyers' deposit is usually returned. Evaluating this type of scenario can save you time and hassle.
- Structuring a Contingent Sale Offer: We’ll help you structure a contingent sale offer to make it less dicey. For example, including a release clause in the contract would allow you to keep your house on the market to find a better offer. Then, if one appears, you have the option of going with that offer, or alerting the initial buyers that they must remove the contingency and close on a certain date.
- Checking For Financing Red Flags: We will be on the lookout for red flags, such as a request by the buyer for excessive time to secure financing. You may run into offers like this that prolong the sale of your home. We’ll alert you to hazards and strategize with you on the best course of action for your situation.
- Checking What's Required of You: In most cases, you’ll have certain responsibilities and requirements in the offer. Whether it's a house, condominium, or multi-unit, home buyers will want certain aspects of your property fixed before they move in, or they’ll want you to move by a certain date. A Chicago real estate attorney can help you evaluate the cost and viability of these requirements.
On the flip side, the real estate attorneys at Suburban Legal Group can work with buyers to develop the proper Purchase and Sale Agreement for their unique situation. We can help you with the following and more:
- Include the contingencies you need to make a purchase.
- Perform a Title Search to make sure there are no hidden obstacles to the sale.
- Develop the financing language.
- Outline buyer responsibilities.
- Highlight items you want included in the purchase.
- Evaluate counter offers.
- Drafting any necessary documentation.
Need Help With Residential Purchase and Sale Agreements?
At Suburban Legal Group PC, we can help! Request a Free No-Obligation Real Estate Consultation Today to learn more about how our services can help you buy or sell a home. Real estate transactions can be complex, and having an experienced attorney in Illinois guide you through the process, from securing financing to helping with the closing, can make your life a lot easier.