Chicago Home Selling Considerations
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Legal Issues of Selling a Home In Chicago
There are many legal issues that can affect selling a Chicago home. Your Chicago real estate agent can help your understand all the legal issues that pertain to the home you are selling.
Offers
Once both parties reach an agreement, each has certain tasks that must be preformed. Typically in Chicago, there are three standard contingencies that protect both parties.
- The first option is a financing contingency. With this contingency, a buyer needs to obtain a loan before the sale is final. The buyer is not required to go through with the sale, if the buyer can not secure a loan. If this occurs, the house return to the market.
- The second option is an inspection contingency. This contingency specifies that the property is inspected to the buyer's approval.
- After concluding the pre-qualification process, you will have a better chance of getting pre-approved status. This is what you need to do: The third option is attorney review contingency. In this contingency, both the seller's and buyer's attorneys review the contract. This is advantageous because the attorneys themselves do not organize the contract.
Purchase Agreements
A purchase agreement lays out the seller's final duties to the property. It stipulates any repairs that must be completed before closing, keeping the title clear, and any other specifics that the buyer and seller agreed to.
Making repairs prior to listing your home can be highly beneficial. It is doubtful that you will want to make repairs once you sell your home. If the house needs a lot of repairs, buyers might gain the upper hand in negations, causing the seller to settle on a lower price.
Most purchase agreements contain a buyer contingency. This is an inspection clause. This allows buyers to remove themselves from the transaction if there is an excessive amount of flaws found with the property. This protects the buyer from being forced to buy a structurally unstable home.
