Legalities of Selling Your Home In Chicago |
Probably the most important part of selling a house is keeping it legal! This is where a realtor can really guide you through the issues and take care of some grueling paperwork. There are a few standard
contingencies that are designed to protect both parties.
-There is a
financing contingency which occurs when a buyer needs to secure a loan before the sale is final, otherwise the house can go back on the market.
-The
inspection contingency specifies that the property is inspected to the buyers approval.
-An
attorney review contingency is when attorneys from both the buyers and sellers side review the contract.
-A
buyer contingency allows buyers to remove themselves from a transaction if there are a significant number of flaws found on or in the property. This protects the buyer from being sold a house that isn’t stable.
-A
purchase agreement lays out anything that needs to be fixed or any changes that need to be made to the property before the closing. It is a good idea to make repairs to the house before listing your house so you won't have to come down on the price because a buyer wants a few things fixed.
Our agents are here to help you through these issues, and make sure that you understand all the "small print" before you dive into a sale. It's advisable to do a bit of your own
research on real estate law as well to be completely informed of all aspects of your home sale.