CHICAGO REAL ESTATE CONTRACT LAWYER

Real estate contract contingencies can vary depending on which state, county, or geographical region the property is located. However, there are plenty of contractual contingencies that are common across the country, for example, :

• Structural Inspection – All parties will need to agree on issues like who pays for the inspections, who is responsible for repairs prior to the sale of the property, etc. Inspections can cover everything from the roof to sewage and even include wood-destroying pests and mold inspections. Each of these types of inspections can get their own contingency clause in the contract.
• Property Appraisal – The lender typically mandates who will pay for the appraisal of the property but both parties must agree upon that mandate as well as the time frame the appraisal should occur.
• Title Reporting – Contracted parties will need to agree on terms regarding paying for a preliminary title report on the property to insure there are no covenants, conditions, or restrictions on the property title that would hinder or prevent its sale.
• Homeowner Association (HOA) Report – Contracted parties should agree on who is responsible for obtaining a copy of all HOA documentation on the property, if applicable.

These are just a few of the common contingencies the average real estate contract will have. Just keep in mind, the number of contingencies will grow depending upon the specific details of the property. The volume and the complexity of these contingencies are just some of the reasons why it is not just a good idea to have a seasoned real estate attorney draw up your contracts, it is a necessity.