Whether you are a first-time buyer or a real estate purchasing veteran, you’ll need the expertise that only comes with an experienced contract law attorney to assist you with navigating the complex landscape of purchasing property in the Chicago area. With over 30 years of experience in Chicago real estate brokerage and law, Shawn Bolger Ltd is fully equipped to assist you with every aspect of your real estate venture including drawing up your real estate contract.
What Is A Real Estate Contract?
A real estate contract is a legally binding written agreement between the seller and the buyer that covers every possible contingency that could occur throughout the transaction. In most states, including Illinois, real estate contracts are a mandatory part of the process and they can be quite complex. Absent an experienced real estate broker, property buyers and sellers can easily miss vital components and contingencies when drafting a contract that can cause very real problems and cost a lot of money; That's why a Real Estate Law Firm by your side can make you feel comfortable during this process.
Real Estate Contract Fundamentals
A basic Real Estate contracts typically cover the key points associated with the sale and purchase of property. Key points like:
- The agreed upon price of the property
- Projected date of sale closing
- Offer deadline expiration date
- Agreed amount of the ‘earnest money’ deposit
- Agreement statements concerning who is paying for property survey, structural inspections, title insurance, etc.
- Utility transference details, property tax payments, and all other fees associated with sale of property.
Real Estate Contract Contingencies
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 roof to sewage and even include wood-destroying pest 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 lawyer draw up your contracts, it is a necessity.
Full Service Representation
The most valuable asset a contract law attorney brings to the table is a wealth of knowledge and experience in the complicated world of the real estate marketplace. With Shawn Bolger Ltd., you aren’t just hiring a lawyer, you’re hiring a real estate expert with literally everything you’ll need to provide as stress and problem-free a process as humanly possible. No matter what questions you may have, Shawn Bolger Ltd. has the answers you need.
So, make your first step into the real estate world a visit with Shawn Bolger Ltd. and schedule your free consultation with one of our expertly trained associates. Let us put our knowledge and expertise to work for you to help you get the most out of your next real estate transaction. Contact our office at 847-584-1800 to schedule your complimentary consultation today.
Real Estate Contract Law Attorney- Shawn M Bolger Law