Buying and selling a home can be a time-consuming process from beginning to end. If you are buying a home, it can be very time consuming to schedule homes to view, going out to seeing the homes, and then finally making the decision. Once you make your decision your next step is to sign a contract. Once the contract is signed then the process really begins and it’s time to contact an attorney.
What Happens After I Sign the Contract?
After you sign your contract, in Illinois, if it is a standard real estate contract, you have five business days to do a home inspection. This means you need to find a good home inspector, and schedule a time they can go to the property. Your home inspector can be a very important person in this whole process. It is important to choose someone who will do a good job for you. If you are using a real estate agent, they usually have a list of home inspectors who are reputable in the area. Your home inspector will go to the property you are going to purchase and perform a detailed inspection. They will look at the bones and structure of the home and in return give you a detailed report of the home. A good home inspector will often list items in the home which need to be fixed, items which potentially need to be fixed, and items which are in good condition. This is all to help you make an informed decision about the home you are buying.
Once you receive the home inspection report…
Once you receive the report, you may have some concerns or questions. You may decide to cancel the transaction all together, or maybe decide to push forward on the condition certain items be fixed. At this point you would contact your attorney to discuss the list of items you want fixed. Your attorney will then put together your list to send to Seller’s attorney. If more time is needed to make the deadline, your attorney can put together the proper forms to request this.
A good attorney will be honest and responsive to your concerns and questions during this time. After the letter is sent, the negotiations begin. This can be a time consuming and frustrating process. Your attorney will help negotiate your needs effectively so you have the best result. As the negotiation process continues, the Seller’s attorney will reply to your home inspection letter. A good attorney will take time to explain to you the exact terms and parameters of each reply and response letter and be your advocate during this process. Once there is a final agreement, the agreements become the terms of your contract and the transaction will move forward.
Are you planning on buying or selling property? Local attorney Andrew Szocka, Esq. provides thorough and speedy real estate help in the Chicagoland area. To schedule a free initial consultation, visit the Law Office of Andrew Szocka, P.C. online or call the office at (815) 455-8430.