Real Estate Frequently Asked Questions
Q. What does a real estate lawyer do for the real estate transaction?
A: Real Estate Attorneys are trained to watch over multiple facets of the Real estate transaction. If you are a purchaser your attorney will review your contract and help you read over your inspection results, after reading over these documents your Attorney is in a strong position to negotiate for you. Your attorney will help schedule your closing time, and make sure that all necessary documents have been obtained by the seller.
If you are selling your property, your attorney will make sure you have the legal right to the property to be able to sell it. This is known as a chain of title search, the attorney will also make sure there are no liens or encumbrances against your property so that when you sell it you are selling it “clean and clear.” As with the purchaser side, the attorney will also coordinate with the other side on things like negotiations, and arranging a closing time. At the law offices of Jason A. Borg we even make it possible for you to not be present at the closing of your sale, and have your proceeds wired directly to you.
Q. If I have purchased a home where the seller agreed to certain repairs and those repairs are not made, what should I do?
A: This will depend on whether or not the agreed upon repairs were added as part of the contract, If they were amendment to the contract than the seller would have breached that contract by not performing the contracted repairs. This will likely result in a negotiation with the seller, and if they do not agree to pay for the repairs, the Attorney will file a complaint for breach of contract against the seller.
Q. As a seller, are there any defects which I must disclose to the buyers before signing a contract?
As a seller in Illinois, The Residential Real Property Disclosure Act 765 ILCS 77/1 et sequitur requires the disclosure of 23 separate things, that if known to the seller must be disclosed to any purchaser of the real estate property.
Q. Does Illinois require you to have a Real Estate Attorney for a real estate transaction?
A: Illinois does not Require you to have an attorney present at the closing of your transaction, but having an attorney represent you at a closing will help you better understand, the likely largest purchase you will ever make. There are many misconceptions about Real estate that most people do not understand without the proper training on how to read through the documents. One of these misconceptions is that your mortgage is what gives you the money to purchase your house, when in fact it is actually the governing document of your Note.
Q. what is the attorney review period listed in my real estate Contract?
A: the Attorney Review Period is a clause in most real estate contracts. This clause allows the Attorney to read over the contract, suggest any necessary changes that would help their client be fairly protected by the contract. The Attorney review period does not allow for a negotiation on the actual purchase price of the property, but they can negotiate credits. During this period Attorneys will make sure all signatures, and initials are also in the proper place. This period is also a great time to get an inspection done on the property you are purchasing. Once the inspection is completed your attorney can look over the inspection and requests repairs, or Credits for repairs to be done in the future. Having a trained Attorney review a contract that is worth 100’s of thousands of dollars is highly suggested by most realtors.
Q. what happens if a Buyer breaches the contract?
If the buyer backs out of the purchase, with no fault of the seller, after all contingency periods have ended, the seller can possibly keep the earnest money already paid, but also sue for damages if there are any that can be proven.
Q. What is Earnest Money
Earnest Money is essentially the deposit you make upon agreeing on the purchase price of the house. This money is paid by the buyer, and typically is not refunded if the buyer breaches the contract.
Q can you negotiate Earnest Money?
A. Earnest Money is typically negotiable, the seller wants the buyer to contribute the most amount of Earnest Money, and the buyer wants to pay the lowest amount possible, this makes the topic open to negotiation when signing your offer make sure to mention it.