Home Buying Basics for Illinois Residents

 Posted on July 28, 2017 in DuPage County Real Estate Attorney

Buying a home is a significant milestone that can give you and your family years of joy and a lifetime of fond memories. Unfortunately, the process itself can be highly complex, and missteps along the way can delay home ownership. Thankfully, there are ways to smooth the process. The following information explains, and it provides details on where to find assistance with your next (or first) Illinois home purchase.

Working with a Realtor

While homeowners may want to skip the real estate agent to save money on the sale of their home, this decision can be a grave mistake for buyers. Real estate agents do more than just show potential homes. Knowledgeable on the communities, market conditions, and median home prices in the area you are searching in, real estate agents can work with your family's needs and budget. They can aid you in preparing pertinent documents, such as your viable offer. Best of all, the agent's commission is typically covered by the seller (covered in the purchase price) once the home closes. Just remember to shop around. Find one that has experience representing buyers, good references, and an understanding of the area.

Home Inspections and Seller Disclosures

Illinois state law requires that sellers provide potential homebuyers with a disclosure statement, which offers details on whether the home has any major issues that may impact the home's value. Examples include defects like:

• Termite infestation (or recent treatments);
• Cracks in the foundation;
• Lead paint or pipes; and
• Previous flooding or fire.

However, buyers should not rely solely on these disclosures. Sellers may not know the full history of the home, or may not be aware of new but potentially serious issues. A home inspection can ensure these potential problems are discovered before you complete your purchase. Just do not use one selected by either the realtor or the seller; instead, practice due diligence and find one that comes with experience and good references.

Why Hire a Real Estate Attorney?

Although home buyers in Illinois are not required to hire an attorney, it is still highly recommended (and it may become necessary if you run into title issues or other legal problems). Real estate attorneys can review your contract to check for any problems, and they can work with you during negotiations. They can even draft or review your real estate agent contract to ensure favorable terms.

If you are purchasing a home in Illinois, contact Stock, Carlson & Asso. LLC for assistance. Dedicated and experienced, our DuPage County real estate lawyers will protect your interests, every step of the way. Call 630-665-2500 and schedule a personalized consultation to get started today.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=076500770HArt.+2&ActID=2152&ChapterID=62&SeqStart=300000&SeqEnd=1700000

https://www.epa.gov/lead/real-estate-disclosure

https://www.forbes.com/2010/05/25/why-you-need-real-estate-agent-personal-finance-commission.html