Purchase and Sale Agreements Lawyer in Kane County

Sugar Grove Real Estate Attorney for Buying and Selling Property

At Ekker Law, P.C. / Steven B. Ekker, Esq., we know that buying a home or other type of residential property is often exciting. It is also a significant investment. Homeownership is often a major milestone for many people, but getting there can be confusing and overwhelming. The process of buying a home requires a seemingly endless mountain of paperwork, and each document is likely to be full of legal jargon and technical language that address complicated parts of the law. It is crucial to the success of the sale, however, for each page to be accurate and for your purchase or sales agreement to be written correctly.

A seemingly small oversight or mistake could cost many thousands of dollars plus lost time, and added frustration. A single mistake could even derail the entire transaction. If you are thinking about buying or selling a home, it important to work closely with a qualified real estate lawyer from our firm. We will help you draft and review your purchase agreement to ensure that your rights and best interests are fully protected.

Important Issues to Address in Your Purchase or Sale Agreement

A real estate transaction is rarely a simple undertaking. In almost every case, there will be a large number of concerns to discuss and considerations to address. Both the buyer and seller have many options when creating a purchase or sales contract, including but not limited to:

• Appraisals of the property;
• Contingencies related to home inspections;
• Contingencies related to mortgage approvals and financing;
• Repair considerations;
• Sales price negotiations;
• Property surveys;
• Final costs; and
• Closing dates.

Our team understands that it is very easy to get caught up in the details of your purchase agreement and to lose sight of the bigger picture. We can take on the responsibility of drafting the sales contract so that you can focus on making the transition as smooth as possible for your family.

Disclosures and Illinois Law

Disclosures are a vital part of your purchase or sale agreement. Under Illinois law, sellers are required to disclose details regarding certain issues about the property to anyone who is considering buying. Federal law also mandates certain disclosures. Many buyers rely heavily on these disclosures in deciding whether or not to buy the property.

It is also important to keep in mind that Illinois does not mandate a home inspection to confirm disclosures. However, it is not uncommon for buyers to request an inspection contingency in the purchase contract. Both the buyer and the seller must carefully consider any disclosures during negotiations to ensure that the resulting agreement meets the needs of everyone involved.

Review and Modification Clauses

With so many details and considerations to address, it is extremely important for your purchase or sale agreement to include an attorney review and modification clause. This critical provision gives the buyer and seller a set period in which to have the signed agreement reviewed by independent counsel. Each party's lawyer can offer suggestions and advice about what might need to be amended in the contract. If one side requests a modification and the other refuses to negotiate, the requesting party has the right to terminate the agreement.

At Ekker Law, P.C. / Steven B. Ekker, Esq., we advise our clients never to sign any real estate agreement that does not include an attorney review and modification clause. If you are presented with a contract that lacks such a provision, you should insist that it be added before you sign.