Hamilton & Antonsen
Selling a home in Illinois
The practical and legal ramifications of selling a home in Illinois
No matter if you are downsizing your home or have outgrown a residence, selling a home in Illinois carries both practical and legal ramifications. Becoming acquainted with the process of selling a home as early as possible is one of the best ways that parties can avoid potential problems.
This page reviews some of the basic details that parties should understand about selling homes.
Working With an Illinois Real Estate Agent and Local Real Estate Attorney
Many people in Illinois who sell their homes end up utilizing the services of either a licensed real estate broker or agent. There are several benefits to obtaining an agent, including that they can help price a home, market it to potential purchasers, review purchase offers, and negotiate terms with buyers.
Before entering into an agreement with an agent, it is a good idea to read reviews about the agent as well as to review the agent’s licenses at the website of the Illinois Department of Financial and Professional Regulation.
Signing Illinois Listing Agreements
After locating a real estate agent, parties sign listing agreements that grant agents the right to market and resolve other issues with the sale of a property. Most listing agreements address various issues including:
- The commission that the seller will pay the agent.
- The duration of the listing agreement.
- The appropriate listing prices for a property.
- Items that are not included in the sale of a property.
Making Real Estate Disclosures
Illinois state law requires sellers to provide buyers with disclosure forms that contain details on identified material defects that would impact either a property’s value or the health and safety of occupants.
For homes that were built before 1978, sellers must also comply with federal Title X, which necessitates the disclosure of lead-based paint and hazards.
Navigating Illinois Offers, Counteroffers, and Purchase Agreements
Property purchasers who want specific homes will provide sellers with written offers specifying the terms of a purchase, including prices, proposed down payments, and contingencies. These should always be reviewed by an experienced Will County real estate lawyer.
Some of the most common contingencies include purchasers acquiring loan financing, being satisfied with home inspections, and selling current houses. While a seller can reject a buyer’s offer, they can also accept offers or respond with counter offers that accept only some conditions and not others. Your real estate attorney will make sure the contract is in your best interest and make any modification necessary.
Legally binding contracts are formed when sellers accept these terms, at which point a transaction proceeds to a process referred to as escrow. The parties can choose an escrow or title agent, which is a neutral third party that supervises the process between the signing of the purchase agreement and the closing of a house.
Real Estate Topics of Interest
For more information regarding some specific aspects Real Estate Law in Joliet and the greater Will County area, please see the topics below