Kane County Real Estate Purchase Contract Lawyers

Attorneys for Residential Real Estate Contract Negotiation, Preparation, and Review in South Elgin, Illinois

Purchasing or selling a home may be one of the largest financial transactions you undertake. Whether you decide to invest in real estate, are a first-time home buyer, or are upgrading to a new home, there is one common issue that will need to be addressed: the purchase agreement. Understanding the elements for a beneficial, legally binding agreement is a must, no matter what your home ownership goals may be.

Ariano Hardy Ritt Richmond Lytle & Goettel P.C. provides contract negotiation, preparation, and review services in residential real estate transactions. When you find the home you want to purchase, one of the most important aspects will involve making an offer, which is the first step in creating a binding agreement. Conversely, if you are selling a property, you will need to be sure to review all offers carefully. Our real estate attorneys will walk you through the process and answer any questions you may have along the way.

Helping Clients With Residential Real Estate Contracts

Whether you are buying a home or selling your property, the terms of a real estate contract must be carefully defined. The agreement will provide a framework for the entire transaction, and it will include the terms of the purchase. Some of the elements of the agreement include:

• Pricing: The purchase price of the property, down payments, earnest money, financing details, and any other fees that need to be paid should be included.
• Contingencies: These are the agreed-upon conditions that validate the sale, such as financing approval, property inspection results, and repairs.
• Rights and Obligations: The buyer and seller will agree upon and define the terms that will apply to both parties.
• Deposits: A contract will detail the earnest money required by the seller that will be held in escrow.
• Included Property: The contract will specify which items will remain in the home or on the property, such as a pool, appliances, or furniture.
• Tax Information: The contract will explain how property taxes will be allocated.
• Important Milestones: Dates and deadlines for the closing, possession of the property, inspections, and other relevant actions will be listed.
• Seller Disclosures: The Illinois Residential Real Property Disclosure, lead paint disclosure, and other important disclosures must be included.

Other provisions, such as insurance details and closing location, may be included. The importance of understanding all terms before signing any document cannot be stressed enough. By communicating with your attorney throughout the process, you can make sure you know what you are agreeing to. When you are ready to make an offer or are receiving offers for your property, our lawyers can provide you with legal help to ensure that your purchase contract will meet your needs.

Real Estate Financing Consultations

During the housing crisis that has affected people in the 21st century, problematic lending practices and unconventionally structured mortgages have led to serious concerns for many homeowners and people involved in real estate transactions. Our experienced real estate attorneys can help our clients understand and address critical financing concerns. Some key issues we can help address include:

• Assisting with interpreting the provisions of financing agreements
• Making sure all viable options are taken into consideration, such as fixed rate, adjustable rate, FHA, and VA loans
• Ensuring that loan terms comply with the contract agreement
• Providing clear disclosures of costs and fees while helping clients avoid excessive financial obligations
• Determining the costs associated with property taxes, homeowner insurance, and private mortgage insurance so that ongoing fixed costs to can be calculated accurately
• Negotiating an extended commitment deadline for a mortgage as needed.

Keep in mind that many loan products exist in the market, and lenders may have their own incentives to direct borrowers to specific products, even if these options will not be in a borrower's best interests. With guidance from our attorneys, clients can make sure they do not agree to loans that could lead to financial hardship in the future.

Contact Our South Elgin Residential Real Estate Contract Lawyers

At Ariano Hardy Ritt Richmond Lytle & Goettel P.C., we can provide legal help throughout a residential real estate transaction. In addition to preparing and negotiating purchase contracts and assisting with financing, we can perform title evaluations, execute short sales, and assist with home closings. Contact our Kane County real estate contract attorneys at 847-695-2400 to schedule your free initial consultation.