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In this article, we will discuss the top 5 reasons you should hire a real estate attorney for Illinois residential real estate transactions:
In a previous article, we discussed the first stage of a real estate sale, Attorney Review and Modification of the Contract. In this article, we will provide a checklist of tasks that the seller (or the seller's attorney) must handle between the execution of the contract and the closing date.
Immediately upon execution of the real estate contract, the seller must execute and provide to the buyer certain disclosures regarding the seller's knowledge of potential hazardous conditions in the home. These include:
When you sell or purchase a home, your realtor will usually present you with a widely used form contract. The realtor will have the ability to customize that form to fit your needs. The contract will typically provide that each party's attorney will have 5 business days to (1) approve the contract; (2) reject the contract; or (3) negotiate modifications to the contract.
During this 5 day period, the contract is contingent upon attorney approval. If your attorney fails to reject or seek to modify the contract within the 5 day period, the contract will automatically be binding upon you after the 5 day period expires.
When you sign a contract for the purchase or sale of residential real estate, you will typically have 5 days to review the contract with your attorney in order for your attorney to modify its terms. Check out our previous article, Attorney Modification of Residential Real Estate Contracts, for more on this topic. In this article, we will discuss the top 5 things you should be on the look out for when reviewing the contract with your real estate attorney.