Legal Issues of Selling a Home In Chicago
Selling a Chicago home is a lengthy process that may involve navigating a number of local, state, and federal laws. Your Chicago real estate agent is an expert who can guide you through all legal concerns that pertain to the transaction.
Offer Contingencies
After the buyer has presented an acceptable offer, both parties have tasks to perform and options to protect both of their interests in the deal. In Chicago, the three standard contingencies are:
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Purchase agreements
Between the offer’s acceptance and the final closing, the seller must sign a purchase agreement that lays out their final duties to the property before it is transferred to the new owner. This agreement may include:
- Completing any agreed-upon repairs prior to closing.
- Maintaining that the title remains clear of any liens or debts against it.
- Other conditions that may have been stipulated between buyer and seller in the contract.