If a person is considering selling or buying a home, they may wonder about the role of the real estate purchase agreement. With real-world experience, a real estate law attorney in Chicago can answer even the most complex questions. With the answers below, a buyer or seller can make more informed decisions.
What Is the Purchase Agreement?
Where the selling and buying of property is concerned, a purchase agreement is a crucial component. The document sets forth the terms of a property exchange, and it can be used with any type of residential property as long as construction is complete or there’s a prior owner.
What Must Be Included?
For real estate purchase agreements to stay comprehensive, they must contain various elements, such as a detailed description of the property. The agreement should list dates related to possession and closing of the home, the buyer’s and seller’s information, and conflict resolution methods. A real estate attorney can help a client determine the acceptability of an agreement.
What Are the Financing Options?
A buyer can purchase a home via a loan, or the seller can finance the sale on the buyer’s behalf. A mortgage assumption is another possibility. It involves the buyer taking over the seller’s mortgage. In most instances, the buyer must put a deposit on the home, which is rolled into the purchase price or returned if the sale is canceled.
Is It Necessary to Hire an Attorney?
While not every area requires sellers and buyers to hire a lawyer during the sale of a home, it’s a good idea for a variety of reasons. An attorney can review documents to make sure all the right information is included, and they can ensure these documents reflect the client’s best interests.
When it comes to buying or selling a home, the right real estate law attorney in Chicago can make a significant difference in the sale’s outcome. Call Starr, Bejgiert, Zink & Rowells to take advantage of their extensive knowledge and client-focused approach. If a potential client needs more information on the firm’s range of legal services, they can visit them online or call the office to set an appointment.
