9901 South Western Ave., Suite 208, Chicago, IL 60643

phone312-973-3755

Subscribe to this list via RSS Blog posts tagged in real estate contingencies

South suburbs of Chicago real estate attorney

A residential real estate transaction begins when a buyer makes an offer to purchase a home and the seller accepts that offer. The parties will then sign a contract, known as a purchase agreement, which will outline the details of the transaction, the costs for which each party is responsible, and important dates during the process, including the date when the home closing will take place. Contingencies are an important part of a residential real estate contract, and these terms specify conditions that will apply to the transaction while stating when either party can back out of the sale. When buying or selling a home, a real estate attorney can help you understand the contingencies that apply to the sale and make sure that your contract includes terms that provide the protection you need.

Types of Contingencies

A contract’s contingencies will describe the conditions that each party must meet before a real estate transaction can be completed. These terms can help reduce the risk for both buyers and sellers, allowing them to terminate the sale if necessary. Some common contingencies in a real estate contract include:

...
Illinois State Bar Association Gate City Bar Association Cook County Bar Association Will County Bar Association
Back to Top