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Cook County real estate attorney

There are a variety of complex legal and financial issues involved in a residential real estate transaction. Buyers and sellers will both need to meet multiple requirements, and as they get closer to the date where the transaction will be finalized, various concerns can arise that may affect the sale. Closing costs are one issue that the parties to a transaction should be aware of, and buyers and sellers should be sure to understand what costs they will be required to pay.

Typical Closing Costs

Multiple people or companies will be involved in a real estate transaction, and there are costs for the services they provide. These costs must usually be paid by the closing date. While certain costs may be assigned to the buyer or the seller, the parties may negotiate the terms of their purchase contract to address these issues, such as by agreeing that the seller will be responsible for paying certain costs that would usually be paid by the buyer.

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Cook County residential 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:

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Cook County residential real estate closing attorney

Buying a home is likely to be one of the most important and significant purchases you will make in your entire life. Whether you are a first-time homebuyer or are planning to sell your house and move to a new home, the process of making an offer, securing financing, and meeting the requirements to complete the sale can be very complicated. As you get closer to the date of your residential real estate closing, you will want to make sure to address the following issues:

  • Contingencies - Before you can close on your home, you will need to address any contingencies that were included in your purchase contract. These may include securing financing, performing an appraisal of the property, or completing a home inspection, and determining how to correct any issues that were discovered.

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