As soon as you sign the contract to sell or buy a residential real estate, there are about 5 days that you have to review the terms and alter them with your Chicago Real Estate Attorney. And that is why this blog is there, for you to know about the five things that you need to check when you are reviewing the contract with the Attorney.
The regular contract for Real Estate has many optional provisions. These options can only be selected if both the sides agree to it in front of the Chicago Real Estate Attorney. The options include the property that would be sold in the “AS IN” condition. The other option is the seller’s rights to leave the property for sale even after the contract has been closed.
And the third one is the contract being conditional where the seller can close it on a different purchase of the real estate. So, it is better to read all this with the Chicago Real Estate Attorney before you blindly move ahead. This is so that you know what you are up to and where you stand.
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This states that the person who buys the property would be the one who would pay the real estate tax for the complete year in the year the person buys it. And this also includes the previous year sometimes. The number of years is not certain and this would make the parties find out the truth with the Chicago Real Estate Attorney’s help.
Mostly, you can find in the contract the taxes for the year that they are talking about. And it can be considered as 105% or even higher of the last year’s tax. And the amount would then be prorated according to the number of days for when the seller owned the property. And that is when the seller would give the amount that comes out for them at the time of closing the contract in front of the Chicago Real Estate Attorney.
This means that even if the buyer would be paying the complete taxes at the end, this amount would help them pay for the time the property was not in their ownership. Moreover, you need to read this paragraph with your Chicago Real Estate Attorney so that you know the calculations made are with the correct percentage.
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Most of the purchases of the real estate are based on the buyer getting an appropriate finance solution for the transaction. And the contracts are mostly conditional on the buyer getting some mortgage for buying the house at an interest that is not higher than a specific percentage. And if the buyer is not able to buy with these terms, they are denied the purchase.
So, make sure all the terms listed are same as what the parties have agreed to, with your Chicago Real Estate Attorney. It would also have the deadline for showing the documents of the loan process moving ahead. And if they fail to meet the last date without getting a written extension, the seller can cancel the deal.
Personal Property and Fixtures Included in the Transaction:
The Real Estate Contract that most of the Chicago Real Estate Attorney use have a part that lists the basic appliances and the fixtures. This includes the smoke detectors, oven, and refrigerator. The realtor can check to see if they are there in the price of the purchase.
There are blanks that you need to see as well, where the realtor can add in names of more things that are both not included or included in it. You need to read this part with your Chicago Real Estate Attorney carefully so you know what is there in the terms.
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Earnest Money and Purchase Price:
This the main thing that you need to check and it is the price of purchase and the earnest money. These need to be correct on the contract. The percentage of the amount of the full price that has been given upfront to the seller is what the earnest money is. This amount is usually held but the third man called the escrowee. And it can be your Chicago Real Estate attorney or the seller’s attorney.
And if the deal passes, the seller would get the amount of the earnest money. So, it is important to note that the things are as you discussed before the contract was finalized.
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