So you’ve finally found the perfect house and are ready to make an offer to the seller. Before you do, you will need to create a contract that is known as a real estate purchase agreement. It is recommended that you find a real estate lawyer in Oswego, IL to help you decipher this contract. There are a few things you should know about creating a real estate contract with the help of your lawyer.
Before Entering into a Real Estate Purchase Agreement
Before entering a real estate purchase agreement, contact a real estate lawyer in Oswego, IL to help you go over the contract. With your lawyer, review the contract carefully to ensure you agree with all the terms. Before signing the contract, inspect the property by yourself and hire a home inspector and appraiser. If the home inspector finds anything wrong with the property, your lawyer will want to change the contract to stipulate repairs before the house is sold to you.
Terms That Should Be Included in the Purchase Agreement
A good real estate purchase agreement will include a large variety of things, including:
– The address of the property as well as the legal description of the property
– The purchase price being offered
– The amount of the down payment
– Who will hold the earnest money
– What is included in the sale, for example, furniture, appliances, light fixtures, etc.
– Items excluded in the sale
– What party is paying closing costs
– Home inspections clause that allows you to walk away from the sale if the property is damaged beyond repair
These are just a few of the things that should, ideally, be included in your real estate purchase agreement. You should discuss other potential terms with your real estate lawyer and work with the seller to draft a copy of the purchase agreement that you feel comfortable signing.
Interpreting real estate purchase agreements can be difficult on your own. A real estate lawyer in Oswego, IL can help and ensure your contract is all-inclusive and legally binding.
Fitzgerald Law Firm P.C. is a small law firm in Illinois. The small nature of the firm ensures that you will get your lawyers complete focus. The lawyers at Fitzgerald Law Firm P.C. are adept in many different areas of law, including real estate law.
