Home Sale Law in Illinois

Buying or selling a home is one of the most essential decisions that most people make in their lifetime. It also involves some very complex legal and financial issues.

In Coal City, Illinois, it's perfectly legal for individuals to buy and sell homes without the assistance of a third party. Nonetheless, this isn't the only option, and isn't always the best option, either.

Therefore, many people decide to go through a real estate broker when they're buying or selling a house. A real estate broker is a professional who serves as an intermediary between buyers and sellers. They can make the procedure much easier, helping deal with the tedious details and formalities.

Some Coal City, Illinois real estate brokers charge a flat fee, but most take a relatively small percentage of the sale price of a house they assist a client sell.

Getting a Mortgage in Coal City, Illinois

If the buyer asks a direct question regarding the physical condition of the property, the seller must answer it truthfully. Misrepresenting a material fact in a real estate transaction is a very significant form of fraud, and could give rise to significant damages against the seller.

There are some defects, however, that the seller should disclose whether asked or not. Generally, if the seller knows about any defects that are not readily apparent, he or she should disclose them to the buyer, whether or not the buyer directly asks. This will greatly reduce the chances of the seller being held liable for any defects.

Of course, buyers are also expected to conduct due diligence. In a case for nondisclosure, courts won't reward a lack of diligence.

In general, buyers of real estate have to conduct diligent inspections of property they wish to purchase. A failure to do so might keep the buyer from recovering if they're injured by a defect which they could have discovered.

Can a Coal City, Illinois Real Estate Attorney help?

As you can imagine, there are many more legal and financial issues that can affect the outcome of a real estate transaction. However, buying a house is also a very exciting time for most people. A reputable Coal City, Illinois real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.