Home Sale Law in Illinois

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

In Columbia, 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 Columbia, 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 Columbia, 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 which should be disclosed whether asked or not. Any defect which the seller is cognizant of, and the buyer can't be reasonably expected to discover before buying the house, must be disclosed.

Buyers should remember, nonetheless, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.

Therefore, if a buyer fails to conduct a reasonable expectation of the property, he or she cannot recover for any harm caused by defects that such an inspection would have revealed.

Can a Columbia, 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 Columbia, 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.