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 Gilberts, 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.

Many individuals, families, and small businesses rely on real estate brokers to find property for them. Real estate brokers are professionals who serve as middlemen or women between the buyers and sellers of real estate.

In Gilberts, Illinois, real estate brokers are typically compensated with a percentage of the home's sale price.

Getting a Mortgage in Gilberts, Illinois

If the buyer asks the seller a question about the physical condition of the home, the seller is legally required to answer it honestly. If the seller lies when asked a direct question, they have committed a serious form of fraud, and, if sued by the buyer, will incur significantt liability.

In addition to disclosing any material facts the buyer directly inquires about, most "latent defects" in a house or other piece of property should be disclosed whether the buyer asks or not. Generally, any defect that the seller knows about and that the buyer can't be expected to know through a reasonable inspection, it has to be disclosed.

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

Buyers have to conduct reasonably-diligent inspections of land they want to buy. If they refuse to do so, they can't sue for any defects which they could have easily discovered.

Can a Gilberts, Illinois Real Estate Attorney help?

If you are buying a home in Gilberts, Illinois, there are probably things you want to focus on other than paperwork and required inspections, such as the process of moving in, checking out schools, etc. A reputable real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.