Home Sale Law in Illinois
Buying or selling a home is one of the most important decisions that most people make in their lifetime. It also involves some very complex legal and financial issues.
In La Grange, Illinois, it's perfectly legal for individuals to buy and sell homes without the assistance of a third party. However, 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 La Grange, Illinois, brokers usually receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in La Grange, Illinois
If the buyer asks the seller a question about the physical condition of the home, the seller is legally bound 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.
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 specifically 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 lawsuit 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 prevent the buyer from recovering if they're injured by a defect which they could have discovered.
Can a La Grange, 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 good La Grange, 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.