Home Sale Law in Illinois

The decision to buy or sell a house, or other piece of real property, is very important. For most, it's one of the most crucial financial decisions of their life.

While there are no laws in Round Lake Park, Illinois against individuals buying or selling real estate on their own, this is rarely the best way to go, given the many legal issues surrounding the sale of property.

Accordingly, 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 process much easier, helping deal with the tedious details and formalities.

In Round Lake Park, Illinois, brokers normally receive compensation in the form of a percentage of the sale price of the home.

Getting a Mortgage in Round Lake Park, Illinois

Any direct questions asked of the seller by the buyer must be answered truthfully. This is especially the case if the buyer asks about defects in the property. If the seller lies in response to such questions, they have just committed a very serious form of fraud. If the buyer later discovers this defect (after buying the property) he can sue the seller for any physical or financial harm caused by it.

Most considerable defects (those which have any effect on the value or safety of the home) should be disclosed even if the buyer doesn't ask about them. If the seller knows of a defect, and a reasonable buyer wouldn't be able to discover it through a normal inspection, the seller must disclose it.

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

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 Round Lake Park, Illinois Real Estate Attorney help?

If you're in the process of purchasing a Round Lake Park, Illinois home, the advice of an accomplished real estate attorney can make the process much easier, and help ensure that no surprises come up. This will give you the peace of mind to actually enjoy your new home, rather than worry about it.