Home Sale Law in Illinois

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

While there are no laws in Tuscola, 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.

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

Getting a Mortgage in Tuscola, Illinois

If the buyer asks a direct question concerning the physical condition of the property, the seller must answer it truthfully. Misrepresenting a material fact in a real estate transaction is a very serious 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 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 Tuscola, 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 Tuscola, 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.