Thursday, May 28, 2015

Sellers and contingencies

There are many legal issues that can affect selling your home. Once both parties reach an agreement and signs a contract, certain contingencies must be preformed. Typically in Chicago, there are three standard contingencies that protect both parties.

First, the financing contingency. With this contingency, a buyer needs to obtain a loan before the sale is final. The buyer is not required to go through with the sale, if they cannot secure a loan.

Second, an inspection contingency. This contingency specifies that the property is inspected to the buyer's approval. Making repairs prior to listing your home can be highly beneficial. If the house needs a lot of repairs, buyers might gain the upper hand in negations, causing you the seller to settle on a lower price or it can allow buyers to remove themselves from the transaction if there is an excessive amount of flaws found with the property.

And, third, the attorney review contingency. In this contingency, both the seller's and buyer's attorneys review the contract.

Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.

At you will find information about our firm along with helpful real estate information. Give us a call at 312-238-9298 for a FREE 15-minute consultation to discuss your pending or potential real estate transaction.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

Offering free legal representation to homeowners seeking a short sale

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