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Hesik-Prybylo Law Offices
Full-Service Counsel For Business, Estates And Real Property Serving Oak Park And The Greater Chicago Area

Real Estate FAQs

Do I need an Attorney involved in the purchase or sale of my home?

Yes! The purchase of real estate is possibly the most important single investment you will ever make. It is wise to have an attorney experienced in real estate to assist you through this process. Your attorney will protect your interest by looking over the purchase agreement, making sure the terms and conditions of the sale are being followed. Your attorney will make sure you are getting good marketable title to the property and that all closing documents are in order.

What is a Purchase Agreement and what should I look for?

The Purchase Agreement is the preliminary contract wherein the Purchasers agree to purchase property and the Sellers agree to sell the property, usually with certain conditions. It is important you consult an attorney before entering into a purchase agreement as it needs to contain terms of the sale and what needs to happen before the sale can be finalized. The Agreement should include: the purchase price, financing arrangements, what personal property is included, what inspections need to be done, who will pay for them, who will pay for any repairs, prorations and the date used to compute proration, earnest money paid by the buyer and the date of occupancy. Often important terms can be overlooked so it is best to seek the advice of an attorney.

What is Earnest Money and what happens to it if the sale falls through?

Earnest Money is the money the buyer deposits with a third party, to be held in escrow, to show good faith and helps to make the purchase agreement a binding contract. When the sale is completed this money is given back to the buyer. If the sale falls through, the earnest money may be used to pay any expenses already incurred. If the buyer fails to perform according to the sales agreement, the seller may choose to keep the deposit and, if the contract so states, require specific performance. The purchase agreement should state what will happen in such cases.

What is included in closing costs?

Closing costs include title insurance, property tax prorations, recording fees, inspections, escrow fees, transfer tax, loan fees, attorney fees and sales commissions. Who pays these fees will vary from place to place, therefore the purchase agreement should state who will pay which fees.

Why do I need to purchase title insurance?

Most purchase agreements require the Seller to provide title insurance to the buyer as a guarantee that they have marketable and unencumbered title to the real estate.

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