Morgan Park Residential Real Estate Attorney

Lawyer Helping Home Buyers and Sellers in the Morgan Park Neighborhood

Morgan Park has a long history that can be seen in the different types of homes in the neighborhood. Many older homes line the streets of the area, and newer homes have also been constructed on many blocks. Many families are drawn to the area as a place that provides a quiet place to live that is close to downtown Chicago.

When people purchase homes in Morgan Park, they may need to address some unique legal questions. Contracts may need to account for the condition of homes that may be 80 or 100 years old. Inspections may uncover outdated systems or repairs that will need to be performed. Title records may include decades of property transfers, refinancing, and other issues that could complicate the transfer of ownership. A buyer who does not pay attention to these details may encounter problems after taking possession of a property. A seller who fails to account for specific concerns may see a sale fall apart.

At The Sherrod Law Firm, Ltd., our lawyer works with buyers and sellers in Morgan Park to address these concerns before they become obstacles that could affect a transaction. With a combination of detailed knowledge of Illinois property law and practical negotiating skills, we can help our clients achieve their goals as they work to complete residential real estate transactions. People who work with our firm can expect honest advice, ongoing communication, and effective legal representation to ensure that they can close on a property successfully.

Understanding the Terms of a Home Purchase Contract

When an offer is made on a home, it is important to fully understand what is included in the purchase agreement. Our attorney will walk clients through the key provisions so they know exactly what they are agreeing to. We can address concerns related to:

Price, Deposits, and Financing

The contract will set the purchase price of the home and the earnest money the buyer must deposit. It will also describe how the buyer will pay, whether through a conventional loan or an FHA or VA loan. The type of loan can be important, because government-backed loans may require certain repairs before the lender will approve the purchase.

Dates and Deadlines

The agreement will specify the closing date, the deadline for a loan commitment, and the time allowed for inspections and attorney review. Missing any of these dates can have an impact on whether a transaction can be completed successfully.

Included Items and Possession

The contract will identify what items will remain in the house, such as appliances or a storage shed. It will also specify when the buyer will take possession of the property.

Contingencies Buyers and Sellers May Request

A contingency is a condition that must be satisfied for the sale to move forward. If it is not met, the protected party can typically cancel the contract and back out of the transaction.

Buyer Contingencies

• Financing: The buyer may be able to cancel the transaction if a loan commitment is not obtained by a certain date.
• Appraisal: The buyer may renegotiate or cancel the transaction if an appraisal shows that the value of the home is below the agreed price.
• Inspection: The buyer may request repairs or credits based on what a professional home inspection reveals. If the issues uncovered are serious enough, the buyer may choose to back out of the transaction altogether.
• Sale of Current Home: The buyer may include a contingency ensuring that they will be able to sell a property they already own before closing on a new home.
• Insurance: The buyer may be able to cancel if homeowners insurance cannot be obtained at a reasonable cost.

Seller Contingencies

Sellers can also build protections into a purchase agreement. A seller who is relocating may take steps to ensure that they can purchase a new home before moving out of their old home. A seller may limit how long a buyer has to satisfy a home-sale contingency, or they may keep the right to accept a backup offer. Some sellers may choose to sell their property "as is," meaning they will not make repairs, though the buyer may still inspect the home, and they may choose to walk away from the transaction during the inspection period.

Handling Home Inspection Results

Our lawyer can help buyers determine how to address major safety and structural concerns found in a home inspection. We will prepare written requests that may ask sellers to complete specific repairs by licensed contractors, provide credits at closing, or lower the price.

When our law firm represents a seller, we will review each request made by a buyer and discuss the available options. A seller may agree to some repairs and decline others. We can determine how to address certain issues while negotiating agreements that will allow a transaction to proceed.

Resolving Problems Found in a Title Search

A title search performed during a residential real estate transaction can reveal whether anything may stand in the way of a clean transfer of ownership. Some of the issues that our attorney may uncover during a title search include:

Pending Foreclosure or Lawsuit

A recorded notice of a pending lawsuit against a property owner may affect a transaction. We can work with the parties and the lender to have a case dismissed or make sure a claim is paid at closing.

Past Tax Sales

If property taxes had been unpaid, a tax lien may have been placed on a property. Our lawyer can confirm whether taxes were paid within the time allowed, and we can arrange for payments to be made before closing when necessary.

City Liens and Building Violations

Unpaid water bills or fines from building code violations can lead to liens by the City of Chicago. Our attorney will determine the payoff amounts for these liens or outstanding bills to make sure they are cleared before closing.

Errors in Prior Deeds

Mistakes in an old deed, such as a misspelled name or an incorrect lot number, can place a cloud on a property's title. Our lawyer can file the proper affidavits or other documents to fix these errors. When necessary, we can file a quiet title action asking a court to confirm who owns the property.

Contact Our Morgan Park Residential Real Estate Lawyer

While a home in Morgan Park can be a rewarding purchase or a valuable asset to sell, it is important to ensure that all details related to a purchase contract, home inspection, title search, and home closing will be handled correctly. At The Sherrod Law Firm, Ltd., our lawyer can provide legal support during a transaction, making sure any problems or disputes will be handled and resolved correctly. To learn more about how we can assist with your transaction, contact our Morgan Park home purchase and sales attorney at 312-321-6910 and arrange a free consultation.