Illinois Real Estate Contract & Forms for Selling Your Home
Selling a home in Illinois
Illinois is the fifth most populous state in the U.S. and the state with the most population in the Midwest. It is well known for having a mix of rural areas, small industrial cities, suburbs and a metropolis. Its biggest city is Chicago which is also the third most populous city in the whole United States.
The sale of a home is said to be the most common consumer transaction concerning real estate. The process may be tedious as it involves a lot of paperwork but with the right information and strategy plus some help from your real estate lawyer and financial advisor, you can definitely sell your home by yourself.
Selling a home in the state of Illinois requires strict adherence to real estate laws. One of these laws is the Residential Property Disclosure Act that asks a seller to provide a disclosure document when signing the standard purchase agreement. This document or form reveals information to potential buyers about any defects in the home being sold. These defects may include problems in the structure of the home or the electrical, mechanical, heating/air conditioning or plumbing system. It does not, however, follow that the seller must fix all the problems. In some cases, the buyer may ask for a repair or a price break due to the existing problems. In certain areas, the home seller is required to accomplish an inspection report. The report lists the defects of the house after checking by a professional inspector.
Sellers must also abide by the Lead Poisoning Prevention Act that requires home owners to eliminate, replace or permanently cover walls that have lead-based paint. The Department of Public Health usually issues a notice to owners to fix lead problems. Failing to follow the law may lead to charges of criminal misdemeanor. The Lead Poisoning Prevention Act normally covers houses built prior to 1978.
Meanwhile, the Illinois real estate law also stipulates the need to comply with the dwelling code. This dwelling code compliance should be attached to the contract information as without it, a residential property sold by installment contract can be considered invalid. To do this, the home seller may attach a certificate of compliance or a written warranty that the home being sold has not violated any provisions of the dwelling code in the past ten years. If, in case, there have been violations, the seller is required to attach a copy of every violation notice.
Other documents involved
The purchase agreement or contract is among the most important documents involved in the sale of a home. This contract must be in writing and should be made according to the real estate laws of Illinois. If you have a little doubt prior to signing the contract, do consult your real estate attorney and have him review the form. A contract provides a legal description of a property being sold, the sale price being offered, the down payment and method of payment for the balance. It also specifies some fees, inspection rights, items included in the sale, the mode of delivering the title, to person to close the deal, the closing date and other contingencies.
The HUD Settlement Statement is normally called for in real estate transactions. This is a uniform statement approved by the Department of Housing and Urban Development (HUD). This form is also your proof of some tax deductible expenses you may have incurred during the closing process such as the origination fee, prepaid interest and discount points.
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