National Advantage Real Estate Service
328 E. Lincoln Highway (Rt. 30)
New Lenox, IL 60451
The contract specifies the terms of the sale and the rights and
obligations of the buyer and the seller. A well-written document
protects both parties, while a poorly drafted contract can cause serious
Get it in
Oral agreements are usually difficult or impossible to enforce, so
if you've negotiated your purchase verbally make sure to have contracts
signed as soon as possible.
Always make sure that any contract you sign has an attorney review
clause that allows you time (at least three business days - preferably
five) to review the document and have it checked out by your lawyer if
you feel it is necessary. Many states specify a mandatory review period,
whether it is specified or not, but don't take any chances - make sure
it's in writing. This gives you the chance to make sure all bases are
covered before you are committed.
Attorney or Escrow Company
In some areas it is standard practice to retain an attorney to
handle the closing. In others the norm is to have the title or escrow
company handle the transaction. If you do hire an attorney (which is a
good idea), try and find someone local who specializes in real estate
closings. An experienced real estate attorney can help you move quickly
to closing and sidestep any problems or oversights. If you are using an
escrow company, make sure that they have a solid track record.
Make sure that the contract covers all contingencies of the purchase and
allows sufficient time for any required activities or testing (i.e.
obtaining a mortgage, home inspections, etc.). Reasonable contingencies
are essential to protecting yourself in the purchase - don't allow
anyone to pressure you into skimping on due diligence.
About Deeds and Title
The deed is a legal document that transfers ownership of the home. There
are several types of deed that can be used for your purchase as well as
a number of special provisions that may apply to your new home. Your
attorney or escrow agent can answer any questions you have on title and
The contract should specify the due dates and disposition of earnest
money and deposits. Typically a small amount is posted at the signing of
the contract with the balance of the deposit (usually 10% of the
purchase price) due within 1-3 weeks. Don't agree to a schedule you
cannot meet - if you need extra time to line up the funds, specify this
in the contract.
I love working
with both buyers and sellers and I am dedicated to helping my clients
navigate the markets smoothly and successfully.
Homes for sale in the Lincoln way area -
Joliet IL 60431 60432 60433 60434 60435 60436 - New Lenox IL 60451 -
Frankfort IL 60423 - Rockdale IL - Mokena IL 60448 - Manhattan IL 60442 -
Orland Park IL 60462 60467 - Tinley Park IL 60477 - Plainfield IL 60544 -
Elwood IL 60421 - Wilmington IL 60481 - Homer IL - Lockport, Illinois 60441
- Romeoville IL 60446 -Crest Hill IL - Shorewood IL -
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