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for sale by owner guide

chicago for sale by owner (FSBO) information
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Legal Issues of Selling a Home In Chicago

Selling a Chicago home is a lengthy process that may involve navigating a number of local, state, and federal laws. Your Chicago real estate agent is an expert who can guide you through all legal concerns that pertain to the transaction.

Offer Contingencies

After the buyer has presented an acceptable offer, both parties have tasks to perform and options to protect both of their interests in the deal. In Chicago, the three standard contingencies are:

FINANCING CONTINGENCY

Before the sale is considered final, the buyer must provide proof that they have secured a loan towards the purchase. This contingency allows the buyer to rescind their offer if financing does not materialize, and the property will be placed back on the market.

INSPECTION CONTINGENCY

The buyer is allowed to procure a licensed home inspector at their own cost. The final sale may depend on either the property conditions meeting the buyer’s satisfaction as-is, or with certain additional credits or agreements based on the results of the inspection.

ATTORNEY REVIEW CONTINGENCY

Once the buyer and seller’s brokers have organized the terms of the contract offer, both parties are permitted to have the document examined by their separate attorneys, who may then advise their clients to either accept the deal, reject the deal, or suggest altered terms.

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Purchase agreements

Between the offer’s acceptance and the final closing, the seller must sign a purchase agreement that lays out their final duties to the property before it is transferred to the new owner. This agreement may include:

  • Completing any agreed-upon repairs prior to closing.
  • Maintaining that the title remains clear of any liens or debts against it.
  • Other conditions that may have been stipulated between buyer and seller in the contract.

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