When you buy real estate in Illinois there are plenty of laws involved with the procedure that it will benefit you to know about ahead of time. The following information will help you to deal with your real estate agent, understand purchase agreements, and understand mortgages.
Buying real estate in Illinois without a certified real estate agent to help you out is not recommended. They can represent you in the deal and make sure that you get exactly what you want. In the state of Illinois, real estate agents have what is called a fiduciary duty. This duty requires the agent to be: loyal, obedient, honest, confidential, reasonable, diligent, and accounting. The Residential Real Property Disclosure Act also requires your real estate agent to fill you in on any problems on the property. These may include: plumbing and sewage issues, insect infestations, roof defects, property drainage problems, cracks or other issues with the foundation, problems with the property title, unsafe quantities of dangerous pollutants such as radon, and any lead based paint in the home.
When you find the real estate in Illinois that you are ready to purchase, you or your lawyer must draw up the purchase agreement. This is a legally binding document that states your willingness to purchase the property along with your terms. These terms should include: name and address of both you and the seller, purchase price and how it will be paid, amount of down payment, legal description of the property, condition of the property at the time, date of possession and settlement, settlement costs, who will pay the costs if property is damaged during the sale process, and any liens that are currently on the property. There are so many legal issues that can arise from these contracts, that it is very important that you have an attorney assist you throughout the process.
The mortgage is the promissory note that you must sign stating that you plan to pay the amount owed for the home, and stake the home as collateral. If you have less than 20 per cent of the total cost of the home paid off first, then it mandatory for you to procure private mortgage insurance in the state of Illinois. This protects the lender should you default. Hopefully, you have found this information regarding real estate in Illinois to be of use to you.