Buying a new home is an exciting prospect but also a serious decision. Many prospective and new homeowners are left disappointed when running into legal problems after making impulse decisions.
Taking some time to reflect on the legal factors surrounding a house purchase could ensure that the transaction runs smoothly. Outlined below are some of the key points to consider when buying a new home in Illinois.
How a title is held
Titles are legal documents that evidence the proof of ownership of a property. They give rights to an individual in terms of possession and access. The structure of a title can vary and it is important to consider this before making any commitments. Disputes over title are a common source of legal disputes and litigation, which can be time-consuming and costly.
Home inspection
Before committing to a purchase, it is advisable to carry out an inspection of the property in question. Illinois imposes strict laws on the entities who are tasked with property inspections and they have a duty to act in your best interests. They should inform you as to the condition of the property as well as any potential defects that come to their attention. This will allow you to make an informed decision before committing to the purchase.
Purchase agreements
The sale of a property is governed by a series of legally binding instruments and a contract to purchase. Contracts will typically contain provisions that outline the house price, key deadlines and financial arrangements. It is vital that both buyers and sellers have a clear understanding of their legal rights and obligations under contracts to purchase.
It is important to not let legal disputes get in the way of enjoying your new home. Having a firm grasp of your rights and obligations in Illinois will help with this.