Understanding Why a Real Estate Purchase Agreement Is Needed in Illinois

An Oswego real estate lawyer can help clients understand what is happening in the midst of a real estate purchase. The deal has many different moving parts, and clients must be made aware of what will happen when the purchase process begins. Anyone with questions or concerns should reach out to a lawyer as soon as possible.

The Basic Parts of a Real Estate Purchase

Every real estate sale begins with the date of the offer, and all the parties in the sale are named in the offer. The price that has been offered for the property must be laid out correctly, and the property must have a legal description that is easy to understand. The earnest money deposit is the final step in a pre-sale packet, and an Oswego real estate lawyer will ensure that they have all this information before proceeding with the sale.

A real estate purchase agreement is a standard document that may be used to help lay out the parameters for sale. The Oswego real estate lawyer involved in the sale will use this form to plan the sale, and the agreement must be drafted by one side or the other. Buyers may choose to send their offer in this manner, or sellers may fill this form out with someone who has just made an offer. The document, however, is not legally binding.

Termination Guidelines

The opt-out option in the real estate purchase agreement allows buyers to pull out of the sale. The Oswego real estate lawyer may include a termination fee in the agreement, or the termination clause might simply allow both parties to walk away. Having a lawyer present will ensure that the sale is handled properly according to local statutes.

The Fitzgerald Law Firm serves Naperville, IL and surrounding cities and towns with real estate expertise. They can help someone draft their real estate purchase agreement when an offer is made.

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