Selling your house can be more complicated than it looks. There are some common roadblocks that often arise during the process and can derail the sale if not handled properly.
While Illinois law does not require an attorney’s involvement in a residential sale, working with a qualified lawyer might help you avoid many of these issues. Handling these matters properly right away could save you the headaches and expense of potential litigation at a later point.
Unexpected technical issues
Entering the selling process often reveals issues you may not have previously known about. Common problems include obstacles to clean title, easements, uncertainty about property lines or additions that turn out to lack proper permitting. Failing to properly address issues of this nature before closing the sale can come back to haunt you if the buyer sues you later or the city agencies decide to take action. An experienced real estate attorney can search for potential issues and help you address them before they snowball.
Real estate transactions often fall through because someone misses a deadline. Frequently, these situations are not the fault of the parties but of a third party such as the bank. Whether this relates to obtaining mortgage financing, insurance matters, inspections or any other of the many components of a successful sale, an attorney can help negotiate with the relevant parties to try to come an agreement that can keep the deal going.
Incomplete contract terms
Realtors could provide you with a basic form contract that may fail to address all necessary matters. Uncertainty in a contract’s terms can lead to serious disputes, a failed deal and even prolonged litigation. Key points that tend to engender disputes if left open include provisions for repairs, what happens if inspection reveals new problems, processing delays by the mortgage company, required disclosures in addition to those set forth by law and more. A lawyer could review the contract, introduce modifications and engage in any necessary negotiations in order to fully protect your interests.