As someone who is currently in the process of placing your Illinois home on the market, you may be learning as you go and discovering something new at every turn. If you are like many home sellers who are navigating their way through today’s housing market, you may also have questions about what, exactly, the law requires that you disclose to potential buyers.
As you may know, homeowners’ associations, or HOAs, exist to preserve the image and property value of the homes under the association’s jurisdiction. However, many Illinois homeowners resent their HOAs, saying the organizations exert excessive control, unreasonable demands and outrageous fines and penalties against homeowners.
You just bought a new Illinois home and life is good, not to mention exciting. The seller agreed to your purchase offer and you found a mortgage lender. Now the only thing standing between you and move-in day is the closing. If this is your first home purchase, that closing may be causing you some worry. What will happen there?
At the Law Office of Paul R. Idlas in Illinois, we know how exciting it is to purchase a new home. Whether it is your first home, a larger home for your growing family, or a smaller home when you are ready to downsize, buying a new home is always a very “big deal.” If you are like most people, your home also represents your biggest investment. Consequently, you want to make sure that it has not only the space, layout and amenities you desire, but also is legally yours when you buy it.
Illinois, like many other states, requires that when selling residential real estate, you must disclose any issues with the property. Illinois uses a specific disclosure act to govern this, and an exhaustive list of items to disclose, ranging from water leakage in the basement to any number of other material defects. So if you fail to disclose these material defects, can you be held liable in court?
You remodeled the home office, hung out the shingle and built an online presence with a basic website. On Saturday afternoons, you are now out and about in Illinois suburbia keeping a watch for prime residential properties. As you begin your career in residential real estate, remember to think through the legal issues that go along with being a realtor.