Role of Residential Real Estate Attorney During Seller’s Closing
A residential real estate attorney assists first-time home buyers and other buyers with the real estate closing process. Generally, the real estate attorney will review and negotiate the real estate purchase agreement including amendments. Attorneys for real estate buyers negotiate the following terms into the real estate contract during the attorney-review period:
- Enable real estate buyers the opportunity to re-negotiate or void the real estate purchase agreement if the property does not appraise for the purchase price;
- Ask the sellers of real estate about whether they are aware of any claim against the homeowner’s insurance policy within the last five (5) years;
- Whether the seller has tested the house for mold;
- Disclosures on the Residential Real estate disclosure made to Buyer(s) by the Seller will be true and accurate as of the date of closing;
- All improvements to the property have been made with proper permits and required inspections;
- Seller is not aware of any pest infestation in the property whatsoever, including without limitation, mice, ants, or cockroaches;
- In the event of default by the buyer, the Seller’s sole and exclusive remedy shall be the retention of the Buyer’s earnest money;
- Seller claims that the real estate is not in a flood zone; and/or
- Buyer shall have up to three (3) business days to cure any default or delay.
HOME INSPECTION NEGOTIATIONS: BUYER’S REAL ESTATE ATTORNEY IN YORKVILLE, PLANO, AND OSWEGO (KENDALL COUNTY)
The second role of the buyer’s real estate attorney is to negotiate any home inspection issues including repairs. The home inspection is completed by a licensed home inspection professional to disclose the condition of the house. The home inspection period of the real estate closing process is also called the “negotiation period”. The negotiation period is the period of time to ask for repairs and/or a home repair credit to fix major items deemed a problem by the home inspector. Generally, the buyer’s goal is two (2) fold. The first goal is to get the relevant items (major items) identified on the home inspection report fixed. The second goal is to negotiate a credit for having the buyer’s responsible for fixing the items highlighted on the home inspection report.
EXPERIENCED YORKVILLE AND KENDALL COUNTY REAL ESTATE PROFESSIONALS AND ATTORNEYS
In conclusion, Gateville Real Estate, LLC is a premier real estate law firm in the Yorkville and Kendall County area. Gateville Real Estate, LLC focuses its’ efforts in residential real estate law and Kendall County. Gateville Real Estate, LLC is based out of Yorkville, Illinois, which is near Plainfield, Plano, Sugar Grove, Montgomery, Bristol, Plano, Newark, Millbrook, Platville, and Lisbon. We can be reached at (630) 553-9560 or via online contact form.