If you have already found a buyer for your Illinois home, the next step is usually to put the agreement into a written real estate contract. After that, the transaction may involve attorney review, earnest money, inspections, required seller disclosures, title work, tax prorations, closing documents, and the closing itself. Finding the buyer is a major step. But there is still quite a bit that has to happen before the sale is complete. 1. Put the Agreement in Writing A buyer and seller may initially agree on the basics of a deal through a conversation, email, or text message. But a real estate transaction needs to move from “we have…
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Which Disclosures Do Chicago-Area FSBO Sellers Need?
Most Chicago-area homeowners selling their property without a real estate agent should be prepared to provide an Illinois Residential Real Property Disclosure Report, the required Illinois radon disclosure and information, and, for most homes built before 1978, federal lead-based paint disclosures. Depending on the property and transaction, additional disclosures or documents may also be required. Selling your home without a Realtor does not mean selling it without paperwork. In fact, one of the potential problems with a For Sale By Owner transaction is that there may be no real estate agent involved to remind the seller which forms should be completed and when they should be delivered. Here are three…
