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Bradford Miller Law, PC, Attorneys & Lawyers Real Estate, Chicago, IL
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residential real estate Archives

Disclosure rules for a house with a ghost

There are many things that must be disclosed when selling a home in Illinois, but is the presence of a ghost or other spirit one of them? This may be a question asked often in real estate transactions because many people believe their home is haunted. Some people even move due to activity in a home. However, on the other hand, there are also many people who do not believe in such phenomena, so buying a “haunted house” would not bother them.

Consider the expenses of selling your home

It is not uncommon for Chicago homeowners to relocate after living in their homes for a while. Many of have dollar signs on their minds when they think about how much money they can make from selling their homes. What many of them fail to realize is that they may need to spend money to ensure their properties sell.

Tips on finding a good real estate agent

When you're searching for the perfect place for your family to call home, having a good real estate agent on your side can make all the difference in the world. A real estate agent can listen to your wish list and use their expertise to find you properties that fit the bill. They can also help you understand the process and assist you in seeing any red flags that pop up. Unfortunately, not every real estate agent is equally competent or ethical.

Consider the expenses of purchasing a home

Many people in Chicago often fail to take into consideration while shopping for real estate the costs of caring for their purchases. After saving up for down payments and homeowners insurance, many of them think that the only expenses they have to worry about are their closing costs. Little do they realize is that there are many other costs they need to set aside money for.

4 Important Tips for Drafting a Purchase Agreement

Buying a home is one of the biggest financial transactions that you will ever perform. Getting too excited about moving into your new house might cause you to make mistakes during the actual transaction process. Here are four important tips to keep in mind for drafting a sound purchase agreement for the house: 

Successful Real Estate Closing

Successfully negotiating a real estate deal can be a tricky process. There are many points you will need to remember during negotiations. Both the buyers and sellers try to negotiate good prices for themselves, and that can lead to some conflict. Buyers also have to pay closing costs for their mortgage, in the form of money kept in escrow by the mortgage lender for items like taxes and insurance. Sometimes, buyers ask sellers to make concessions on their behalf, which means the asking price is going to get raised. Sellers can negotiate the closing date for the deal, which will affect the buyer's cash flow after home ownership is shifted to the buyer.

Understanding Disclosure Statements

They can take many forms. Disclosure statements provide a great deal of useful information to the buyer about the property they are looking to buy and its past history. The amount of information contained in the disclosure statement depends on the seller. The information can include anything from a statement acknowledging that the roof leaks to news about a construction project nearby. In part, these statements are designed to protect the seller from legal action in the future if the buyer decides to take them to court over false presentation of the estate's condition. The laws regarding disclosure can vary between states. The documents that may need to be signed as part of the disclosure agreement can include natural hazards disclosure statements, state transfer statements and Megan's Law disclosures.

Important Real Estate Contract Clauses

While drawing up the contract for making an offer on a home, there are certain clauses that should be included in it to ensure your interests are protected. The first thing the contract should specify is that the check you present to the sellers or their agent will be held by a neutral third party. If the check is for a large amount of money, it should be held in an interest-bearing account where the money earned will be given to you at the time of settlement. Remember to include a specific time frame for returning the check in case the offer expires or is withdrawn or any other reason through which the deal falls through.