Real Estate Attorney Marion Illinois

Burton & Vick, LLC Attorneys at Law| Attorneys in Marion, Illinois|

If you are buying or selling a home, you want an experienced lawyer to protect your interests. The sale or purchase of a home is the single largest investment that most people make. To make certain that you get the outcome you need and expect, you want an attorney who understands the intricate details of real estate transactions, including all of the risks involved and resources needed.

Our Residential Real Estate Practice:

For purchasers of residential real estate, we meticulously review your contract, make appropriate modifications to your contract that will be most beneficial to you, and otherwise focus our efforts on contractual matters dealing with the sale of your existing real estate (if applicable), financing and home inspections aspects of the transaction. Our goal with all buyers is to protect your rights and interests as well as all unsatisfied contract contingencies, including:

  • Mortgage contingencies. This contingency makes the sale dependent on your ability to obtain a mortgage. If you are unable to gain approval for a mortgage, you have no contractual obligation to purchase the property.
  • Home Inspection contingencies. This contingency makes the sale dependent on your satisfaction with the condition of the home. If your inspection reveals material defects that are unacceptable to you and that the Seller will not remedy, you do not have to complete the closing or purchase the property.
  • Home sale contingencies, if applicable. Under this contingency, your obligation to purchase the new property is dependent upon your ability to sell your existing home. If you cannot sell your existing home, you do not have to close on the new house.

We can also help you work with the seller to modify contingencies without waiving them. Waiver (including involuntary waiver) of a contingency can lead to many legal problems, including breach of contract, loss of earnest money or liability under the buy-sell agreement.

For sellers of residential property, our primary goal is to ensure that you comply with contractual obligations to convey clear title and fulfill all of your existing obligations with respect to the property you are selling. We will also ensure that you have made all appropriate disclosures to the buyer, including information about lead-based paint, radon and mold. We will work to minimize closing costs, so that you maximize the proceeds of the sale while limiting any potential liability to your buyer.

We also represent sellers in actions for breach of contract or specific performance, where a buyer has breached a purchase contract by refusing to go forward. In these instances, we strive to have the court compel the buyer to fulfill all obligations under the purchase agreement or pay you money damages that make you whole.

In most situations, a real estate agent will complete a form contract. You need to make sure an experienced real estate attorney reviews that contract (or drafts it initially) and makes appropriate modifications to change the terms of the agreement so that it will benefit you most and not leave you in a position you will regret at the closing table. There is normally a limited time to do this. We can help both buyers and sellers with all of these issues, including approving or disapproving of the contract as drafted, modifying the contract appropriately, negotiating and resolving home inspection issues, and keeping and protecting any unsatisfied contractual contingencies, including those mentioned above for buyers, i.e. mortgage, home inspection and home sale contingencies.

Referrals

We often receive referrals from other attorneys who may not practice, at least to the extent we do, in regard to certain areas of the law, including real estate matters. As a result, this has increased our volume of cases and expertise in this area of the law.


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