Real Estate Contract Explained

Описание: Buying or selling a home or other real estate in Illinois? Then understanding the Illinois Multi-Board Residential Real Estate Contract is absolutely critical. In this video, we break down the most important terms of the Illinois Multi-Board Residential Real Estate Contract step-by-step, so you understand what you're signing before the contract becomes legally binding. Illinois is unique: it is an attorney state, which means the contract process includes attorney review and specific timelines that can dramatically impact your deal. In this video, we cover:
• Purchase Price, real estate commission and loan terms
• Earnest Money
• 5-business-day Attorney Review period
• Home inspection, potential repairs requests and other Inspections contingencies
• Financing Contingency and potential appraisal issues
• Key deadlines buyers and sellers cannot miss
• Property tax credit
• Closing costs — who typically pays what?
Many buyers and sellers assume the contract is "standard" and nothing can go wrong once it is signed. This assumption can be costly in terms of dollars, effort and time. Whether you're preparing to buy, sell or simply want to understand the most frequently used contract form in the Greater Chicago Area, this video is definitely for you. If you find this helpful, subscribe for practical Illinois real estate insights, and feel free to drop your questions in the comments so that we can address them in future videos.