Selling a Single-Family Home
SELLING A SINGLE-FAMILY HOME
Selling a Single-Family Home is a significant real estate transaction. Hiring an experienced and professional real estate attorney is an important decision. Gateville Law Firm focuses on selling single-family homes. Our attorneys and staff are experienced at handling real estate transactions in Oswego, Yorkville, Plano, Sugar Grove, Lisbon, Millbrook, and other areas of the Chicago suburbs.
We assist major financial institutions and title companies with the real estate purchase and sale process ranging from preparation of quit claim deeds to affidavits of title to underwriting for real estate closings. If a major financial institution trust Gateville Law Firm with their residential real estate closing needs, individual buyers can rely on Gateville Law Firm with their residential real estate needs. Our real estate team has over twenty 20 years of residential real estate experience.
Selling a Single-Family Home with a Home Owners Association
Real estate attorneys must identify whether a house is subject to a home owners’ association or not. Selling a home without any home owners restrictions is much easier than selling a home with a home owners association.
Selling a Single-Family Home with a Home Owners Association is a major real estate transaction. A residential real estate attorney will protect your hard-earned investment. The Attorneys and Staff at Gateville Law Firm assist sellers and buyers with the purchase and sale of a Single-Family Home with a Home Owners Association.
The Seller’s Attorney will provide the Bylaws, Declarations, and Minutes among other things of the Home Owners’ Association. The Declarations inform the prospective Buyer(s) on any restrictions imposed by the Home Owners Association. Furthermore, the Home Owners Association must inform the seller’s Attorneys whether there are any fees or due outstanding.
Generally, the seller’s attorney will get a paid assessment letter indicating the balance of the Home Owners Association. The Home Owners Association may also have a right of first refusal to purchase the Single-Family Home, which must be waived. The Attorneys and Staff at Gateville Law Firm will make sure that the real estate closing process is a smooth process.
ATTORNEY REVIEW PERIOD AND HOME INSPECTION PERIOD
The first part of the residential real estate attorney process is hiring a good and trusted residential real estate attorneys. Gateville Law Firm assists sellers such as single-family homeowners with the sale of their residential properties. The attorneys and staff at Gateville Law Firm work with the buyer’s real estate attorneys and agents to properly negotiate resolutions of the home inspection periods.
Here at Gateville Law Firm, our staff and attorneys are experienced with residential real estate transactions. The first part of the real estate transaction involves the attorney-review period. The attorney-review period is the period of time where modifications to the real estate contract can occur. The attorney-review process is generally five (5) business days after acceptance of the real estate contract.
HOME INSPECTION PERIOD
The home inspection period and the attorney-review period often run at the same time. Generally, a buyer has up to five business days to finalize their attorney-review and home inspection letter. The home inspection period is a due diligence period because the buyers want to completely understand what they are getting from the seller.
Often times, an extension is required by the buyer’s real estate attorney, which is fairly often. The attorney review and home inspection period generally is concluded or in the process of being concluded up to ten business days after acceptance of the real estate contract. The seller’s attorney is responsible for reviewing the home inspection report and negotiating a successful resolution of the house closing process.
HIRING A HOME INSPECTOR
Typically, a residential buyer will hire a home inspector that is hired to inspect the single-family home. The role of the home inspector is to report on the major items of a single-family home. Every house has concerns and most of the time the buyers will request the seller(s) to fix certain items or make certain repairs. Furthermore, buyer’s often will consider a credit towards the purchase price in lieu of fixing the items highlighted by the buyer during their attorney-review and home inspection letter.