Whether you are preparing to purchase your first home in Illinois or have just finished the preparations for buying an additional property, understanding the contract you are about to sign is critical to making sure you are confident in your decisions. At Essig Law Office, we have been able to help many families as they get ready to make an investment in real estate.
The contract you and the seller will be required to sign is an imperative part of establishing an agreement and providing explanations of each other’s rights and responsibilities. When adequate time is taken to form an agreement between you and the other party, you can have clarification on important aspects of the purchase of your new property. According to The Mortgage Reports, there are four primary parts of a real estate contract that must simultaneously be present in order for the contract to be legally valid. These include the following:
- The intent of the contract itself must be legal in nature and in accordance with industry standards.
- A signed agreement between you and the seller should be written out in detail.
- There should be a clear designation of what each party will be receiving, such as you will be receiving the home in exchange for a monetary price.
- An offer and acceptance must both be present and signed by the appropriate party.
When you are aware of the defining points of your real estate contract, you can more confidently read and understand the document you are signing. For more information about preparing to transfer property, visit our web page.