In addition to holding one of the trendiest cities on the map, the state of Illinois is home to a plethora of up-and-coming suburban housing markets. Although the residential market in some areas of the state has been at a mild low in recent months, laws regarding real estate and home buying are continuously changing to match the needs of both sellers and new homeowners.
The Illinois Bar Journal details some of the residential real estate contract changes made in the state in 2014, stating that updates included revisions to the condominium provisions and the mortgage contingency clause. The new adjustments aim to protect buyers from unexpected surprises, and prepare them for legal processes involved in purchasing a home. Changes concerning condominium association issues also no longer require buyers to demand condominium or homeowners’ association documents, as sellers are now required to request needed documents and provide them to the buyer. Other modifications include changes within mortgage contingency that allows cash buyers to reserve the option to obtain financing without making the deal contingent on obtaining a mortgage.
Other Illinois property and real estate laws cover the basics on purchasing a home in the state. An article on Findlaw points out that in Illinois, landlords must return a tenant’s security deposit within 30 days of the termination of the lease; however, the state does not place a limit on the amount landlords can charge for the deposit. When it comes to purchasing a home, Illinois’ homestead protection law allows an individual to claim his or her property as off limits to creditors if that portion of the property is valued at less than $7,500.