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The Contract to Purchase Real Estate in Naperville

Guidance from Naperville Real Estate Attorneys

The buyer’s offer to purchase a home, when accepted by the seller exactly as presented, creates a legally binding contract. If the seller changes the offer, he has rejected the offer and made a counteroffer. If the purchaser accepts the counteroffer, exactly as presented, then it becomes a legally binding contract. The contract is a blueprint for the transaction which governs the parties’ rights and responsibilities.

Before signing any contracts, allow the Naperville real estate lawyers at the Roscich & Martel Law Firm to assess the document and advise you appropriately. With our team on your side, you can protect your rights and ensure that the deal will work in your favor.

If it’s time to sign a contract to purchase a home, call us at (630) 793-6337.

Essential Provisions of the Contract

Contracts will vary slightly but all contracts to purchase involve much of the same information and essential provisions.

Your contract will include:

  • Purchase price
  • Address
  • Legal description
  • Contingency for financing, including interest rate, length of mortgage, and amount of mortgage
  • Requirement that clear title be furnished by the seller as evidenced by a title insurance company commitment and policy
  • Date of closing and date possession of the property is to be transferred
  • Proration of taxes and other items able to be prorated
  • Risk of loss prior to closing
  • A list of appliances and personal property to be included with the real estate
  • Provisions regarding the return of earnest money
  • Remedies available to the parties in the event of a default
  • Rights of inspection
  • Survey requirements

The contract must be signed and dated. Any change, deletions or interlineations must be initialed.

This important contract is the blueprint for the transaction – it establishes your rights and obligations. It is a complex matter and will impact your future. Before signing a contract you should have an experienced attorney in your corner helping you. Allow the Naperville real estate attorneys at the Roscich & Martel Law Firm to assist you today.

For your future security, call us now. Dial (630) 793-6337.

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