DGAA bLAWg

Buying a Home in Illinois: Inspection Contingencies in the Contract

Web Admin - Monday, November 18, 2013

A considerable amount of paperwork is involved when buying a home. To begin the process, buyers sign a detailed contract with the sellers which essentially takes the home off the market while other details--including securing financing, appraisals, and inspections--are finalized.

Two particularly important contracts often used in Illinois are the Multi-Board Residential Real Estate Contract (“Multi-Board”), which has now been released in its fifth version and the Chicago Realtors Contract.  These documents get signed by both the buyer and seller, and represent an agreement between them that the buyer will indeed buy the house, and that the seller will sell it for the agreed upon price. However, the contracts also contain sections called “contingencies,” which represent certain things that either must happen, or cannot happen, for the sale to go through.

For example, a critical contingency that the Multi-Board calls for is the Professional Inspections and Inspection Notices section. This contingency allows for the buyer to conduct, at their expense, different types of inspections of the house that they just agreed to purchase. Under the Multi-Board, a buyer may conduct, “home, radon, environmental, lead-based paint and/or lead-based paint hazards, and/or wood destroying insect infestation” inspections.

While most of the names of those inspections provide a good idea of what the inspector will examine, “home” inspections are more general. It is intended and written in the Multi Board that the home inspector goes in to examine the state of the MAJOR components house. The contract  gives some examples of what constitutes a major component:

• Heating and air conditioning

• Plumbing and well systems

• Electrical systems

• Roofs, walls, windows, ceilings, and floors

• Appliances

• Foundation

If the buyer and the seller cannot reach an agreement about how to handle the results of the inspection by ten business days after they signed the contract, then either party may cancel the contract. This makes the inspector’s job particularly important, since it requires someone who can distinguish important issues from minor or cosmetic ones. Since the real estate market changed from an ultra hot Sellers market in the early 2000s to a cold Buyers market the tenor of the home inspection issues has changed significantly. More and more deals are getting terminated over minor inspection issues. The drafters of these two Contracts specifically drafted them to avoid this decision. Often times these issues are being raised as the parties are getting bad advice from the realtor and/or the attorney involved.

But not all defects or problems may automatically allow a buyer to get out of purchasing the home. For example, under the inspection contingency in the Chicago Realtors Contract, “the Buyer agrees that minor repairs and maintenance costing less than $250 shall not constitute defects covered” by the portion of the agreement which allow a buyer to terminate the contract. In other words, squabbles over minor issues which could be solved for little money are rarely should be enough to tank the deal. Many prolonged legal disputes hinge on the exact question of whether a defect is sufficient to allow a buyer to refuse to purchase the home. This is the point when the professionals involved should provide the appropriate guidance to the Buyer(s) regarding what is acceptable to raise under the contract terms and what is not acceptable to raise.

The easy thing for the Realtor and/or attorneys involved to do is to blame the home inspector.  However, the home inspection company has a contract with the client setting forth their obligation to inspect the property in a certain manner regardless what the home inspection contingency states. It is the responsibility of the Realtor and attorney involved to translate the inspection report into the home inspection contingency limitations and set the Buyers expectations on what the Seller should reasonably be asked to repair.

Of course, home inspections represent just one of the many legal complexities surrounding the process of buying or selling a home. If you are considering going through that process, contact an experienced Rolling Meadows real estate attorney today. Our team can help you navigate the process from start to finish. We serve many northwest suburban areas including Palatine, Buffalo Grove, Barrington, and other nearby communities.


Recent Posts


Tags

DMV unpaid overtime Exclusions Illinois employment law attorney Legal Info Crystal Lake medical malpractice law firm Arlington Heights wills and trusts lawyer truck collisions Palatine criminal defense lawyer financial advisors Illinois Human Rights Act Illinois LLC creation Federal Food Drug and Cosmetic Act drunk driving Illinois Transfer on Death Instrument Barrington estate planning lawyer Illinois living will murder charges Inverness accident lawyer Arlington Heights injury attorney Buffalo Grove corporate attorney federal crimes Schaumburg personal injury attorney Schaumburg real estate lawyer tax attorney expungement insurance adjusters healthcare claims Barrington medical malpractice lawyers Illinois insurance claims lawyers insurance negligence pedestrian injuries, pedestrian fatality Arlington Heights medical malpractice lawyer rent to own real estate contracts Mount Prospect wills and trusts lawyers traffic deaths BUI blended families eluding a police officer wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace real estate lawyer Schaumburg Attorney cell phone rollover accidents Arlington Heights lawyer wills and trusts Illinois insurance disputes real estate zoning pet bites Illinois employment attorneys auto accidents Liquor Control Act Illinois traffic accident lawyer Des Plaines personal injury attorney crossover accidents Illinois estate planning law firm insurance claim dispute attorney Illinois pedestrian accident attorney Deer Park workers compensation lawyer traffic accidents Illinois attorney suspended license texting and driving Inverness DUI lawyer pay when paid contract Palatine business attorney medical research Rolling Meadows personal injury attorney Illinois estate planning Illinois wills and trusts attorneys bad faith insurance claims FSLA Arlington Heights criminal lawyer child safety car crash Deer Park accident attorney car accident lawyers low-ball insurance settlement Illinois registered agent fault based insurance Rolling Meadows employment attorney traffic crimes paid sick leave driving Arlington Heights trucking lawyer ACA Rolling Meadows insurance attorney insurance claim denial Fair Labor Standards Act CAM Palatine insurance lawyer operating agreements BAC unauthorized overtime social media after death Illinois estate planning attorney Des Plaines collections attorney car crashes BAIID Illinois business law atorneys insurance denials Schaumburg criminal attorney Barrington Traffic Lawyer Chicago biking tips Arlington Heights estate planning attorney Illinois real estate Illinois employment lawyer Chicago trucking accident attorney Palatine employment attorney Des Plaines insurance attorney Long Grove estate planning attorney Illinois trucking safety insurance claim homestead rights disability benefits Mt Prospect Attorney traumatic brain injuries personal injury law firm spinal cord injury Long Grove estate planning attorneys advance healthcare directive Des Plaines pet law attorney Palatine corporate law attorneys Buffalo Grove personal injury attorney civil litigation privacy laws deed transfer Illinois Probate Act of 1975 Food and Drug Administration's Food Safety Modernization Act gift taxes car collision Illinois injury lawyer hands free device pedestrian-automobile accident DGAA Illinois employment laws insurance claim delay estate planning lawyer Buffalo Grove car accident lawyer Illinois personal injury lawyer Des Plaines real estate lawyer distracted driving accidents Des Plaines medical malpractice attorney Self-Directed IRA Accounts Crystal lake insurance dispute attorney fiduciary rule fatal car accidents automated cars murder defense employee discrimination Illinois driving without license medication errors cell phone tower data workers compensation benefits Illinois DUI attorney car accidents construction contracts dram shop law Chicago attorney Illinois speeding lawyer traffic offenses Buffalo Grove traffic lawyers Des Plaines criminal attorney Schaumburg injury lawyer Illinois insurance claim dispute lawyer Arlington Heights car crash attorneys Des Plaines drug crimes lawyer Palatine traffic lawyer golf accidents denied insurance claim Crystal Lake injury attorney power of attorney for healthcare personal injury accidents Palatine elder law attorney Des Plaines tax law firm Illinois job attorney Illinois jet ski accident lawyer Crystal Lake civil litigation lawyer Inverness real estate attorney real estate leasing institutional trustee owner responsibility Retaliatory Discharge revenge porn Barrington Illinois estate planning lawyer Arlington Heights pedestrian accidents personal injury lawyer surgical mistakes Crystal Lake will lawyer bike accident Rolling Meadows employment law attorney employee rights vacation home fines workplace sexual harassment Buffalo Grove employment lawyer taxes Chicago corporate attorney loopholes medical malpractice compensation business litigation Illinois personal injury attorney murder defective products living trust vs will Schaumburg personal injury lawyers Illinois medical malpractice attorney uninsured motorist cell phone accidents Arlington Heights wills and trusts attorneys employment attorney Policy Cancellation Barrington civil litigation attorney employment contract college kids spinal cord injuries medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Class A misdemeanor Inverness corporate attorney jet ski Illinois car accident attorney Long Grove estate planning civil litigation attorney traffic violations Des Plaines motorcycle accident attorney DUI attorney Illinois insurance claim attorney natural gas traffic violations defense subcontractor Palatine civil attorney Palatine law firm food poisoning Illinois medical malpractice case Palatine trusts lawyer Mount Prospect elder law attorney overtime pay Illinois motorcycle accident lawyer wills slip and fall accidents compensatory time Thanksgiving Joliet general practice lawyers construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Rolling Meadows traffic attorney Schaumburg employment law attorneys home inspection lawyer civil rights violation Illinois workplace discrimination attorney blood alcohol content Crystal Lake business law attorneys School Visitation Rights Act Arlington Heights wills and trusts attorney probate fees license reinstatement small business Crystal Lake personal injury attorney Illinois medical malpractice claim Barrington estate planning attorney Rolling Meadows estate planning attorney trust payments Rolling Meadows tax attorney medical marijuana employees Palatine construction attorney Rolling Meadows criminal attorney Barrington criminal lawyer Illinois traffic ticket lawyer Palatine corporate attorney Schaumburg car accident attorney natural gas explosion work unions Illinois Sales Representative Act texting while driving condo Illinois traffic attorney mass shooting probate Schaumburg estate planning lawyer Illinois wills and trusts residential real estate Rolling Meadows DUI lawyer ObamaCare life insurance Rolling Meadows boating crash lawyer meal breaks life insurance claims Crystal Lake employment attorney Arlington Heights Traffic Lawyer criminal Buffalo Grove injury lawyer Schaumburg estate planning attorney appealing an insurance claim boating under the influence Chicago will attorney, social media platforms, Illinois estate planning lawyer, LLCs wrongful termination Rolling Meadows medical malpractice lawyers Illinois tax attorney preventable medical errors commercial real estate Des Plaines accident attorney Rolling Meadows accident lawyer Des Plaines civil attorney Arlington Heights traffic attorney Rolling Meadows real estate attorney trustee Barrington real estate lawyer Des Plaines drug lawyer drug possession estate planning trusts insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys medical malpractice claims Chicago estate planning Crystal Lake law firm Palatine probate lawyer Illinois criminal defense attorney commercial leases life insurance lawyer Chicago traffic lawyer Deer Park medical malpractice attorney Barrington employment attorney accidental death benefits capital gains tax Chicago will attorney Long Grove wills and trusts attorneys Palatine civil litigation lawyer marijuana Illinois defective products attorney income distribution deducation real estate attorney Illinois workers compensation attorney Crystal Lake bike accident lawyer first degree murder Inverness traffic law firm insurance attorney manufacturing Family Medical Leave Act Illinois Des Plaines Traffic Lawyer digital evidence traumatic brain injury Barrington employment law attorney boating accidents Illinois workplace lawyer unpaid assessment whistleblower protections DNR premises liability holiday statistics insurance dispute insurance denial appeals liens wrongful death Rolling Meadows drug defense attorney Illinois Workers’ Compensation Commission Barrington injury attorney attorney fees Attorney Ken Apicella Arlington Heights employment attorney Illinois construction accident attorney estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers sole proprietorship Chicago employment attorney Crystal Lake medical malpractice attorneys Inverness estate planning lawyer Schaumburg probate attorney Illinois corporate lawyer Rolling Meadows criminal lawyer digital media accounts, estate planning, Arlington Heights estate planning attorney, probate claims process Illinois mortgages Rolling Meadows corporate lawyer Barrington personal injury attorney Illinois wrongful termination lawyer Illinois insurance claim dispute lawyers changes to mortgage law traffic tickets gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Illinois elder law attorney trench injuries Illinois Wage Payment and Collection Act motorcycle accident lawyer Inverness elder law lawyer health insurance dispute underage DUI pedestrian accidents Schaumburg traffic lawyer insurance claim dispute unfunded trust federal regulations for LLCs Illinois boating accident lawyer landlord Affordable Care Act Inverness civil lawyer Arlington Heights personal injury attorney employee misclassification estate planning for college students Palatine workers compensation lawyer employment lawyer Chicago insurance law firm insurance agent negligence foreclosed rental property insurance dispute attorney filing a medical malpractice claim products liability Chicago car accident lawyer Landlord Tenant Ordinance IRA trust transfer Schaumburg civil litigation attorney Rolling Meadows insurance lawyer Illinois traffic laws forming a corporation in Illinois insurance agents Illinois civil litigation lawyer license GM ignition switches Illinois employment law attorneys modern family estate planning personal injury attorney elder law Schaumburg personal injury lawyer sexual harassment power of attorney Illinois probate lawyer landlord tenant law Inverness probate lawyer workers comp Schaumburg construction accident lawyer employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, car accident Schaumburg employment attorney Illinois will lawyer Deer Park criminal attorney Rolling Meadows Attorney Barrington drug crime attorney Colin Gilbert internet Forcible Entry Arlington Heights employment law attorneys Illinois traffic attorneys no contest clauses Arlington Heights tax lawyer Barrington workers compensation attorney Illinois home inspection agent DUI Deer Park real estate law firm Rolling Meadows car accident lawyers Rolling Meadows corporate law vacation home Barrington boating accident attorney Crystal Lake medical malpractice lawyer independent contractor Home Sale Contingencies estate tax defective products lawyer insurance claims Illinois insurance lawyer Rolling Meadows insurance dispute lawyers, insurance dispute rest breaks Schaumburg elder law lawyer Crystal Lake traffic lawyer minimum wage personal injury claims Barrington attorney South Barrington real estate attorney medical malpractice dynasty trusts Crystal Lake car accident lawyer boating DUI Inverness insurance attorney marijuana crimes attorney personal injury claim swimming pools creditors Palatine real estate lawyer real estate closing drunk driving statistics Arlington Heights Attorney underinsured motorist IRELA Kenilworth estate planning attorneys living trust Rolling Meadows litigation lawyer denial of life insurance workers compensation healthcare Buffalo Grove probate lawyer job lawyers consent to a search Rolling Meadows Traffic Lawyer Crystal Lake personal injury lawyer Rolling Meadows employment law attorneys Buffalo Grove insurance claim dispute lawyers digital information Illinois business lawyer in terrorem provision icy parking lots trusts Buffalo Grove personal injury lawyer Palatine employment lawyer real estate attorneys Illinois insurance dispute lawyers Des Plaines personal injury lawyer Kenilworth estate planning lawyer motorcycle accident Palatine personal injury lawyer estate attorney Palatine traffic accidents Crystal Lake employment lawyer Arlington Heights personal injury lawyer life insurance policy Illinois insurance attorney pet law bicycle accidents liability claims South Barrington real estate lawyer Employment Discrimination Law Illinois real estate lawyer Buffalo Grove medical malpractice lawyers Kenilworth estate planning attorney Illinois medical malpractice lawyers drug crimes rollover car crashes Rolling Meadows marijuana attorney breach of contract PTSD IRS contracts Rolling Meadows probate lawyer Deer Park employment law attorney insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys Schaumburg corporate attorney breathalyzer test Crystal Lake pedestrian accident lawyer digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers denied insurance claims Deer Park DUI lawyer dog bites Colin H. Gilbert bicycle dooring accidents Chicago lawyer Des Plaines DUI attorney real estate contract FMLA Schaumburg insurance lawyers Mount Prospect real estate lawyer caregiver installment contracts wage theft probate process estate plan Super Mario controlled substance Palatine injury attorney real estate commercial leasing Illinois Trust Code DUI penalities guardianship attorney loss of consortium special needs trust Arlington Heights wills and trusts lawyers Crystal Lake car accident attorney Buffalo Grove traffic attorney Palatine punch death pregnant women Crystal Lake tax lawyer Riverwoods estate planning lawyer Rolling Meadows insurance dispute lawyers Des Plaines claims law firm Barrington business law firm Arlington Heights car accident lawyer elder abuse Chicago estate planning lawyer TBI deadly crashes comparative negligence fiduciary rule delay Crystal Lake traffic attorney Illinois trusts attorney Des Plaines Illinois personal injury Arlington Heights real estate lawyer caretaker rights Long Grove real estate lawyer employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys ken apicella Crystal Lake estate planning lawyer pedestrian accident IRA benefits Detainer Actions Barrington litigation attorney Jay Andrew problem employees Illinois employment law probate lawyer Inverness real estate lawyer Deer Park personal injury lawyer Illinois law Illinois small business Illinois employment law firm Illinois Smoke Detector Act POA Illinois bicycle safety Illinois rollover accident lawyers insurance claim denials Palatine employment law lawyer distracted driving accident victims anesthesia errors trauma after an accident irrevocable trust living wills Arlington Heights accident attorney reckless homicide Fourth of July car accident lawyer personal injury Palatine estate planning lawyer Crystal Lake accident attorney Inverness personal injury attorney Des Plaines injury law firm Illinois collections attorney employment law, Illinois employment laws criminal defense coronavirus Schaumburg criminal law attorney estate planning attorney pizza emoji Long Grove real estate attorney jet ski accidents condo association llinois Real Estate Lawyers Association Schaumburg wrongful death attorney Illinois personal injury lawyers drug crimes lawyer Arlington Heights insurance attorney investment property head on collisions mortgage Deer Park motorcycle accident lawyer underfunded trust Rolling Meadows traffic law firm Illinois red light cameras construction accidents car crash injuries probate claims Palatine Attorney dealing with problem employees Chicago insurance claim attorneys speeding back injuries preventing accidents license revocation liability Buffalo Grove law firm Illinois pet lawyer Schaumburg hiring employees license suspension trucking accident lawyers Palatine drug lawyer hit and run accident privacy Schaumburg medical malpractice lawyer traffic laws Schaumburg drug defense lawyer Chicago employment lawyer Barrington criminal defense lawyer product liability Do Not Resuscitate Illinois workers compensation lawyer criminal record startup company involuntary manslaughter estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, Arlington Heights TBI attorney Deer Park traffic accident attorney employment law slip and fall brain injury Barrington employment law firm nursing home negligence Illinois lawyer drugs insurance disputes Crystal Lake pet attorney estate planning personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Inverness injury lawyer Barrington personal injury lawyer criminal law sexual images clemency right to work field sobriety test overtime violations Transfer on Death Instrument Buffalo Grove criminal defense lawyer Crystal Lake criminal defense attorney Schaumburg estate attorney Des Plaines personal injury lawyers senior citizens trucking accidents Rolling Meadows business lawyer Rolling Meadows personal injury lawyers DUI defense drug crime Rolling Meadows personal injury lawyer comp time rumble strips Crystal Lake employment law attorney digital assets pain and suffering Crystal Lake insurance lawyer Deer Park traffic lawyer living trust benefits foreclosure Des Plaines real estate attorney Home Remodeling Repair Act Illinois employee rights attorney. severance agreements Buffalo Grove real estate attorney Whistleblower Claims new real estate form

Archive