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

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

Archive