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

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

Archive