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

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

Archive