Illinois Agreement that Contract Contingent on Attorney Approval
Description
How to fill out Agreement That Contract Contingent On Attorney Approval?
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FAQ
After the buyer and the seller sign an initial contract, their real estate attorneys will have five (5) business days to review the contract, accept it, reject it, or propose any changes. Within this period, the buyer and the seller can agree to modify the contract to satisfy their specific needs.
The closing should be attended by you, your attorney, the seller, the sellers' attorney, the real estate agents, the escrow agent or closer, and may include the lender. There will be many mortgage loan documents and other closing documents to review and sign at the closing.
Contingent ? With No Kick-Out This means the seller cannot accept another buyer's offer unless certain requirements are not satisfied with the current accepted offer. This is good for the current buyer, because they can't be ?kicked out? unless they don't meet their contingencies.
$500 ? $1000: For handling the entire closing process for buyers and sellers. This generally includes reviewing the real estate contract, negotiating terms during the attorney review period, reviewing title, creating closing documents, and attending/facilitating the closing.
As per the laws of the Law Society, an attorney cannot represent both parties simultaneously to avoid any possibility of conflict of interest. This is because both the parties will pressured for better rates and higher profits. However, the parties are allowed to hire different lawyers from the same law firm.
Yes, depending on the specifics of the contract, a seller can accept another offer while it is contingent. This comes into play particularly if there's a kick-out clause allowing the seller to continue marketing the home.
When it comes to buying and selling property, Illinois is considered an "attorney state." Lawyers participate in the real estate sale process as a matter of custom and practice. But there are no laws or ordinances that require a buyer or seller to use one.
A real estate lawyer carefully review contracts, conduct title searches, resolve any title issues that may arise, negotiate terms and provide legal guidance throughout the entire transaction process.
