In today’s housing market, when you find a house that you love, the temptation is to rush to sign the contract to ensure you don’t lose the property you fell in love with. However, there are important details any buyer should consider. Some of these items can have a major impact on the successful outcome of the sale and purchase of a new home. Whether it be from agreeing on terms, speaking to a loan officer, ensuring all the documents are correct, or the Closing, there are potential roadblocks and detours to navigate around.
Recently the Illinois Second District Appellate Court decided a case in which the buyers believed they had effectively entered into a contract to purchase a property. After some extensive negotiations between the buyer and the seller regarding the terms of the purchase, the seller decided to accept another offer. When the buyer attempted to hold the seller to their “contract,” the court found several shortcomings. The court ruled that the buyer and seller had failed to create a “valid, binding, and enforceable contract that was sufficiently definite and certain in all its terms.” 2023 IL App (2d) 220292-U, ¶ 46. This means that even though the buyer truly believed that they had entered into a contract and begun negotiations, they had done no such thing.
This is a prime example of what you do not want to happen to you. Once you find that perfect home, or think you have sold your home, you don’t want to lose the transaction by misunderstanding the requirements of preparing and entering into a valid and binding real estate contract. To ensure that you will be equipped to face any speedbump in your way, give Storm & Piscopo, P.C. a call and one of our experienced attorneys to assist you along the way.
Storm & Piscopo, P.C.
2000 S. Batavia Ave
Geneva, IL 60134