The purchase or sale of real estate, whether it is for business or personal use, can be an exciting time for all involved. Businesses acquire real estate to start up, expand or to find space for inventory or employees. Individuals and families throughout Illinois buy new homes every day, which can be the start of a whole new chapter in life. And selling real estate can oftentimes be a financial boon. There is no doubt about it – real estate transactions can be significant events.
However, these types of transactions can also be somewhat complex. In many real estate transactions, the documents that are part of the deal can involve records that go back decades. Various contracts are also part of the transaction, from purchase agreements to environmental covenants, for example. And, when it comes to legal documents, a careful review of the details is paramount.
Sure, most buyers and sellers of real estate don’t want to get bogged down in “legalese.” That is understandable. However, if the exact terms or conditions of the various legal documents involved in a real estate transaction are not understood by all involved, the chances of a dispute will probably go up. And disputes can cost everyone time and money.
Taking the time to review what you are signing – or what you are offering – is a prudent step in any real estate transaction, whether it is commercial or residential. Getting the right information about these legal documents can help buyers and sellers ensure that real estate transactions go smoothly.