Real Estate Lawyers in Peoria, Illinois

Notice Clause

Contracts, whether real estate or business, require notice if something goes wrong, or if something needs to be done. Failure to give notice of a default, or of a material term that has to be performed in a certain amount of time, can waive your rights under the contract. If you have a contract that is going wrong and need help – call our office to ensure that your notice requirements for the real estate contract that you have entered into are performed properly.

breach clause

A breach of contract is when something goes wrong. A person that fails to do something that they are contractually obligated to do is in breach of that contract.  Breach of contract is often defined – at least by the better real estate contracts.

A breach of a contract exposes a party to liability for their failure to live up to their end of the bargain. A party that has breached a contract can be sued in court to have a judge force them to perform according to the terms of the contract.  The best example of a breach of contract action in real estate is the specific performance action.

amendments

Many residential real estate contracts include certain amendments.  An amendment to a contract is just like an amendment to the Constitution of the United States – basically, it is a new part to the contract that comes after the main terms of the contract.

Our office is experienced with many different types of amendments – including the real estate inspection, radon testing, mold testing, and many other amendments and riders common in real estate contracts.

closing clause

Closing is when the contract is substantially performed – in real estate it is when the title to the land is transferred.  Often closings on a real estate contract occurs at a title company because they routinely handle them and are familiar with the title insurance issues, and other matters related to closing.

Closing defaults may trigger additional liability for the party that wants to back out of the contract – especially if they failed to perform according to all the terms and amendments of the real estate contract. For help with your closings contact our office today and talk to one of our experienced attorneys.