(309) 699-4691 tom@stumari.co

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Ask Peoria real estate attorney, Tom Howard, your question right now. He helps people and businesses all over central Illinois on:

  1. Real Estate Contracts
  2. Real Estate Title Issues
  3. Real Estate Litigation
  4. Land Use & Zoning
Thomas Howard

Thomas Howard

Litigation Attorney

A Rising Star and Emerging Lawyer, which only 2% of all attorneys receive. Practicing in contract litigation with a concentration on enforcement of loan documentation.

 

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Each day, I answer one free question regarding real estate legal issues.

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Each day, I answer one free question regarding business litigation issues.

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Peoria real estate attorney – Tom Howard, provides his free consultation on the standard residential real estate sales contract.

Peoria Real Estate Attorney, Tom Howard, provides his free consultation on the standard residential real estate sales contract.

Thomas Howard was on the ball and got things done. Easy to work with, communicates very well, and I would recommend him anytime.

R. Martindale

Working with Tom Howard was great. He helped us navigate a real estate contract, and was incredibly knowledgeable and helpful!

N. Pierson

Ask a Peoria Real Estate Lawyer Your Question

7 + 7 =

Thomas Howard was on the ball and got things done. Easy to work with, communicates very well, and I would recommend him anytime.

R. Martindale

Working with Tom Howard was great. He helped us navigate a real estate contract, and was incredibly knowledgeable and helpful!

N. Pierson

Ask a Peoria Real Estate Lawyer Your Question

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General Video Take Aways

Peoria Real Estate Attorney Video Summary

1. Peoria real estate attorney – Tom Howard explains that contracts are for substantial amounts of money, whether in Peoria Illinois or anywhere else in the United States.

2. People often enter into real estate contracts without consulting an attorney first – they sign the contract blindly in hopes that things will go well.

3. Well over 90% of the time, things do go just fine – but if your contract has something fishy – you need to start looking at the terms of the real estate contract – NOW!

4. Some consumer real estate purchase contracts have a “cooling off” period, perhaps by statute as well. It can be short, from 3 days, to 10 days, but not every contract has such clauses, sometimes they are called “attorney modification clauses”

5. The Inspection Amendment may provide you with a basis for exiting your real estate purchase contract in Illinois, but it can expose you to litigation risk.

6. Attorney fees – did you hire an attorney by signing the contract and not realize it? Many real estate contracts, for example mortgages, always have an attorney fees provision – but who does it benefits, what side gets their fees paid if you go to court? Do you? 7

. Exiting a real estate contract may give rise to specific performance litigation because of unique nature of the parcel of real estate subject to the contract. A specific performance action is over fraught with facts, meaning evidence and discovery, and it can result in paying for not only the purchase price, but also credits for any attorney fees, or other contract rights the prevailing party has.

8. If you have questions on a real estate issue, contact our office today for help resolving it with a peoria real estate attorney.

Real Estate Video Script

Peoria real estate attorney: can I get out of my real estate contract in Illinois -76 …

 

Welcome I’m attorney, Tom Howard, the Collateral Base is my home for answering questions that come up in my legal practice. Call me with yours at 309-699-4691 – or ask you can call or email us directly from this page. Today, we discuss the largest collateral base that most people ever have – their home. We discuss real estate purchase contracts and the key terms about them. If you are a first time home buyer and want to know what the contract terms mean, this video is for you.

Here’s the question – maybe it’s yours too – “Can I get out of my real estate Contract in Illinois?” Hook Here are the Top 5 things to know about your residential sales contract to answer that question- Please, talk to a Lawyer BEFORE you sign, lawyers can do a lot of things, but they can’t go back in time, sorry. But, let’s be real, you’ve probably already signed it and now your searching to see if you can get out. The answer depends on the facts that dictate your rights. And let’s dig into the sales contract with time on our mind – in contracts we say it’s ‘of the essence.’ Content (10-13 mins)

Peoria real estate attorney is the PAAR Contract it is the standard in residential sales for the Peoria area, they are used all over the county and often in the surrounding counties. As a real estate attorney and member of the Bar Associations Real Property group, we advise the area realtors on how it works. First, you need to notice all the deadlines that are called for in the contract because they are windows that once they close, are really hard to get back open.

The most important deadline is 5 days from the date you sign the contract. It’s the Attorney’s Modification provision on page 5

– it provides that you have 5 days from the time you sign for your new home to have an attorney review and change the contract or exit the contract. Most people blow this deadline and call the attorney too late – secure your rights before you get them – after you sign the contracts then you have obligations. Second, Let’s go over perhaps the most important clause, the Default section. In Peoria, the provision is section 17 under Default. A default is defined as any failure to perform any obligation on the contract. An there must be a written notice provided by section 18. Basically, if anything in the contract goes wrong, then provide notice by email to the buyer or seller and the realtors involved. Third, cure period – After the Notice of Default, you are now into what they call the “cure period” where the defaulting party has the right to fix the problem so the contract can be performed

– which basically means you have the real estate closing. Here it is 10 days before the party may pursue any remedy available at law or equity – including specific performance. That basically means they sue you to make you go through with the sale of the residence Fourth, considering you may get sued for specific performance, you should see if you are also hiring an attorney by signing the contract – all mortgage contracts have attorney fees provisions so – you hired an attorney to foreclose on you if you fail to pay.

Then so if you check the rest of the Default section of this contract, which may be different on your, you can see that the prevailing party is entitled to attorney fees. That is more fair, you have to win to get them and anyone can win during litigation – we will talk about what you get with a judgment later. 5th – Any amendments out there? For example, most homes are not new so you get warranties – these are rights you get and additional obligations on the party that makes the warrant- basically means a promise.

The most relevant one in this contract is the “Buyer’s Inspection Amendment” which gives the buyer the right to exit the contract if sometime bad comes back and the buyer and seller cannot agree on how to repair the problem. You need the right facts and have to comply with your obligations. exit So there you have it.

When you ask yourself can you get out of a real estate contract, believe me, the facts may be there – but you should pay a Peoria real estate attorney to walk you through your contract and see if you qualify. Sound good.

Well, feel free to give me, Peoria real estate lawyer, a call with your legal issue.

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In Real Estate - Deadlines Count!

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In Real Estate - Deadlines Count!

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