Charles W. Siragusa
Charles W. Siragusa will manage the acceptance date, the buyer’s deposit of earnest money, the buyer’s inspection contingency, the buyer’s attorney modification contingency, and the buyer’s mortgage contingency.
Steps to Closing
The “acceptance date” is the date on which you sign, or “accept,” the buyer’s offer by signing the sale contract, meaning the date on which you signed the contract furnished to you by your realtor.
The buyer will have furnished a portion (down payment) of his earnest money, such as $1,000, to the buyer’s realtor when the buyer signed the sale contract to purchase your home. But, after you “accept” (sign) the contract, the contract usually obligates the buyer to furnish the balance of his earnest money to his realtor within several days. It is important to make sure that the buyer has, in fact, furnished the balance of his earnest money by the deadline in the sale contract. It is important, because you know the buyer is serious about buying your home when he furnishes the balance of his earnest money to his realtor. You need Charles W. Siragusa to stay in contact with your realtor and/or the buyer’s realtor to make sure that the buyer has furnished his total earnest money to his realtor by the contract deadline.
The contract provides that the buyer may (and he WILL) retain a licensed home inspector to inspect all portions of your home, generally within five or seven business days after the “acceptance” date. The home inspector WILL find repairs or defects in your home that the buyer’s attorney will either ask you to correct or ask for a significant reduction in the sale price of your home. It is important that this contingency is resolved, then you know the buyer is proceeding with the closing, subject only to the attorney modification contingency and the mortgage loan contingency. You need Charles W. Siragusa to vigorously represent you in rejecting or minimizing any reduction in the purchase price due to any such repairs to close this contingency.
The contract provides that the buyer’s attorney may make modifications to the contract, other than as to the sale price. The types of modifications the buyer’s attorney will request are generally understood only by an attorney. You need Charles W. Siragusa to vigorously represent you in negotiations with the buyer’s attorney, and to explain the modifications to you and to agree to only the reasonable modifications that you should accept.
The contract provides that the buyer has a period of time, generally thirty to forty five days from the “acceptance” date, to obtain a mortgage. And, if the buyer is unable to obtain his mortgage within this period of time, then the buyer may terminate the contract and obtain a refund of his earnest money. This provision may be in paragraph 5 of the contract. The Law Offices of Charles W. Siragusa, P.C. proudly serves Chicago, Cicero, Oak Park and nearby areas in Illinois.