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Welcome to Gardi, Haught, Fischer, and Bhosale, your trusted partners for navigating real estate contract disputes in Schaumburg, IL. With our extensive experience and dedication, we understand that while purchase and sales agreements are designed to protect the interests of both parties in a real estate transaction, conflicts can still arise. Our team, equipped with the necessary expertise, is committed to helping clients resolve various disputes—from breach of contract issues to problems related to property defects—through mediation, arbitration, and litigation.

When you consult with us, we take the time to fully understand the specifics of your dispute and explore all potential options. Our thorough approach ensures that many real estate contract disputes can be settled through negotiations, and our strategy often includes reviewing clauses related to mandatory arbitration. Should litigation become necessary, our trial-ready lawyers boast a proven track record of success in real estate contract disputes.

Understanding Real Estate Purchase Contracts

A real estate purchase agreement is a binding contract that sets forth the terms for selling real property. It outlines both parties’ rights and obligations, including foundational elements such as:

– A legal description of the property

– The property’s purchase price

– The agreed closing date

– Terms about financing, escrow, and other relevant matters

– Included items in the sale, such as fixtures and appliances

– Conditions regarding the property and results from inspections or appraisals

– Legal issues related to the title, including any easements or encumbrances

– The exchange of the deed

While a carefully drafted real estate contract can help mitigate disputes, breaches may still occur, underscoring the importance of having a skilled real estate contract disputes attorney in Schaumburg by your side. Our team at Gardi, Haught, Fischer, and Bhosale is ready to assist you in such situations.

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Real estate contract disputes often come to light after the agreement is signed but before closing. Common examples include:

Breach of Contract: Each real estate contract is unique, but they share foundational requirements: an offer from the buyer, acceptance by the seller, and an exchange of consideration. A breach may occur if either party fails to adhere to the contract’s terms.

Buyer’s Breach: Buyers may breach contracts by insufficient funds for a deposit, failing to secure financing by the closing date, or not honoring warranties.

Seller’s Breach: Sellers may breach by failing to deliver the deed properly, not addressing property issues before closing, or not curing title defects.

If the buyer breaches the contract, the seller may retain the earnest deposit and claim damages for financial losses. Conversely, if the seller fails to comply, buyers can seek compensatory damages such as a refund of the earnest deposit, inspection costs, and attorney fees. A court may also award specific performance, compelling the seller to fulfill the contract.

Failure to Disclose Property Defects: Sellers have a legal obligation to disclose known defects. Buyers can bring claims against sellers if they prove defects were intentionally concealed.

Disputes Over Closing Costs: Disagreements regarding closing costs can arise due to loan fraud, discrepancies in estimates, misrepresentation of terms, or seller concessions.

Resolving Real Estate Contract Disputes

The resolution of real estate contract disputes typically follows processes outlined in the purchase agreement, such as:

Mediation: A voluntary process where parties negotiate with the help of a neutral mediator to reach a mutual agreement. Successful mediation requires reasonable faith efforts from both parties.

Arbitration: This voluntary or mandatory process (if defined by the contract) entails presenting the dispute to an arbitrator, who renders a decision known as an arbitration award. This decision may be binding or nonbinding.

If mediation or arbitration fails to resolve the matter, litigation may be the next step, emphasizing the need for experienced legal representation in real estate contract disputes in Schaumburg.

Contact Our Skilled Real Estate Contract Disputes Attorneys

If you are facing a real estate contract dispute in Illinois the dedicated team at Gardi, Haught, Fischer, and Bhosale is here to assist you. With a wealth of experience in both negotiation and litigation, we are committed to protecting your rights and interests. Contact us today at 847-944-9400 to schedule your consultation and start navigating your real estate challenges confidently, knowing that your rights are in safe hands.

Our Gardi, Haught, Fischer, and Bhosale team is equipped to handle a broad range of real estate contract disputes across Schaumburg and the surrounding areas, making us your ideal choice for representation. Request a Case Evaluation below

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