This list is not complete. Talk to your Chicago REALTOR® to get a current copy of Illinois' seller's disclosure list. If the seller knowingly conceals anything on this list, you have the right to take legal action.
There are some things to consider when looking to buy a condominium as well. There might be some restrictions with the deed or code. It would be a good idea to get a copy of the minutes from the last few meetings that the condominium's board held. This will show you any recent problems or planned expenses that may affect you.
Your Chicago real estate agent can help answer any questions that you have about seller disclosures. Spend a little extra money and hire a home inspector that will conduct a thorough examination of the property.
Home Warranty Protection
If you're purchasing a newly built home, the builder/developer may offer a full or limited warranty on materials and workmanship, typically for one year from the date of purchase. At closing, the builder will also assign to you the manufacturer's warranties that were provided to them for materials, appliances, and fixtures.
If you're purchasing a resale home, you can buy warranties that will protect you against most ordinary breakdowns for at least the first year of ownership. The seller may also offer you a warranty as part of the overall package.
Things to Consider About a Home Warranty
It's comforting to know that your new Chicago home is under warranty. When you buy a new home, everything might be in good working order. However, there's no telling when something will go wrong. Home warranties are a supplement to home inspections. Inspections identify any current problems in the property; a warranty protects you from future ones. There are several points worth considering about a Chicago home warranty.
Your lender will require an appraisal. This is neither a true home inspection nor an assessment of the home's true market value. The appraisal reassures the lender that the value of the house is at least as great as the loan amount.