Yorkville Vacant Lot Real Estate Lawyer

Real Estate Development Attorney in Kendall County

Many real estate transactions involve the purchase of properties with existing buildings. Homebuyers will usually purchase real estate on which a home is located, with plans to move into the home immediately after closing. However, there are some situations where buyers may wish to build their own homes. By purchasing vacant land, a buyer can shape the property to their liking and build the home of their dreams, including features that are specifically designed with their family's needs in mind.

Buying a vacant lot with the purpose of building a home or other structures is often a straightforward matter, but there are some complications that may arise in these situations. Many of the concerns that affect an existing building will not come into play, such as inspections of a home or issues related to health concerns such as radon or lead paint. However, the financing options that are available for a person who will be building a new home may be different from those that can be used to purchase an existing home, and other issues may affect a transaction.

To ensure that all concerns that will affect buyers will be addressed correctly, it is important to work with a real estate lawyer who has experience in transactions involving vacant lots. At Gateville Law Firm, we can provide experienced guidance for buyers, ensuring that they understand their rights and the potential issues that may arise during a transaction. We will work to resolve any issues that may arise, and we will make sure the land a person purchases can be used as intended.

Important Terms in a Land Purchase Contract

When buying vacant land, our attorney can help a buyer negotiate a comprehensive land purchase contract. This contract should include a number of provisions, including but not limited to:

• Description of the property: If the seller's deed does not include an accurate description of the property, the buyer may ask for a survey of the property to be performed before the transaction can be completed. In some cases, a lender may require a survey before financing agreements can be put in place.
• Price and deposit: After negotiating an acceptable purchase price for the property and a deposit that will be put down, a buyer can ensure that these amounts will be accurately described in the contract. In cases where the seller will provide financing, the terms of the financing agreement should also be included in the contract.
• Clean title: A buyer should be able to take possession of the property and use it as they wish. However, if there are any title issues, such as liens or encumbrances on the property, this may affect the buyer's ability to assume ownership and begin construction. A purchase contract should mandate that the property's title will be clear of any encumbrances at the time of closing, and the property should only be subject to existing and known easements.
• Closing date and the possibility of extensions: A purchase contract should identify a closing date, but if necessary, it may allow for the extension of the closing date if the need should arise. In some cases, the closing date may be postponed until a survey can be completed or tests of soil, ground water, or other conditions on the property can be performed to ensure that construction can proceed as planned.
• Right to inspect: A buyer may ask for terms to be included in the contract that will allow them to inspect the property immediately prior to closing. This will ensure that there will be no unexpected surprises on or after the closing date. Provisions may also be included to address issues such as testing for hazardous materials, wetlands surveys, road access, and other conditions on the lot.
• Seller cooperation and performance requirements: A buyer may require the seller to provide details about any surveys that have been completed and cooperate in providing other requested information. A contract may also state that if the transaction falls through, the damages the buyer will be required to pay will be limited to the deposit.

Our attorney can assist in the creation and execution of a vacant land purchase agreement that fully meets a buyer's needs and protects their rights. As a boutique law firm, our real estate team has over 50 years of real estate experience. Our support team developed their real estate experience through working and being trained at reputable title insurance companies.

Contact Our Kendall County Vacant Land Purchase Lawyer

If you are considering the purchase of vacant land on which you hope to build a home, contact the office of Gateville Law Firm for legal help by calling 630-780-1034. We will help you address all issues that may affect you during and after the transaction, ensuring that you will be able to live in the home of your dreams. Call Gateville Law Firm for a free consultation with a member of our real estate team today. We assist with real estate transactions in Yorkville, Oswego, Naperville, Wheaton, Kendall County, and throughout Northern Illinois.