Frequently Asked Questions from Buyers and Sellers

Posted by Haleigh Haffner Mulhern | Apr 24, 2023 | 0 Comments

Real estate transactions can be complex and stressful, and buyers and sellers often have a lot of questions throughout the process. In this blog post, we'll answer some of the most frequently asked questions about buying and selling real estate.

FAQs for Buyers

Q: How much do I need to put down as a deposit when making an offer on a property?

A: The deposit amount can vary, but typically, buyers are required to put down 1-5% of the purchase price as a deposit when making an offer.

Q: How much should I budget for closing costs?

A: Closing costs can vary depending on the location and purchase price of the property, but typically range from 2-5% of the purchase price. Reach out the attorneys at Haffner Law for a more personalized estimate of closing costs.

Q: What is title insurance and do I need it?

A: Title insurance is an insurance policy that protects buyers from any unforeseen title defects or issues related to the property. It is typically required by most mortgage lenders, and it is a Seller charge.

FAQs for Sellers

Q: How should I price my property?

A: Pricing your property can be tricky, and it's important to work with a real estate agent or appraiser to determine the market value of your property. Factors such as location, condition, and recent sales in the area can all impact the price.

Q: What should I disclose to buyers about my property?

A: It's important to disclose any known defects or issues with the property to buyers, as failing to do so can lead to legal issues down the road. These disclosures should be made in writing and included in the sales contract.

Q: What is a seller's disclosure statement?

A: A seller's disclosure statement is a document that outlines any known defects or issues with the property, as well as any repairs or renovations that have been made. This document is typically required by law in most states.

General FAQs

Q: What is the difference between a real estate agent and a real estate attorney?

A: A real estate agent is licensed to assist buyers and sellers in buying or selling property, while a real estate attorney is licensed to provide legal advice and representation in real estate transactions. While a real estate agent can provide general guidance, it's always a good idea to have an attorney review any legal documents and provide legal advice throughout the process.

Q: What is a contingency?

A: A contingency is a condition that must be met before the sale of a property can be completed. Common contingencies include financing, inspection, and appraisal contingencies.

In conclusion, buying or selling a property can be a complex process, but having the right information and guidance can make all the difference. By understanding the answers to these frequently asked questions, buyers and sellers can make informed decisions and ensure a smooth transaction. If you have any additional questions or concerns, it's always a good idea to consult with a real estate attorney for legal advice and representation.

About the Author

Haleigh Haffner Mulhern

Haleigh Haffner is a graduate of Clemson University with a Bachelor's degree in Modern Languages. She graduated from Loyola University Chicago School of Law with a Juris Doctor and a certificate in Public Interest Law. Haleigh was sworn in to the Illinois Bar in January 2021. While at Loyola, Hal...


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