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David L
David L, Lawyer
Category: Real Estate Law
Satisfied Customers: 3255
Experience:  Attorney licensed in multiple jurisdictions.
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I am going to look at a house tomorrow. The seller wants

Customer Question

I am going to look at a house tomorrow. The seller wants 4,000 down and the balance in 30 days. He states he needs the 4,000 to make sure I am going to buy the place and also to repair the roof. I have not done a title search for liens, but I do have the sellers name and address. He is holding the house for me, even though I told him if he gets a buyer all he has to do is let me know. How do I protect myself against him taking the 4,000 and not upholding fixing the roof or selling the place to somebody else?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  David L replied 5 months ago.

Hi and thanks for asking your question. My name is ***** ***** I will be assisting you. To protect yourself, it would be important to enter into a written contract with the seller when you give him the $4,000. That way, you are protected with a written agreement. You can use a standard Illinois contract form, such as this one: http://chicagorealtor.com/wp-content/uploads/2014/05/6-0-MASTER.pdf​. The other thing you should so is pick a title company to close the sale, put their name in the contract as escrow agent, and give your $4,000 to the title company to hold in escrow. It is probably not a good idea to give your deposit directly to the seller.

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