Buying a condominium may at first seem like a straightforward transaction. However, it can actually be fraught with legalities that you never expected to encounter. You could find yourself not ready to sign the contract and move into your new place.
Rather than going into a contract uninformed, you can get the advise and guidance that you need by hiring one of the condo attorneys in Cook County to represent you. Your lawyer can assist you with a number of tasks that can prepare you better for owning a condominium.
Understanding the Down Payment Requirements
Just as when you buy a single family home, you also will be expected to pay down payment on the condo that you intend to purchase. The amount of money needed to close the sale is typically 20 percent of the agreed upon price. You must pay this amount of money in cash to clinch the transaction with the seller.
Your attorney, however, can read through the contract to find out if you need to put money down or if you can pay a lower percentage to finalize the deal. He or she can also make sure that a formal record of your down payment is reflected in the contract.
Your lawyer can also read through the contract to ensure that it is valid and can hold up in court if contested. You can learn more about hiring condo attorneys in Cook County by contacting Keough & Moody, P.C.