The term "Let the buyer beware", no longer applies to real estate the way it did only 15 years ago. Illinois requires a mandatory “Seller's Property Disclosure” and the federally required “Lead Paint Disclosure” form be filled out and made available to prospective purchasers at the property.

In addition, the practice of "Home Inspections" has become the norm. All of the Chicago-area real estate contracts have this contingency incorporated in the basic contract in one form or another. The provision allows the purchaser the opportunity, at their expense, to hire a professional home inspector to examine the home (usually with the buyer(s) present), before committing to purchase the home. This is usually done within 5 business days after buyer and seller agree on the terms (price, dates, inclusion of appliances, etc.) and sign the contract. The cost ranges from $250 to $350 depending on the size of the home. The inspection itself usually takes between 1˝ to 3 hours. It includes not only a visual inspection by an inspector well versed in home construction, but a detailed inspection of the major components of the home as well. The roof, heating and cooling system, electrical system, plumbing system, and any other features of the home that may concern the Buyer.

Homes are made up of thousands of separate components, all of which age at different rates. Over the years, those components require maintenance, show signs of fatigue, or simply reach the end of their useful life. All homes require ongoing maintenance, but few homes are maintained in perfect condition. Most homes require maintenance of some kind or another or are due for improvement. This certainly doesn't mean the home is not worth buying. The repairs and improvements a home will require should be considered before proceeding with the purchase just as the location, size, layout, condition, and price are factors you must consider when purchasing a home. If the home purchase you are considering still makes sense after weighing all of these factors, then you have probably found the right house for you.

The home inspection does give the buyer an overview of the home's condition as well as a closer look that in some cases reveal more serious problems that may not be obvious during a casual tour of the home. Serious problems affecting the habitability of a home result in the option of canceling the purchase or raising the issues with the seller to determine how the costs for correction will be apportioned.

Minor maintenance items are not a part of the contract's home inspection provisions. Small deficiencies in a home are inevitable. If you are properly prepared for your inspection, it will simply begin your "to do" list which is an unavoidable part of home ownership.