If you are interested in purchasing a home in the City of West Chicago for which an inspection has not been approved, City Ordinance requires you to sign an Agreement letter and post a bond as a guarantee that the repairs for the home will be made in a timely basis. The following steps will help guide you through the process of meeting those requirements and make sure that your closing goes as smoothly as possible. If you have any additional questions, please call the Community Development Department at (630) 293-2200 extension 131 or 141 and we will be happy to assist you.
Letter of Intent Agreement and Bond Deposit
As the potential buyer of a home in the City of West Chicago for which an inspection has not been approved, you are required to sign a Letter of Intent Agreement and post a bond in the amount of $1,600.00. The Agreement must be filed in person by the buyer, or agent thereof, at the City’s Community Development Department, 475 Main St., West Chicago, Illinois 60185. Upon filing the Agreement, you are granted 90 days to complete the repairs and obtain an approved inspection.
Inspection Approval and Bond Refund
It is very important that you plan to complete the repairs and pass inspection BEFORE your 90 days expire or your bond deposit will be seized by the City. Please call our office at 630-293-2200 extension 131 or 141 when you are ready to schedule an appointment. Once your inspection has been approved, we will automatically refund $1,500.00 of your bond deposit to you. There is a $100 administrative fee. Please note that the refund of your bond deposit will likely take 2 to 3 weeks.
Letter of Intent Extension
As stated above, please make every effort to make all necessary correction and pass your inspection BEFORE the 90-day deadline. However, should you so require, the City may grant you a one-time extension for an additional 90 days. The extension must be filed in person at the City’s Community Development Department, 475 Main St., West Chicago, Illinois 60185 before your deadline. There is no cost for this extension. It is your responsibility to call our office to schedule a re-inspection appointment. Once your inspection has been approved, you will be refunded your bond deposit. It is important that you complete the repairs by the final deadline or your bond deposit will be seized by the City.