Chicago Real Estate Closing Attorneys.
The process of purchasing or selling a piece of property can be complex and stressful. For many, the purchase or sale of a home represents the most significant financial transaction an individual will ever face. As a result, it is usually a sound idea to hire an experienced real estate closing attorney to handle the entire real estate transaction and ensure that your rights are protected.
Lufrano Law, LLC’s experienced real estate closing attorneys represent residential and commercial clients in all proceedings and transactions involving real property. We will guide you through the complex real estate transaction process and negotiate the best deal possible, always with your goals and needs in mind.
Our services vary depending upon your needs and the nature of the real estate transaction. Additionally, each county, municipality and city maintain different laws and ordinances with respect to real estate transactions. For example, some municipalities require a village inspection, whereas others have specific rules regarding transfer taxes. Thus, it is imperative that you hire an attorney who is experienced in the local laws and customs.
City of Chicago Closing Information.
The real estate process usually begins with the hiring a listing agent and places their property on the market. Interested buyers and the seller then negotiate on an acceptable price and sign a sales contract, typically through the assistance of a real estate agent/broker.
Although this process may seem straightforward, it is recommended that you hire an attorney before this process begins, regardless of whether you are the seller or purchaser. The primary reason to hire an attorney during the negotiation process is to obtain legal advice regarding the scope and necessity of disclosures (regarding the condition of the property). From a seller’s perspective, it is important to understand what, when and how to disclose defects in the property, or else the seller may unnecessarily expose himself/herself to liability due to misrepresentations and omissions. Conversely, from the buyer’s perspective, an attorney can explain the seller’s obligations to disclose certain defects.
Secondarily, an experienced real estate attorney can help the seller and buyer review the contracts with the agents/brokers in order to determine if the contracts are fair and compliant with Illinois laws. Many sellers and buyers do not take the time to properly review these contracts, which is a big mistake in the event the transaction falls through and they are required to pay fees and/or commissions for an unsuccessful transaction.
Real estate transactions can vary greatly depending upon the unique circumstances of the buyer and seller and/or property. However, the real estate transaction process generally falls into four phases:
Lufrano Law, LLC can assist both purchasers and sellers navigate this process. Please contact us today for more information. For informational purposes only, we provide some insight below into the real estate closing process.
FREQUENTLY ASKED QUESTIONS.
What services do you provide?
We provide complete legal services for residential real estate transactions, including: -Negotiating between buyer and seller all the way through closing. -Reviewing contracts to make sure they best represent your needs. -Ordering surveys of your property. -Ordering and reviewing title. -Preparing all documentation. -Scheduling closing date, time, and place. -Handling the extra documentation that goes with buying or selling a condo, investment property or other unique transaction.
What are your fees?
We charge a flat fee for buyers and sellers depending upon the complexity of the transactions. We will always quote you a fee at the start of the process.
What are some typical buyer closing costs?
The buyer must satisfy lender conditions and settle their costs and fees. Some typical buyer closing costs include: -The down payment -Loan fees (points, application fee, credit report) -Prepaid interest (usually for the remainder of the first month) -Inspection fees -Property Appraisal -Mortgage insurance (typically 1 years premium plus an escrow held in reserve) -Hazard insurance (typically 1 years premium plus an escrow held in reserve) -Title insurance for lender
What are some typical seller closing costs?
The seller must resolve all outstanding costs and fees. If the seller has not yet paid for the house in full, the seller's most important closing cost is satisfying the remaining balance of their loan. Some typical seller closing costs include: -Broker's commission -Transfer taxes -Title insurance for purchaser -Property taxes (prorated) -Outstanding water bill -Closing cost credits, if applicable
What happens at a real estate closing?
At the closing, the buyer and seller consummate the purchase contract, which means that ownership and possession of the property is transferred to the buyer. This process varies depending upon the type of transaction and whether the buyer is financing the purchase of the property with a lender. Typically, several things occur during closing: -The buyer will deliver a check (usually a cashier’s check) to satisfy any outstanding fees related to the purchase. -The lender, if the purchase is financed, will deliver a payment (usually a wire transfer) to the title company/escrow agent to pay the balance owed on the purchase. -The seller signs the deed and physically hands it to the buyer. -The seller delivers possession to the buyer, which means the seller will provide the buyer the keys to the property. -Unless the real estate contract indicates otherwise, delivery of possession will occur at the closing. -The seller receives a check or bank transfer for the proceeds of the sale, less closing costs and mortgage payouts. -The escrow agent handles payment of all closing costs, which can include prepayment of real estate taxes, insurance, and fees paid to professionals including real estate brokers/agents, title companies, lawyers
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