Illinois Real Estate Closing Attorneys.
Lufrano Law, LLC represents residential and commercial clients in all proceedings and transactions involving real property in the Chicagoland area and West Suburbs. 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.
Although the real estate closing 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. Typically, the first step in the process is for the buyer and seller to enter into a real estate sales contract. Following the execution of the sales contract, the buyer and seller enter the next three phases of a typical real estate closing:
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 answers below to some of the most common questions we receiving involving 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
WHAT AREAS DO WE SERVE?.
Our attorneys represent clients throughout the Chicagoland area and West Suburbs, including:
OTHER REAL ESTATE PRACTICE AREAS.
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