Lufrano Law, LLC’s experienced real estate closing attorneys represent purchasers and sellers, residential and commercial clients, in real estate closings in Berwyn, Illinois. Real estate transactions can vary greatly depending upon the unique circumstances of the parties, the property and the location where the transaction takes place. Our services vary depending upon your needs and the nature of the real estate transaction.
However, the real estate transaction process generally falls into several phases:
Real estate negotiation and execution of sales contract;
Pre-closing due diligence on property (attorney review, inspections, title review);
Funding (i.e loan approval);
Real estate closing; and
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. Below are some of the unique steps involved with closing a transaction in Berwyn.
The City of Berwyn requires a pre-transfer inspection of all property prior to closing. In order for a seller to transfer a property, all municipal violations must be cleared up prior to closing (a reinspection may be necessary).
In the alternative, especially for AS IS transactions, the purchaser can take the property subject to the violations and assume the repairs after closing.
Berwyn also charges a transfer tax equal to 1% of the sales price listed in the contract.