The State of Illinois, and specifically the greater Chicagoland area, is one of many states that Real Estate Transaction Attorneys represent Buyers and Sellers to protect their interest. The legal fee of a real estate Attorney is small in comparison to the investment/financial dollars at stake – your money will be well spent and provide you with peace of mind knowing that somebody is representing just your interests and no other party. Below is a synopsis of what legal services you can expect to receive in your transaction:
Attorney Review of the Contract:
Whether buying or selling, the first five (5) business days after the Contract is signed by Seller and Buyer are typically the most critical. During the first five (5) business days is when any terms of the Contract may be approved, disapproved or modified. It is important that as soon as your offer is accepted you forward the Contract to your attorney or choose your attorney that you will be working with so there is time for the attorney to review your Contract and discuss any changes that may need to be made so that you are protected in the transaction. The Attorney’s role is to represent you and only you.
Attorney Review and Guidance Relative to Home Inspections:
As a Buyer, if the Contract allows, typically the first five (5) business days after your offer is accepted by the Seller will also trigger the period for scheduling your home inspection. Once your home inspection is complete a copy of the report would be sent to your attorney and any issues you find unacceptable (pursuant to the Contract terms) are then formally submitted to the Seller’s attorney via a letter from your Attorney.
As a Seller, if the Contract allows, the Buyer will typically complete their inspection of the property within the first five (5) business days after you have accepted the offer. Any inspection requests from the Buyer’s attorney is reviewed with you for your feedback and response with careful consideration of any legal issues that may face you during this time period.
The Attorney works with both Seller and Buyer to reach a mutual, amicable agreement on the inspection issues to move the Contract one step closer to closing while fulling protecting your interest.
Attorney Overview and Deadline Tracking of Loan Financing:
As the Buyer, if you are purchasing with a lender, the Attorney will continually follow up with your mortgage loan officer to ensure your loan is progressing to the Contract closing date. The Attorney will try to assist your lender in obtaining any title documents or Seller documents needed in order to meet Contract deadlines and the Contract closing date.
As the Seller, the Attorney continually follows up with the Buyer’s Attorney and Lender to make sure the Buyer’s loan is on track for closing. Also, while the Buyer is obtaining their financing for your home, the Attorney is ordering the Title, Plat of Survey, any Association documentation that may be required, Well & Septic reports that may be required, scheduling any municipal requirements (i.e., final waters and transfer stamp requirements) and clearing any issues with the title that may be necessary.
Attorney Preparation and Attendance At Closing:
As the Buyer, the Attorney attends the closing with you to review the final closing documents drafted by the Seller’s attorney (i.e., Deed, Bill of Sale, etc.), as well as reviewing the finalized title to confirm the property is being transferred with free and clear title and reviewing all lender/mortgage documents with you.
As the Seller, good news is your Attorney is your representative and usually you do not need to attend the closing. This will save you hours of time to focus on your move while your Attorney handles the legal issues at your direction. The Attorney will prepare all documentation that is required for you to sign approximately one week before closing and review same with you to pre-sign so you do not need to attend the closing. After the closing is complete (Buyer has signed all loan documents and the funds have been transferred from the Buyer’s mortgage company) you can choose to have your proceeds from the Sale wired to you or you can pick up a check right from the closing location the same day.
As your Attorney, my goal is to make the transaction, Selling or Buying, as seamless and stress free as possible. While your transaction has many complexities and legal issues that exist, our experience and proven track record will serve you well during this important time in your life. Buying a home is likely the biggest investments purchase you will make. As a Seller, your home sale is a critical financial event that requires specific detail and legal knowledge. With a fulltime professional legal staff with years of experience, my office stands ready to provide unparalleled high-quality legal service to our Buyer and Seller clients. Let us take the worry out of your transaction while you focus on the more important things, like packing!
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