Real Estate Closings in Chicago, Illinois
You've Found that Perfect Home in Chicago. Let Us Make Certain Your Closing Goes Without a Hitch!
The closing of a real estate transaction in Chicago ushers in the final steps in the transfer of property ownership, which usually occurs in a formal meeting between the buyer, seller, and third party agents, where the buyer signs a home mortgage contract. In this meeting the seller receives payment for the property, the buyer and/or seller pay closing costs, and the title is transferred from the seller to the buyer. A Chicago real estate attorney can help you through the process.
Real Estate Closing: A Step by Step Guide:
While it is not a requirement to have a lawyer in this process, the expertise of an attorney can an simplify things, provide peace of mind that every aspect of your real estate closing has been scrutinized, and save you from big mistakes that may hurt the deal or your wallet. Here’s how an attorney can help:
- Open an Escrow Account: When your purchase and sale agreement has been reviewed and your offer is accepted, an escrow account is set up by a neutral third party to hold funds from the buyer, secure a deed from the seller, and when all the terms of the contract have been met, transfer the deed to the buyer and release funds to the seller. An attorney can ensure this is done correctly.
- Perform a Title Search and Obtain Your Title: A title search checks public records to determine and confirm a property's legal ownership. Before any real estate transaction goes through, you want to ensure that the title is clear. The reality is that you can purchase Chicago real estate without having any knowledge existing rights or claims on the property you’re buying. It happens all the time, and can be very costly to the buyer!
- Negotiate Closing Costs: Many consumers are taken advantage of in a real estate closing because they do not understand which fees are necessary and which have been added or inflated to make interested parties a few extra dollars. Having an attorney in your corner can curtail this.
- Review the Home Inspection: This is essential, as major problems are often caught during a home inspection. While issues with the home may be deal-breakers that kill the purchase, it is often possible to renegotiate the price of the property and work repair costs into the transaction. Whether it is a house, multi-unit or condominium, an attorney can review the inspection and strategize with you to come up with a plan that’s in your best interest.
- Review All Documents On Closing Day: There will probably be at least 100 pages to sign on your closing day. This is the last step of the process, but it is still nerve-wracking because things can still go wrong with any aspect of the closing. We’ll help ensure that everything is in order at the closing and scrutinize any curveballs that may emerge on the day of closing.
Need Help With Chicago Real Estate Closings?
You’ve found your dream home, now you need to make sure that the transaction is handled correctly! Real estate transactions are a major investment, and having an experienced attorney in Illinois helping you through the closing can make your life a lot easier and protect you and your family. Request a Free No-Obligation Real Estate Consultation Today to learn more about our real estate legal services.