Chicago Real Estate Lawyer Free Consultation
Chicago real estate closing lawyer offers free consultation. I represent buyers and sellers of real estate and parties leasing commercial real estate in the Chicago area.Contact Us!
Chicago real estate attorney fees for a closing?
Chicago real estate closing lawyer fees. How much do Chicago lawyers charge for a real estate closing? In the Chicago area, the buyer and the seller each usually pay for their own closing lawyer. Generally, Chicago real estate attorneys charge a fixed fee of $500-$1000 for a condo or single-family residential real estate closing. Many real estate lawyers reserve the right in the engagement letter to increase the closing attorney fees if unanticipated circumstances or complexities arise. Commercial real estate lawyers usually charge hourly for legal services.
What does a Chicago real estate lawyer do? The seller’s real estate attorney also performs a title search, clears liens and encumbrances to title, procures a title insurance commitment. In addition, the seller’s real estate attorney typically receives an agency fee from the title company for these services. As a result, Chicago real estate lawyers who advertise very low fees typically limit such offers to real estate sellers.
Does Illinois require an attorney for real estate closings?
No, Illinois law does not require the buyer or seller to retain an attorney for real estate closings. However, in Illinois, both the buyer and the seller usually retain a real estate lawyer for real estate closings.Contact Us!
First, the buyer and seller, through their real estate brokers, negotiate a purchase price and a real estate sales contract. Generally, the parties usually use a Chicago Association of Realtors or Illinois Association of Realtors real estate contract form. However, buyers of new construction real estate generally sign a contract drafted by the real estate developer’s attorney. Consequently, the real estate sales contracts drafted by the developer’s attorney tend to favor the developer. Next, the parties each retain a real estate lawyer.
Chicago Real Estate Closing Lawyer – Seller
What does a real estate lawyer do? A Chicago area real estate lawyer real estate lawyer performs many tasks for the Seller.
First, reviews the real property disclosures and sales contract, then, tracks important dates (attorney review, inspection deadline, mortgage financing contingency and closing date); Second, responds to extension requests (attorney review period, inspection deadline, mortgage financing contingency date, closing date); In addition, reads the proposed modifications to the real estate contract and advises the seller regarding same; Responds to the inspection-repair letter from the buyer’s lawyer and negotiates repairs or a closing credit.
A Chicago real estate lawyer will also order a title search and clear any title issues or encumbrances; Reviews the owner’s title insurance commitment and sends it to buyer’s real estate lawyer; In addition, orders the lender’s title insurance policy and sends it to the lender; Drafts the deed, bill of sale and affidavit of title; Explains each document and its legal consequences to the seller; Prorates the property taxes and association dues through the closing date; Orders the mortgage payoff letter; Orders the City of Chicago full payment certificate aka water certificate; Schedules the closing with the title company; Finally, the real estate closing lawyer reviews the closing statement prior to the closing and again at the closing table.
Real Estate Closing Attorney – Buyers
A Chicago real estate attorney performs many tasks for the Buyer.
First, reviews the real estate sales contract and notes important dates such as the attorney review period, inspection deadline, mortgage financing contingency date and closing date. Second, requests extensions of the attorney review period, inspection deadline, mortgage financing contingency date and/or closing date; Third, reviews the residential real property disclosure, lead based paint disclosure and radon disclosure; Fourth, writes an attorney review letter to the seller’s real estate closing attorney, if applicable; suggesting modifications to the contract; Reads the home inspection report and writes a repair letter to the seller’s attorney; Reviews the owner’s policy title insurance commitment; Examines the closing statement prior to the closing and again at the closing table; Finally, explains the purpose of the note, mortgage, deed, and other closing documents.
Chicago Real Estate Transfer Taxes
In a Chicago real estate transaction, the buyer pays a 0.75% Chicago transfer tax or $750 per $100,000 purchase price. The seller pays a 0.30% Chicago transfer tax or $300 per $100,000 sales price. In addition, the seller pays a 0.10% Illinois state transfer tax and a 0.05% Cook County transfer tax.
Seller Closing Cost Calculator
Above all, your real estate lawyer will protect your best interests. Therefore, you should retain a Chicago real estate lawyer. Contact me at 773.307.0181 or Brian@BrianThompsonLaw.com.