Chicago Real Estate Attorney Free Consultation
Chicago real estate lawyers commonly deal with foreclosures, short sales, real estate development, sales and leasing of real estate. I represent buyers and sellers of real estate in the Chicago area. I also represent parties leasing commercial real estate in the Chicago area. Do I need a real estate lawyer in Illinois? Illinois law does not require buyers or sellers to retain a real estate lawyer. However, you probably need an experienced real estate lawyer in Illinois.Contact Us!
Whether your transaction is in the City of Chicago or in the Chicago suburbs, real estate transactions can be complex. First of all, buyers and sellers negotiate a real estate sales contract. Typically, a real estate broker represents each party to the real estate contract. In addition, 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 must sign a contract drafted by the real estate developer’s attorney. As you can imagine, contracts drafted by the developer’s attorney tend to favor the developer. For this reason, you need a real estate lawyer on your side.
Second, the buyer and seller each retain a real estate lawyer. There are many important tasks to perform leading up to a real estate closing. Therefore, it pays to retain a Chicago real estate lawyer.
Real Estate Closing Lawyer Chicago, IL
What does a Chicago real estate closing lawyer do to close a real estate transaction for the seller? In the Chicago area, a real estate lawyer performs the following tasks for the seller:
- First, reviews the sales contract and calendars important dates (attorney review, inspection deadline, mortgage financing contingency and closing date);
- Responds to extension requests (attorney review period, inspection deadline, mortgage financing contingency date, closing date);
- Reviews the real property disclosure, lead-based paint disclosure, and radon disclosure;
- 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;
- Orders a title search and clears 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 for the buyer and sends the related title commitment to 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;
- Directs seller to order the mortgage payoff letter;
- Completes the City of Chicago full payment certificate aka water certificate and directs the title company to order same;
- Schedules the closing with the title company;
- Finally, reviews the HUD-1 or closing statement prior to the closing and again at the closing table.
Chicago Real Estate Attorney Buyers
What does a real estate attorney do for buyers? A Chicago real estate attorney typically does following for the buyer:
- 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.
- Writes letter(s) to the seller’s lawyer seeking extensions of the attorney review period, inspection deadline, mortgage financing contingency date and/or closing date;
- Reviews the residential real property disclosure, lead based paint disclosure and radon disclosure and discusses any issues with the buyer and the buyer’s realtor;
- Writes an attorney review letter to the seller’s real estate closing attorney suggesting modifications to the contract;
- Reviews the home inspection report prepared by the home inspector on behalf of the buyer;
- Writes an inspection-repair letter to the seller’s attorney requesting repairs to the property or a closing credit in an amount sufficient to cover the repairs;
- Reviews the owner’s policy title insurance commitment procured by the seller’s attorney;
- Reviews the closing statement prior to the closing and again at the closing table;
- Explains the purpose of the note, mortgage, deed, bill of sale, and affidavit of title at the closing.
Chicago Real Estate Lawyer Fees
How much do Chicago real estate lawyers charge? Competent Chicago real estate attorneys generally charge a fixed fee of $500-$1000 for a 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 often charge hourly for legal services.
In the Chicago area, the buyer and the seller each usually pay for their own closing lawyer. The seller’s real estate attorney also performs a title search, clears liens or 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.
There are many important tasks to perform leading up to a real estate closing. Therefore, it pays to retain a Chicago real estate lawyer. Contact me at 773.307.0181 or Brian@BrianThompsonLaw.com.