Chicago Real Estate Closing Lawyer

Chicago Real Estate Lawyer

Chicago Real Estate Closing Lawyer

Chicago real estate closing lawyer with free consultation. I represent buyers and sellers of real estate and parties leasing commercial real estate in the Chicago area.

How much does a Real Estate Attorney cost in Chicago?

Chicago real estate closing lawyer fees.  How much do Chicago real estate lawyers charge?  In the Chicago area, the buyer and the seller each usually pay for their own closing lawyer.  Chicago real estate attorney fees generally range from 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 often 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 a real estate closing lawyer?

No, Illinois law does not require the buyer or seller to retain a real estate lawyer.  However, in Illinois, both the buyer and the seller usually retain a real estate lawyer for real estate closings. 

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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 attorney
Chicago real estate attorney

 

Chicago Real Estate Closing Lawyer – Seller 

For instance, a Chicago 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.

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 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 for Chicago 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.

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.