Real Estate Lawyer
Chicago real estate lawyer. I represent buyers and sellers of real estate and parties leasing commercial real estate in the Chicago area.
Is Illinois an “attorney state” for residential real estate closings?
Yes, Illinois is an “attorney state” for residential real estate closings. In Illinois, both the buyer and the seller usually retain a real estate lawyer for residential real estate closings. Illinois law does not require the parties to retain a real estate lawyer. However, you probably need an experienced real estate lawyer to close your Illinois residential real estate sale.Contact Us!
First, the buyer and seller, through their real estate brokers, negotiate a purchase price and a real estate sales contract. 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.
Real Estate Closing Lawyer – Seller
For instance, a Chicago real estate lawyer performs the followings 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, reviews the closing statement prior to the closing and again at the closing table.
Real Estate Closing Attorney – Buyer
A Chicago real estate attorney does the following 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.