Chicago Real Estate Lawyer

Chicago Real Estate Lawyer and CPA

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.

Do I need a real estate lawyer in Illinois?  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 real estate sale in Illinois.

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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. 

Chicago real estate attorney
Chicago real estate attorney

 

Real Estate Closing Lawyer – Seller 

For instance,  Chicago real estate lawyer perform the followings tasks for the seller:  

    • First, reviews the sales contract and calendars 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);
    • 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 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;
  • Directs the 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 closing statement prior to the closing and again at the closing table.

Real Estate Closing Attorney – Buyer

A Chicago real estate attorney does 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 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 procured by the seller’s attorney;
  • Examines the closing statement prior to the closing and again at the closing table;
  • Finally, explains the purpose of the note, mortgage, deed, bill of sale, and affidavit of title.

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.