Home / Real Estate
SELLERS
As Sellers attorney we typically provide the following services:
Preparing or reviewing the real estate contract
Obtaining title insurance, including but not limited to confirmation of how title is held, searching title for liens, and issuing any commitments for title insurance
Obtaining a survey (if required)
Clearing title exceptions prior to closing
Preparing any and all necessary sale documents for closing
Obtaining Mortgage Payoff Statement (if requested)
Assisting with or purchasing of municipal transfer tax stamps (if requested) (for Chicago properties, the title company will obtain the water and zoning certifications, as needed)
Scheduling and coordinating the date, time and location for closing
Attending and finalizing all matters at closing
PURCHASERS
As Purchasers attorney we typically provide the following services:
Preparing and/or reviewing the real estate contract
Discussing all financing options (if requested)
Contacting and/or coordinating lender requirements for title insurance
Reviewing the survey for defects or errors (if applicable)
Reviewing the title insurance commitment
Reviewing seller's and lender’s closing documents at the closing
Attending and finalizing all matters at closing
Follow-up examination of Owner's Title Insurance Policy and recorded deed
FIRST TIME HOME-BUYER?
Please see below for some additional helpful information regarding the purchasing process.
ADDITIONAL DETAILS FOR FIRST TIME HOME BUYERS
We will be working with you from contract acceptance through the closing, in conjunction with your real estate agent, to be sure that you are fully protected and always aware of the status of your transaction. While a real estate purchase may seem overwhelming, rest assured that we and your real estate agent have been through this many times before and are here to serve as resources for you.
A residential real estate purchase can be looked at in three phases:
Phase I
ATTORNEY REVIEW & INSPECTION
This phase provides for an initial period (usually 5 business days from Contract acceptance) for two things to occur:
Our review of the contract and public records (tax information, assessed value information, title information). This gives us the opportunity to avoid any surprises during the transaction and also allows us to alert you to anything unusual. If you are buying a condominium or cooperative (aka co-op), we also evaluate the association at this time.
Your opportunity to complete a home inspection. This will be your chance to go through the property with a professional who will provide you with a report detailing their findings in the home. The report can be used to make repair and/or closing cost credit requests of the seller. We must make the inspection and contract modification requests during the attorney review period (usually 5 business days from Contract acceptance) and then have time thereafter to negotiate a mutually agreeable situation between you and the seller.
Phase 2
LENDING AND UNDERWRITING
This phase is essentially driven by your lender, but we all have parts to play:
We will coordinate with your lender to make sure the loan process is moving along promptly, that they have all the legal and title information needed to underwrite the loan, and that they will be able to satisfy the contingency dates. Please note that extensions to the financing contingency are common, and we will also coordinate requesting extensions as needed.
Your real estate agent will also stay in touch with your lender to monitor progress and provide assistance particularly during the appraisal process.
Your job is to provide the lender with any and all items they request of you (bank statements, pay stubs, other financial information, etc.). Lenders often have last-minute requests and the sooner you provide the items needed, the more likely your loan will be processed quickly and that you will be able to close on time.
Phase 3
CLOSING
In the days leading up to closing, we will review your file and some preliminary documents from the title company and the seller’s attorney.
Your real estate agent will coordinate your final walkthrough of the property, where you will verify that there have been no negative changes (normal wear and tear expected) to the property since you completed your home inspection and that the seller has completed any repairs they agreed to make
One to two business days prior to closing, we will check in with you to see if your lender provided you with an amount of funds to bring to the closing. If not, we can help you follow up with your lender.
At the closing, we will review all of your loan documents and explain them to you by providing a summarized version of them (or in as much detail as you need). We will also explain the seller’s documents and title company’s documents to you. You will sign all of the closing documents and, generally, will leave the closing with keys to your new home!
