This final number comes together a couple of days prior to closing as the Seller finalizes his/her final tax and Seller credits and as the lender finalizes all of it’s figures. A good real estate attorney will work closely with…
A good Buyer’s real estate attorney should review the Contract during the Attorney Review period to make sure the real estate tax prorations are appropriately calculated in the contract. Property taxes are paid in arrears in the state of Illinois.…
Typically, the Seller chooses the title insurance company that will issue the title insurance policy and conduct the closing. As soon as the attorney review and inspection issues are resolved, a good Buyer’s real estate attorney should request a copy…
Customarily, Seller pays for title insurance to protect the Buyer’s interest in the property and the Buyer buys a lender’s title insurance policy to protect the lender’s equity interest in the property.
Title insurance insures the state of title on the property prior to the Buyer’s purchase of the property – It is insurance that the property the Buyer is about to buy does not contain any restrictions, encumbrances, liens or judgments…
Buyer can ask Seller to fix things that are broken, constitute a current threat to health or safety or are not performing the function for which the item is intended. An item or appliance that is very old in age…
The 5 business day period following the Seller’s acceptance of the Contract during which time legal changes to the Contract are negotiated with the Seller, via the Attorney Review Letter, taking into account the Buyer’s specific circumstances. This is a…
: The role of a real estate attorney is primarily to guide the client through the entire process and answer questions related to whatever comes up, i.e. contract matters, title related matters, inspection and loan issues. However, the following is…
Just like all services, you get what you pay for when it comes to legal services. A typical real estate attorney would charge anywhere from $500-$600 for a routine residential transaction. If you are a first time home buyer and…
While it is ideal to consult with an attorney while contemplating a purchase, that doesn’t always necessarily happen. However, it is a good idea to have someone in mind and have a preliminary consultation with right before placing an offer…