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How do real estate tax prorations work?

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.…

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When will I know what my closing costs are?

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…

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What is title insurance?

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…

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What is the Attorney Review period?

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…

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