In Illinois, real estate transactions are often complex as they require several different services to be completed. They begin with a real estate agent and end with an attorney. Real estate law firms in Chicago understand the requirements for these transactions and help buyers with the process.
Reviewing the Terms of a Sales Contract
The sales contract makes several distinctions about the real estate transaction. It identifies the exact value at which the property is sold and it specifies the exact value of the commission received by the real estate agent, including the percentage. It also determines when the buyer takes possession of the property and who pays the closing costs.
Why Is a Title Search Conducted?
The title search is conducted to determine who the rightful owner of the property is. The attorney starts the search as far back as the last twenty years and examine the transfer of ownership each time that the property has sold. The purpose is to make sure that there weren’t any errors that could prevent the current sale.
The attorney provides the buyer with title insurance. The coverage protects the buyer’s investment. If the sale is stopped due to the results of the title search, the buyer receives a refund, which is their down payment or earnest money. However, the reason that the sale is stopped cannot relate to the buyer’s choice to breach the contract.
Understanding What to Expect During Closing
During the closing, the closing attorney reviews the documentation. They determine if the mortgage lender has fulfilled their obligations, and they ensure that they follow all applicable laws for the wire transfer to the seller.
They review the requirements for the buyer, including the down payment and the acquisition of insurance policies. The buyer’s attorney must review the documents to protect the buyer’s interests as well.
In Illinois, real estate transactions require several steps like creating a sales contract that fulfill these requirements for both parties. They also include preventing the mortgage lender from using predatory terms in the loan contract. Buyers and sellers who need help with these transactions should contact real estate law firms in Chicago visit Starr, Bejgiert, Zink, & Rowells directly today.
