What Does a Seller’s Attorney Do At A Real Estate Closing?

Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois

The sale of real estate will most likely be the one of the largest, most important financial transaction of your life. In order to ensure the smooth and proper handling of such a transaction, a seller should consult with a Lake County real estate attorney prior to the signing of a contract.

A real estate attorney cares only about representing your interests. Your real estate lawyer will advise you of potential problems with the contract and is equipped to resolve many difficulties that can arise. If you are unable to consult with a real estate lawyer prior to signing the contract, you should sign subject to your real estate attorney's approval within three to five days of contract acceptance.

Even if you have not consulted with a real estate lawyer during the contract process, you should select one to assist you in completing the transaction. A real estate transaction is a complicated process. You need someone on your side who understands all aspects of the proceedings. The following are some of the matters that your attorney will address to protect you.

Title Examination and Title Insurance

Your real estate lawyer will order a title search from a reputable title insurance agent with intimate knowledge of the land records for your area. He will review the title commitment and resolve any curable defects at or prior to closing. Your lawyer will explain to you any limitations on your rights that cannot be removed so that you are fully informed as to the status of the property. Your lawyer will also make certain that the purchaser receives a policy of title insurance that protects both the purchaser and the seller in the event a party alleging an undisclosed interest in the property makes a claim. He will assure that the purchaser's lender, if any, receives a title policy meeting its requirements.

Real Estate Survey

Your real estate lawyer will order and/or review a survey of the property prepared by a reputable licensed surveyor, unless the property involved is a condominium. He will ascertain whether the house and other structures are within the boundary lines. He will advise the seller on how to resolve any encroachments that may be discovered.

Attend Closing

Your real estate attorney will prepare many of the documents required to close and can arrange for you to sign closing documents ahead of time so you need not attend. Your real estate lawyer is also responsible for preparing and/or reviewing all closing figures. He will explain what is happening with your money and assure that you do not pay any inappropriate charges.

Although there are some similarities, no two transactions are exactly alike. You need someone who can handle the nuances of your deal and who cares as much about your rights as you do. Our firm has a practice concentrated in real estate law. We are familiar with local rules and procedures and are equipped to make your transaction go as smoothly as possible.

Our firm’s fee to handle a residential real estate transaction is $500, payable at the time of closing. That fee includes review of the sales contract, modifying the contract as needed, negotiations on home inspection items, review of the title search and survey, review of the closing documents and attendance at the closing. Our firm charges reasonable rates for most transactions and can recommend a competitively priced title insurance and survey company. We promise prompt, courteous service.

For more information call us at 1-847-599-9101 or email us.

category: