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Residential Real Estate Sellers

What is the role of the closing attorney in an Illinois real estate transaction?

By December 25, 2019August 15th, 2023No Comments

If you’re selling a home in Illinois, you might be wondering what role a closing attorney will play in your real estate transaction. Having an attorney oversee the closing process can be of great benefit to home sellers—especially when it comes to saving money, avoiding unnecessary hassles, and minimizing the risk of a potential lawsuit. 

So, whether you are already in the process of selling your home or if you are just thinking about selling, keep reading to discover some of the advantages to hiring a real estate lawyer for the sale of your home.

Contract Drafting, Review and Contract Execution

Real estate transactions are generally drafted using standard contracts and disclosures.  However, there are circumstances where a Seller or Buyer may want a contract to be amended or customized and it is especially important in these cases to rely on a real estate attorney.  Real estate lawyers possess the education and experience to draft contracts and provisions that protect the best interests of their clients. Having an experienced closing lawyer oversee your contract can also minimize the risk of having your sale fall apart or the risk of facing a potential lawsuit. 

Unfortunately, it is not uncommon for a real estate contract to contain errors, especially if the contract is auto-populated using data from the listing.  Items like inaccurate personal property lists and missing or incorrect language can cause a number of headaches in the sale of your property. Closing attorneys help ensure that your contract is completed accurately, your interests are protected, and they will guide you from the start of the closing process through the final closing.

Real estate contracts are much more than an agreement between a Seller and a Buyer for a certain property. They include various obligations home-sellers must fulfill and the deadlines by which these obligations must be met. Missteps in the performance of these obligations can affect the sale, result in additional expense to the Seller, and could potentially derail the deal altogether.  A real estate law firm will provide timely reminders of your contract’s obligations, so you can meet these strict deadlines and giving you peace of mind throughout the process.

Solving Title Issues

In order to sell your home in Illinois, there should be no judgements or liens showing on title. After a purchase agreement is signed, a title search is completed to ensure that you can legally sell your home to a Buyer. If it is determined that there is a judgement or lien on title, your closing attorney will assist you with settling/removing liens and judgements.  They can provide guidance as to how to obtain documentation that judgments and liens have been paid and how to overcome other title issues that may delay the closing or put the closing at risk.

Coordinating Communication

Selling a home requires constant communication and coordination between various parties.  This can prove to be time consuming and overwhelming for homeowners. A real estate lawyer streamlines communication with real estate agents, inspectors, appraisers, lenders, surveyors, and title companies, freeing the Seller to concentrate on more important and pressing matters, such as finding the next dream home or packing for the big move.

Managing Fees and Disbursing Funds

It is no secret that the fees and closing costs associated with a real estate transaction can be pretty steep. Sometimes, Sellers get stuck with higher fees and costs than they anticipated. A good real estate attorney will let you know from the beginning what to expect, will help keep these costs to a minimum when representing you and will make sure you are in agreement with the bottom line as the closing date approaches. 

At closing, your real estate lawyer will review and oversee the disbursement of funds from your sale. Your real estate attorney will carefully review each and every figure listed in the settlement statement to ensure that the Seller’s proceeds are accurate and will then make sure that checks are cut to all of the appropriate parties including real estate agents, surveyors, home inspectors, and homeowners’ associations, to name a few.  Having a real estate law firm direct these actions can make the process of selling a home much easier and significantly less stressful for the home Seller. 

Adam Diamond Law has represented many clients in real estate transactions for over 15 years. If you are looking for an experienced attorney to handle the sale of your home in McHenry County, Illinois, contact our firm to schedule a consultation.

Use our contact form or call (773) 217-9623 to speak with a helpful member of our real estate team. 

Disclaimer:  This blog post is for informational purposes and is not intended to be legal advice or to create an attorney-client relationship.  Every situation is unique and it is always best to review your individual situation with a local attorney to understand your options.

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