Chicago IL Closing Attorney
In Chicago most people think they should hire a closing attorney to represent them at a closing, but what those people really need is a real estate attorney. A closing is a meeting, typically at a title/escrow company, where final documents pertaining to the sale or purchase of real estate are signed and funds are delivered to complete the transaction.
A buyer or seller needs a real estate attorney that will advise them:
- Before the contract is executed
- During the attorney review and inspection modification periods
- Through the mortgage contingency period and final walk-through
- At the closing
While this may seem straight forward, a real estate attorney will have the transactional and litigation experience that a client requires. Even though real estate transactions rarely result in litigation, having an attorney who is well versed in all aspects of real estate law is a great benefit to the client.
We represent clients for closings with contracts on properties in all of the Chicago suburbs.
Residential Real Estate Closings
A real estate closing is the final phase of the home buying process. As a home buyer you will face many key issues that can affect your future. Many will seek the help of a real estate attorney in Chicago to help them stay informed and to help them protect their interests. These are some of the topics that can come up in a real estate closing:
- The Terms of the Mortgage Documents
- Financial Obligations
- Title Insurance
- The Deed
- Certification of Legal Title
It is our duty as your Chicago real estate attorney to arrange the completion of your mortgage closure. We will help you coordinate all of the factors involved in the loan approval process. If there are issues that arise, we are here to help you with those and also make sure that you understand everything along the way.
Most importantly the purchase of your new home can be an exciting time, our Chicago real estate attorney is here to help you make this an easy and simple experience.
Commercial Closing Attorney
There are four things that are extremely important when you’re getting ready to close a commercial real estate agreement. Most people find it’s in their best interests to work with a Chicago real estate attorney.
- The first is to simply have some kind of plan or strategy. You need to know everything that you want to have or want to accomplish. The closing can change depending on what you want to do with the property. For example, if you plan to demolish a property to build a shopping mall or plan to maybe transform the property to accommodate apartments or condominiums this can require a completely different closing strategy. Your strategy needs to focus on the requirements to allow a successful closing. There can be many conditions needed to achieve your original plan’s objective.
- The second thing to consider about a commercial real estate closing is knowing about any issues or obstacles you may come in contact with. Some issues can represent an opportunity while others will present an obstacle. The right Chicago real estate attorney will be able to provide you with a tailored solution to meet all your needs. They will help you understand the issue and the impact it can have on all those affected.
- A third issue to consider is possible resistance from a third party. This can be very frustrating, cause delays or even failure of a real estate transaction. Sometimes clients don’t realize that closing deadlines that are important to them, are not important to a third party that may be involved. For a third party the transaction is just another file on their desk. But many times the third parties cooperation and participation can be vital to the forward progress of the transaction.
- The last thing that is important to prepare for is the flurry of the closing itself. Chaos can be perfectly normal in a commercial real estate transaction because of certifications or licenses needed, zoning issues, public utilities, insurances, ect… There are just a lot of tasks that need to be completed within a certain window of time. So the help and guidance of a Chicago Real Estate attorney can be priceless.
Vacant Land Closings
Before entering into a sales agreement or purchase of vacant land, it is important to speak with a Chicago real estate attorney. It is important to have the guidance and experience of an attorney when considering the purchase of vacant land because there can be many legal aspects to pay attention to.
A Chicago real estate attorney will be able to tell you about the title to the property, the existence of title insurance, water and power sources, even roads and other issues have to be considered when purchasing or selling vacant land.
Our knowledge and experience will help guide you through the vacant land real estate transaction process.
What is a Simultaneous Closing?
A simultaneous closing is a seller financing technique whereby the individual selling the property offers to create a private mortgage note with the buyer but then turns around and sells it to a note investor on closing day. In a conventional real estate sale, on closing day the documents are executed, recorded and then the real estate sale and loan are completed.
There are many parts to a simultaneous closing. There are positives and negatives. So read the rest of this article to become a little more familiar with this topic, but many find that the help of a Chicago real estate attorney can be very helpful in this type of a situation.
Some property sellers will offer seller financing in order to create more interest in the property. There are many people that are not able to qualify for conventional mortgages, so the seller will offer their own financing and act as a bank to the party interested to buy.
Not all property sellers will offer seller financing.
The reason for this is because the seller must be willing to receive monthly payments instead of a lump sum. There is always the risk of default. If the buyer stopped making payments this could put the seller in a situation where they may need to foreclose the property.
There are great benefits to a simultaneous closing.
The seller can finance a note for cash on closing day, then there is no need to get payments monthly over an extended period of time. And if there was a point where the buyer defaulted in his payments, it wouldn’t affect the seller anymore.
The most benefit from a simultaneous closing comes from investors that need to close a property sale quick in order to move on to their next project. These kinds of people are familiar with dealing with all the third parties involved in this kind of transaction and can devote to any issues that may arise.
- How do you know if this is for you?
- Do you need to sell your property quickly or do I have the time it will take to sell conventionally?
- Has selling my property been a problem?
- Do I need to sell my property at the full appraised value?
- Is my property non-conforming?
- Do I have time to spend with all the parties involved in the transaction, buyers, attorney, title agencies, ect…
- If you answered yes to these, then you may benefit from a simultaneous closing.
To learn more about a simultaneous closing and if this is the right thing for you – call us today. Our real estate attorney’s are here to help you.
For Sale By Owner Closings
Title companies are able to handle every aspect of a real estate transaction. However, many clients will hire a Chicago real estate attorney to help protect them throughout the entire real estate transaction. An attorney can help evaluate complicated offers, help with closings, and even assist with down payments. It’s important to select an attorney that is knowledgeable and specializes in real estate transactions.
It’s become increasingly popular for people to try and sell their own homes, this is called a “For Sale By Owner.” Even in this type of situation it can be helpful to have a Chicago real estate attorney to help you with paperwork, agreements, and contracts. A knowledgeable real estate attorney will help streamline the process and help avoid any mistakes that could result in future problems.
To learn more about what we do and if the services we provide could help you with your real estate transaction call us today.