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Real
Estate Matters
Whether
you’re buying or selling a home, it’s important that
you have an experienced lawyer to help guide you through what has
increasingly become a complicated and confusing process.
If
you’re selling a home…
Some
of the legal services we provide to a seller:
-
reviewing the real estate contract and, if permitted, negotiating
any changes with the buyer’s attorney
-
negotiating items found in a professional inspection of the property
-
ordering and examining a title and making arrangements to clear
the title, if necessary
-
obtaining the appropriate condominium assessment letters and preparing
all documents needed to transfer the
property to the buyer
-
preparing a closing statement detailing the proceeds that the
seller will receive as a result of the closing
-
attending the closing and dealing with issues that may arise at
the closing table and following closing.
If
you cannot attend the closing, we can draft the necessary power
of attorney forms authorizing us to appear on your behalf.
Clearing title to the property may include ordering pay-off letters
from mortgage lenders, obtaining certificates of redemption on any
unpaid real estate taxes, or obtaining releases of federal and state
liens.
Documents may include warranty deed, bill of sale, affidavit of
title, letter of direction to a land trust (if applicable) and transfer
tax declarations with the state, county and municipality.
FSBO
If
you’re a "for sale by owner" (FSBO), in addition
to the services listed above, we can guide you through the disclosure
requirements to make sure that your actions comply with the law.
If
you’re buying a home…
We
offer the following legal services for buyers…
-
drafting and/or reviewing the real estate contract, including
any required disclosure statements
-
suggesting and negotiating any changes with the seller’s
attorney
-
assistance in locating an experienced home inspector and review
of items disclosed following an inspection of the property
- assistance
in locating a mortgage lender, monitoring any mortgage contingency
deadlines and, where appropriate, requesting extensions or notifications
to seller
-
review of condominium documents, if applicable
- review
of title commitment to make sure that the seller holds title to
the property and is able to transfer the property per the terms
of the contract
- dealing
with any problems pre-closing with the lender
-
reviewing closing figures provided by the seller’s attorney
and the lender
-
attending the closing and reviewing all documents to make sure
that title is properly transferred to you
- reviewing
and explaining all loan documents to ensure that payment terms
are consistent with the mortgage commitment
-
dealing with any post-closing issues that may arise.
Fees
Our
standard fee to represent either seller or buyer is $500.
If
any unusual matters come up requiring additional services, extra
time will be billed at an hourly rate of $150. However, we will
discuss any additional charges with you in advance.
A final note: How do you decide who to hire as your attorney?
Frankly,
there are many attorneys out there who can capably represent you
at reasonable rates. Before you decide, ask questions such as:
-
How long have you been in practice and how many similar cases
have you handled during your practice?
-
Have you ever been the subject of a complaint before the ARDC
or sued by a client?
-
Will you handle my matter yourself or assign it to another lawyer
within your firm?
-
Do you belong to any professional organizations or participate
in ongoing education in your area of concentration? (You should
know that with a few exceptions, the Illinois Supreme Court does
not recognize specialty areas so an attorney cannot claim that
he or she specializes in an area of law).
-
If I am dissatisfied with your services, can I discharge you and,
if so, how much will it cost me?
-
Will you provide a written agreement detailing your services to
me?
Any
attorney worth hiring will be glad to answer these questions. I
certainly will.
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