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How Can I Prepare Beforehand for A Real Estate Transaction in Illinois?

Angelillo Law May 6, 2022

For buyers of real estate, I would absolutely advise them to take a couple of steps. The first is obviously financial. You need to know at the outset what it is that your credit score is going to be. Some people go their entire lives without really getting get checked and are surprised to find it to be much lower when they go to the bank in order to ascertain what kind of a loan they could expect to get. I would also advise people who are interested in purchasing a home that they need to properly budget their assets. I would advise purchasers of real estate to figure out their budget and what they can afford, and live within their means, so that they are not running afoul of any kind of mortgage agreement.

For sellers of real estate, one of the first things that I would advise them to do is to put together a list of materials to have a potential attorney review. Those would be any mortgage agreements that you have, any plat of survey that lays out the dimensions of the property, and the title information that they originally received for purchasing the home that they are in now.

What Can My Attorney Do To Ensure That The Closing Of My Real Estate Deal Goes Smoothly?

At the closing, it may seem as though the majority of the grunt work has been completed. It could not be farther from the truth. In a perfect world, every real estate closing would involve cash, there are no issues as to title that are found, and everything is accounted for. Sadly, we do not live in a perfect world. There are usually mortgages on both sides that need the bank’s approval, especially for the buyer’s side. There may be last minute issues with the property that went unnoticed prior to the final walkthrough being conducted.

For the person who does not go the route of having an attorney, they might find themselves there for hours staring blankly at a sheet of paper, with no one to explain what is actually on it. There are lists of things that attorneys will help you do at closings. They will help you finalize closing figures that will need to be given to the title company in order to transfer everything over. They will review your real estate taxes with you and ensure that you understand when you are going to have to pay into escrow. A lawyer will also help you take the time in completing the Residential Real property Disclosure Act, and the Lead Paint Hazard Disclosure, assuming that is applicable in their individual case. There are a lot of things that attorney can do. A lot of it stems from making the transition from you being a potential buyer to an actual owner of real estate seamless and smooth.

For more information on Preparing For A Real Estate Transaction In IL, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling us today.