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Whether buying for the first time or upgrading to your dream home, the closing process is a time of excitement and stress for most people. In a fast-paced real estate market like Chicago, finding the right property and reaching the point of closing can be overwhelming enough. When you add in questions about the actual legal steps and responsibilities involved when closing on a Chicago property, anyone can quickly reach their stress tipping point. There are a few important legal steps and responsibilities you need to know as buyer or seller.
What Do I Need as a Seller?
As the seller, your responsibilities during the closing include important matters, such as maintaining the residence to stay in the agreed upon conditions for the sale to close, making any agreed upon repairs following the inspection, and ensuring that all of your personal belongings are removed from the premises prior to the signing date of the closing meeting. There are other relevant things to do as the seller before the closing date, including communicating with your mortgage lender, placing owner’s manuals for any appliances included in the sale in an easy spot for the new owners, and bringing all keys and garage codes to the closing meeting on the day of signing.
What Do I Need as a Buyer?
As the buyer, your responsibilities during closing include important tasks, such as making sure an inspection has been performed, following up that repairs have been made to any issues found during the inspection, and bringing all of the key documents required to the closing meeting. While it may vary based on several factors such as commercial vs. residential real estate transactions, the most common documents you will need as the buyer may include the home appraisal, inspection report, proof of insurance, real estate contract, and proof of title related to the property in question. When compiling these documents, it is best to seek legal advice from an experienced real estate lawyer.
What Happens in a Closing Meeting?
During a real estate closing meeting, the buyer will sign closing disclosures, real estate contracts between buyer and seller as well as between buyer and mortgage lender, and a closing statement. Once everything has been signed, the buyer will pay closing costs and escrow as well as any other fees associated with the property due at closing. The seller will also use the closing
meeting to pay any related fees or unpaid property taxes at the time of closing. While most closing meetings take about an hour to complete, individuals buying property with cash can save even more time on the closing meeting.
What Happens After Closing?
The process following closing on a Chicago property is much less involved than the actual closing itself. For the seller, you should take care of any lingering services still attached to the property and cancel them once the new owner takes over the property. This may include electricity, water, other utilities, and the home warranty. For the buyer, you will need to pay any additional fees related to the property such as HOA fees and ensure that the transfer of property has been registered with the county clerk. Naturally, the smoother closing is overall, the easier the transition of property ownership.
Do You Need a Real Estate Lawyer in Chicago?
Whether buying or selling, the real estate market can be complex and confusing. While you may not be legally required to work with a real estate lawyer during closing, it is strongly advised in order to protect your best interests. When things go wrong in a real estate transaction, it can have serious and costly consequences, which is why hiring legal counsel is crucial. An experienced real estate lawyer in Chicago will answer your questions while advocating on your behalf. Contact our law firm today at 773-232-6643 for more information about how legal counsel may be able to help.
