DuPage County Real Estate Attorney

Skilled Naperville Lawyer Providing Real Estate Law Services

Residential real estate transactions contain a staggering volume of legal documents. Many individuals proceed with signing documents they may not fully understand. Small errors or omissions can develop into potentially costly mistakes. Having the guidance of an experienced real estate attorney is critical to be certain that you are making informed decisions and protecting your investment. The Law Office of Michelle T. Chase has been assisting home buyers and sellers in the greater Chicago area for 30 years. We can help guide you through your real estate transaction from beginning to end.

Contract Review and Modification

A real estate attorney can be of tremendous assistance in drafting, reviewing, interpreting and negotiating the terms which compose contracts. The document should clearly address the rights and responsibilities of the buyer and the seller and identify any possible concerns within the terms of the agreement.

The contract is considered the single most critical document in a residential real estate transaction. The terms are subject to negotiation and modification based on information received to create a document that all parties can mutually agree upon and sign. The terms may be lengthy and include a host of issues such as deposit funds, purchase pricing, financing, dates for closing and possession, taxes, inspections, and contingencies; therefore, your real estate attorney should be actively engaged with the contract.

Repair Negotiation

Repairs or defects should be identified by the seller/broker disclosure according to the Residential Real Property Disclosure Act as well the buyer's home inspector(s). Examples of material conditions may include the presence of mold, an electrical problem, or insect infestation. The buyer and their attorney may make the decision to proceed with the purchase contingent upon the seller's satisfactory repair of specific condition(s). Another possibility is to renegotiate the pricing offer to account for the future repair of the defect.

Financing Review

Your lawyer may assist in evaluating your financing options and help translate the often ambiguous mortgage terms. The attorney will search for hidden and/or avoidable fees or costs in addition to the interest rate and service charges. The lender may have an escrow requirement for property taxes, mortgage insurance, etc.

Ordering Survey, Paid Assessment Letter, and Broker Commission Statements

The contract determines if your attorney should order a survey, or updated survey, and specify who is responsible for that cost. If the property is a condominium, a paid assessment letter is generally needed, yet a survey is not. A broker commission statement is generated as part of the process stating those amounts which are usually considered a closing cost that is paid by the seller.

Title Search and Examination

Conducting a title search and review is critical to be certain there are no barriers to closing. Your attorney will confirm that the seller can rightfully sell the property and that you will receive a clear or "clean" title, free of liens or defects.

Preparation and Review of Closing Documents

The documents involved in closing a property transaction may seem overwhelming; luckily, your lawyer will work behind the scenes to confirm that all necessary components are prepared in step with the broker and title company. Some of these may be mortgage loan approvals, title commitments, verification of final termite or radon inspections, current loan payoff confirmations, and several disclosure forms.

Closing Attendance

Having your attorney present for your closing is beneficial. Others that may be present include the buyer or seller, real estate and escrow agents, and possibly representation from the lender. Your attorney will ensure contract and loan compliance and around this time proceed to review the recorded deed and completed title policy. At this time, you will likely receive keys, copies of paperwork, and any warranty information.

Established Real Estate Attorney in Naperville IL

The process of buying or selling residential property can get fairly complex, which is inherent due to the many parties involved. The legal team at the Law Office of Michelle T. Chase strives to provide you with confidence and keep you informed of your options along the way. Contact our office today at 630-995-3812 for a complimentary consultation.