Naperville IL Real Estate Attorney

Selling Your Home in Illinois

If considering selling your home, an initial step is consulting with an attorney that is active in your local real estate market. It is important that your investment is properly protected and that the sales process is conducted in accordance with the law, and aligned with your best interests. There are complexities such as disclosure liabilities and tax consequences involved that may best be aided with legal assistance. The Law Office of Michelle T. Chase has a focused scope of practice involving residential property matters for clients in Naperville, DuPage County, and the surrounding regions.

Documents to Gather for Attorney Consultation

When discussing property issues with your lawyer, you will both benefit from having the related documents associated with your home. Some of these items may include the following, if applicable:

• Title policy;
• The deed;
• The survey;
• Any outstanding mortgage statements containing lender and account details;
• Paperwork associated with any pending foreclosure or liens against the property; and
• The contact information for your realtor, if you have one.

Receiving Offers to Purchase

When someone wishes to buy your home, they should submit a written offer. This offer may develop into a purchase contract which will contain various critically important terms that your attorney will review such as pricing, financial terms, closing dates, possession dates and more. If you feel obligated to accept an offer prior to meeting with your lawyer, this should be done with a statement indicating that it is subject to approval from your attorney.

Your Legal Disclosure Obligations

Illinois' Residential Real Property Disclosure Act requires admission of property conditions to potential buyers. Residential real property is defined as units with up to four residences, which includes condominiums. A seller is entitled to receive a written document of property concerns, particularly those that impact safety, health, or quality. Examples of such would include water flooding problems, code violations, and defects in systems such as plumbing, heating, or structural issues. The document is typically provided to you from your realtor or attorney and should be signed by all co-owners when applicable.

What if I Discover or Recall a Product Defect Later?

If during the period of time before closing you become aware of an additional concern, or something was not accurate or omitted from the disclosure, you will make a supplement to the original. This supplemental disclosure will be in writing and submitted to the buyer. When there are concerns that will need repair, you and your attorney may order appropriate repairs, or negotiate an adjustment in the purchase price to account for that cost.

A Real Estate Attorney's Role at Closing

Your broker or attorney will ultimately coordinate a time and location for the finalization of the transaction, known as closing. The timing for this is dependent on the progress and completion of the many requirements contained in the contract. Your attorney may be involved with some of the following activities leading up to closing:

• Obtaining statements regarding current loans;
• Selecting a title company and confirming those processes;
• Making sure any inspection reports are properly completed such as for radon or termites;
• Verifying completion of necessary disclosures;
• Determining responsibility for property taxes;
• That you and buyers are clear on the inspection issues and possession date; and
• Explaining the many closing documents to you as needed.

Attorney Michelle T. Chase is an established industry law veteran in housing markets throughout the Greater Chicagoland region. Ms. Chase has advocated for local clients for 30 years. Please contact us for a free real estate consultation at 630-995-3812 today.