In this article, you will learn:
- Steps to take before closing on the property
- How your attorney will help you along in the process
- Common frustrations folks face in the closing phase
Unless there is something atypical with the transaction that you are getting involved in it is best to use the standard Residential Multi Board 7.0 Contract. There are going to be exceptions for things like new construction, where the developer will likely have their own custom contract because the 7.0 does not address several of the issues that arise with new construction. With a new construction contract the buyers attorney is going to need to spend significantly more time going through the terms of the contract because it is not a standard contract, but that is unavoidable due to the fact that new construction is its own animal. When it comes to standard transactions the standard 7.0 Contract is the best because the attorneys are all familiar with the terms of the contract in advance and can move quickly and effectively to make the required modifications during the attorney review period.
Steps To Be Taken In The Pre-Contract Considerations Phase Of Closing On Real Estate In Illinois
On the buyer’s side the precontract process would be to get prequalified for a loan, find a good real estate agent, identify properties and write your offer. On the seller’s side you should order title, et a survey done, and make sure that there are no surprises before you accept a contract.
What To Expect If The Offer Is Accepted And A Contract Is Signed
Once the contract is signed you will go into the attorney review period. This is where the buyer and seller can request modifications to the contract. During this time period, the buyer is typically requesting most of the contractual modifications because they will be addressing the various issues that come up after they complete a professional inspection of the property. The attorney review period is usually five business days and, during that attorney review and inspection review period, the parties can propose modifications to the contract, ask for the seller to make repairs, request changes to closing dates, post-closing possession, and the like. The parties will work through the proposed modifications and either come to an agreement with respect to all issues in order to move forward with closing or the contract will be terminated.
Why Your Attorney Will Review The Offer Agreement Prior To Signing The Closing Documents
We review everything. For closings, the seller typically will sign everything a couple of days in advance, and then those documents will get sent to the buyers who will sign their closing documents and loan documents the day of closing. These days typically only the buyers attending closings, however, this might change now that mask mandates are being lifted. If you are a Seller your attorney will review your documents with you prior to closing when you pre sign everything. If you are a buyer your attorney will review your documents with you at the closing table.
Common Frustrations People Have When It Comes To Buying Selling And Closing
It’s sort of a cliché, but buying and selling a home is the biggest transaction that most people do in their lifetime. As a real estate attorney it is easy to lose sight of the fact that your client is not familiar with the process and might have a lot of questions and anxiety. Because of this it is best to be sensitive to your client’s needs, keep them well informed as to what is going on, and make the process as stress free as possible.
For more information on Standard Listing Agreement Used By Realtors, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (312) 313-1033 today.