Winnebago County Residential Real Estate Attorney | Commercial Real Estate Lawyer, Winnebago County IL

In any case, it is just as important for the seller to be protected from the contract to the closing.  In this article our Winnebago attorneys discuss their list of important items when they represent a potential seller.

• Disclosures: Our Winnebago real estate attorneys will prepare and provide the buyer with disclosures from the seller regarding radon hazards, lead-based paint, hazardous mold, and other structural defects, which must be noted in the Illinois Residential Real Property Disclosure Report.  
• Title Commitment: We will work as a medium between both parties and the title insurance company to review the title record for the property to make sure the seller’s ability to transfer the title to the buyer is not impaired in any way.  We will arrange for the insurance of a title insurance policy, which will protect against any issues not found in the title record at that time.
• Survey: Our Winnebago real estate attorneys will order a survey and provide it to the buyer, so that the buyer can review the metes and bounds of the property being purchased as well as any easements on the property. 
• Pay-off Letter: A pay-off letter will be obtained from your lender to show exactly how much is left to be paid on the mortgage by the title company.  This has to be done to ensure the existing mortgage is removed from the property.  
• Letters from Homeowners or Condominium Associations (If Applicable):  Our Winnebago County real estate attorneys will work with your homeowners association or condominium association to provide the buyer with letters showing that there are no unpaid assessments,  that any right of first refusal to purchase the property held by the association is waived, and that the association's common areas are properly insured.  
• Municipal Letters: If your village or township requires a municipal inspection prior to the sale of your property, our Winnebago real estate lawyers will arrange for the inspection and obtain a letter from the municipality stating that the inspection has been completed and that all utility bills have been previously paid by you. 
• Tax Proration: Our Winnebago real estate attorneys will review your tax bill from the prior year to calculate the exact amount of tax proration that will be credited to the buyer at the closing to cover the share of your current year’s tax bill.  You can learn more about tax prorations in this article by our Winnebago real estate lawyers: 

The Top 5 Things to Look Out For in Your Residential Real Estate Contract.  

• Closing Documents:  Prior to closing, our real estate attorneys will prepare the following documents to be executed at the closing table:

1. The Deed, which transfers title to the buyer. 
2. Affidavit of Title, in which the seller testifies regarding any known defects in her title to the property. 
3. Bill of Sale, which is a receipt showing that the seller has received payment for the property.
4. ALTA Statement, which is a sworn statement regarding any known encumbrances to the property, such as mechanic's liens and judgment liens. 
5. Transfer Tax Forms, which are filed with the assessor's office to show the amount paid by the buyer for the property, for the purpose of calculating transfer tax. 
6. Settlement Statement, which shows all of the money and credits changing hands between the buyer, seller, attorneys, realtors, lenders, and municipalities in the transaction.

Our Winnebago attorneys have the skill, experience, and client-focus necessary to ensure that any obstacles to your transaction closing smoothly are either prevented or resolved efficiently and effectively.