Naperville Real Estate Attorneys | Real Estate Lawyer Naperville, IL
Why O'Flaherty Law for Your Closing?
Our Naperville Real Estate Attorneys Provide Excellent Service In The Following Areas:
What Do Our Naperville Real Estate Attorneys Do In The Process Of Buying Or Selling A Home?
The first step in a real estate transaction is for your realtor to prepare a form contract for the purchase or sale and submit it to the other party. Once the contract has been executed by both the seller and the buyer, the realtors will send the contract to each party's attorney for review.
Attorneys for each side will typically have 5 business days from the date the contract is executed to approve, reject, or propose modifications to the contract.
When our Naperville real estate attorneys receive a contract from your realtor, our first step is to go over your contract with you in detail to make sure you completely understand what you are agreeing to, and determine whether any modifications are required.
The next step is for us to send a letter to the attorney on the other side including our proposed modifications, and requesting that the five-day attorney modification period be extended until both the home inspection has been conducted and until the parties come to an agreement on modifications.
If you are the buyer, once the home inspection is completed, we will review the home inspector's report with you and advise you on how to deal with any issues that your home inspector found with the home. We will then send a letter to the seller's attorney requesting that the specific problems with the home be either repaired prior to closing (with receipts provided) or that cash or closing credits be added to the deal to compensate you for the cost of your own repairs to the property.
Once both sides are in agreement as to any modifications that need to be made, we will draft an addendum to the contract listing all of the modifications, and provide the addendum to you, your lender, and your realtor.
Between the date that a final contract is agreed upon and the closing, the seller's attorney will work to prepare all necessary closing documents and obtain title insurance to ensure that the party selling the property has the full title to the property. The buyer's attorney will work with the lender to make sure that financing is properly obtained, and communicate with everyone involved in the transaction to make sure that closing happens on time and goes smoothly.
At closing, the seller's attorney will provide the title company with the closing documents and the buyer's attorney will review the closing figures for accuracy and explain the closing and loan documents to the buyer in detail, while working to resolve any issues with the documents that may impede the closing.
Our Naperville real estate lawyers have the skill and experience to ensure that every stage of this process goes smoothly and that your interests are protected.
Please feel free to Contact O'Flaherty Law to schedule an appointment for a free consultation at our convenient locations in Naperville, Downers Grove, Lake in the Hills, or Elmhurst:
We are also happy to speak with you by phone.