In Illinois, real estate transactions require each party to follow all laws. A property owner that wants to sell their home on their own needs the help of an attorney to cover common legalities. Local residential real estate lawyers in Chicago manage the entire process and ensure all laws are followed properly.
Starting a Real Estate Transaction
An attorney helps real estate owners sell their property without an agent. For-sale-by-owner transactions require the owner to manage all contracts and arrangements for the sale. An attorney can help by creating the necessary documents and ensuring that everything is done according to the law.
Reviewing the Sales Contract
The buyer must sign a sales contract to start their part of the transaction. The attorney reviews the terms of the sales contract with the buyer to ensure that they understand the legalities. The terms of the sales contract are enforced once the contract is signed. Each party must abide by all terms when completing the transaction.
Managing Title Requirements
The title requirements start with a title search. The attorney sends the real estate title off for a search for the last thirty years. The search must show that the transfers in ownership were legal and that there aren’t any errors. Title insurance is also provided to the buyer to protect their interests. The insurance provides a refund of all money presented for the property if the seller is unable to sell it.
Closing the Transaction
The closing involves a wire transfer to the seller through the buyer’s mortgage lender. The attorney ensures that the transfer is legal and that there aren’t any issues. The buyer must present proof of homeowner’s insurance and/or flood insurance when necessary.
In Illinois, residential real estate transactions require the buyer and seller to comply with state laws. The laws require each party to fulfill their obligations as outlined in the sales contract and closing documents. An inspection is also necessary for the transaction as well as proper titling. A local attorney guides the parties through for-sale-by-owner transactions. Property owners who need the help of residential real estate lawyers in Chicago can contact Starr, Bejgiert, Zink & Rowells right now. Like us on Facebook.