Under Illinois law, the purchase or sale of real estate requires a written document or contract to be enforceable. It is essential that an experienced licensed real estate attorney is retained at the outset to negotiate the contract on your behalf. With over 35 years of experience and over 5000 real estate transactions on behalf of clients, we can assist with the purchase of a single family residence, condominium or townhome.
Most real estate contracts in Illinois provide that the parties have 5 business days for attorney review and inspection of the premises. It is imperative that the lawyer is involved from the beginning to ensure that you are protected. After the attorney review period has expired, it is too late to request modifications to the contract.
Unless one can purchase a property for cash, a loan will need to be obtained and a mortgage will be placed on the property to secure the loan. Most contracts provide a time period in which to obtain the loan and the buyer can opt out of the transaction if they are unable to obtain financing. This is referred to as the mortgage contingency clause in the contract. This time period is critical as most real estate contracts usually provide that the buyer is presumed to have obtained the loan or will be paying cash for the property if they do not request an extension of time to obtain the loan. We will assist you in monitoring this time period and in requesting an extension of the mortgage contingency period on your behalf if the loan is not procured in a timely manner.
As a buyer, you want to make sure that you receive a title to the property which is free from any liens or encumbrances. Most contracts provide that it is the seller’s responsibility to deliver title to the property free and clear of any matters which would adversely affect title. Our office will do a complete examination of the title to make sure that you will indeed acquire the property free and clear of any adverse claims by third parties.
The final step associated with the purchase of the property is the closing. This usually takes place at a title insurance company that insures your title to the property. At the closing the seller delivers the necessary documents to transfer clear title to you and the loan documents are executed to finance the purchase of the property. We will be there to assist you in the review of the seller’s documents and to explain the loan documents in detail along with the settlement statement which reflects the final dollar amount needed by you to consummate the transaction.