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From Contract to Closing your attorney is there to protect your best interests.
As with Realtors, a good real estate attorney is worth their weight in gold. Make sure you get a recommendation for an experienced real estate attorney.
Choosing the right Attorney can save you thousands! |
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What Does An Attorney Do For You?
You and your RealStar Sales Consultant have just made the best deal for you. What do you do next? Whether you are buying or selling you need to select and confer with an experienced real estate attorney.
Once signed by both parties a contract moves to the attorney review stage. In most cases, contracts are contingent upon approval by counsel within 5 - 10 days. Here are some of the things your attorney will consider.
Earnest Money - Who, if anyone will get interest? Who will get what in the event of a default?
Inspections - Is there sufficient time to inspect? What happens if something is broken or wrong?
Personal Property - Is everything included and in good working order? Are there warranties?
Mortgage - Is the contingency clause clear? Is there sufficient time to obtain a firm written commitment?
Possession - Has enough money been provided to cover interest, taxes, and insurance? Will the property be vacated at the time of closing?
Taxes - Have the tax credit been computed properly?
FOR THE BUYER
- Prepare or review the purchase contract.
- Explanation of financing program (mortgage).
- Follow-up and resolution of inspection issues.
- Follow-up and resolution of financial issues.
- Inspection of survey for defects.
- Review the title commitment for unacceptable objections.
- Review of seller's documents and lender's documents, including the mortgage and the note.
- Review for closing figures and prorations.
- Handling all Buyer matters at actual closing.
FOR THE SELLER
- Prepare or review the purchase contract.
- Order the Title Insurance Commitment.
- Order the Survey.
- Clear title inspections for closing.
- Prepare necessary documents for closing.
- Order the mortgage pay off letter.
- Arrange for payment of local revenue stamps.
- Arrange for payment of county and state revenue stamps.
- Coordinate date, time, and place for closing.
- Handling all Seller matters at actual closing.
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RealStar recommends working with an attorney you can trust.
A recommendation from a friend or colleague is a good start.
A few attorneys we feel do a good job are:
Thomas J. Alore
Naperville
(630) 717-4242
Mary Lou McLennan
@ Haas&McLennan
Wheaton
(630) 682-0440
Mary Watts-Thompson
@ James, Gustafson & Thompson
Naperville
(630) 369-3535
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