Consumer Real Estate Representation in Cook, DuPage, and Kane Counties
When you are looking to purchase or sell residential real estate property in Illinois, you need a trusted legal professional to protect your interests. While you may have a real estate agent or broker, they are prohibited from drafting legal documents or giving legal advice.
Jim Young is an Elgin consumer real estate lawyer with 30 years of experience. He is prepared to help buyers and sellers navigate these complicated transactions and will work to efficiently resolve any problems or disputes that may develop during the closing process. Jim is hands-on and will be there to support you whenever you have questions or concerns, including after-hours and on weekends. He recognizes a significant amount of money is at stake and will leverage his skills and knowledge to ensure your closing goes as smoothly as possible.
If you are looking to close a real estate transaction and need an attorney, schedule a free initial consultation by calling (847) 608-9526 or contacting James Young Law online. Se habla español.
How Consumer Real Estate Transactions Work in Illinois
Completing a consumer real estate transaction is unfortunately not a simple endeavor. Both the buyer and seller must take formal steps to protect themselves as they move through the closing process, which often lasts between 30 and 45 days.
An Elgin consumer real estate attorney can assist you with each step of a residential closing, including:
- Drafting the purchase and sale agreement. This initial contract will outline the general terms of the transaction, including the initial purchase price and any contingencies. Whether you are a buyer or a seller, you should have a lawyer familiar with Illinois real estate law review your purchase and sale agreement before moving forward.
- Opening an escrow account.A neutral third party will be used to hold the funds and documents required to complete the closing process. The buyer will generally need to make a good faith deposit into the escrow account.
- Conducting a home inspection. The seller should make all legally required disclosures about the state of the property, including any known defects. The buyer should hire professionals to meticulously inspect the homes for other issues, such as structural damage or pest infestations.
- Renegotiating. Problems discovered during the title search or home inspection may warrant a renegotiation of the purchase and sale agreement, including the original purchase price. The seller may offer to fix all issues, at their own expense, as a condition of the deal. Alternatively, the seller might lower the price to account for the issues and let the buyer handle the defects themselves.
- Completing a final walk-through. Assuming the buyer has met the funding requirements, they should do one last walk-through of the property to confirm all conditions of the transaction have been met, including the resolution of any outstanding problems.
- Signing closing paperwork. If everything appears to be in order, the buyer and seller will need to review and sign the closing documents. Neither party should sign if they notice something irregular or inconsistent with what was discussed, so get legal advice if you do not fully understand each document's language. An Elgin consumer real estate lawyer can create these documents and ensure they are properly executed. Once all relevant paperwork has been signed, the closing will be over. Escrow funds can be released, and the property deed will transfer to the new owner.