Sellers

How I Can Help Sellers

No matter the situation, once you as a seller have a buyer, it is essential that you have an experienced real estate attorney to assist and guide you through the process of a real estate transaction. This does not mean any attorney. You need an attorney who practices in the ever changing world of real estate law.

When selling property you are embarking on a detail oriented transaction. It is likely the largest financial occurrence of your life. The legal documents you will see can be intimidating and truly demand sound legal guidance. Reliable legal advice may be the most wisely spent money of the entire transaction.

The sales contract sets forth all the terms and conditions of your sale. It contains detailed legal language concerning your transaction. While pre-drafted forms are often used, the blanks on the forms are filled with time-sensitive dates and contingencies that need to be accurately addressed which include establishing price and time of payments, as well as dealing with the various inspection and mortgage contingencies.

In addition to preparing or reviewing the sales contract, I will order title insurance, survey (if required by the contract), association information and paid assessment letters, as well as to satisfy any municipal requirements (inspections, transfer stamps, or water, sewer, and septic tests) that may be necessary before the title company and the county will allow the recordation of a deed. After we order title insurance, the title company will do a search of the county and state records to determine the legal description and tax identification number of the property, who is currently in title to the property and what, if any, impediments to title exist. Once the title company returns its title commitment, I will begin obtaining documentation to satisfy any "exceptions" to title. An exception is an item which may "cloud" the title and prevent the seller from passing "clear" title on to a buyer. Such items may be building lines and easements, mortgages, mechanic's liens, municipal requirements or any number of covenants or restrictions contained in past deeds.

After satisfying all title exceptions, I will prepare the various documents required to transfer title: the deed, bill of sale, affidavit of title, ALTA statement, the Illinois Real Estate Transfer Tax Declaration, Mucipal Transfer Delcarions, if needed, and any other various documents that may be required.These might include a deceased joint tenancy affidavit, a pay proceeds letter or a direction to convey. The list could go on and on. I generally have the seller execute the documents in advance of closing. In many cases, sellers need not attend the closing.

I work with all brokers and salespersons. My goal is to take you through the process of a real estate transaction as a seller, and be your legal advocate, giving you sound representation and piece of mind. You will find my fees reasonable and perhaps the best money you spend in the sale of your real estate.