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.