Condominium Declarations and Bylaws

When buying a condo, make sure your real estate attorney obtains the bylaws and declarations, as well as a 22.1 disclosure prior to closing.  This will provide the rules and regulations of the association and information on any pending assessments.

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Choosing a Real Estate Attorney

When choosing a real estate lawyer, be sure to retain someone who is familiar with the area where the property is located.  This familiarity is important during the attorney modification period and will make the process smoother.

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Tax Prorations in Illinois

Taxes that have not been billed or paid prior to closing are typically prorated at 110% in Cook County and 105% in the surrounding counties, to be credited to the buyer. 

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Real Estate Closing Costs for Sellers

In transactions with two realtors, a real estate lawyer will usually estimate closing costs for the seller at 8-10%...3-5% without realtors.  These costs can include a survey (when applicable), title fees, tax prorations, realtor fees, and attorney fees, among a few others depending on the transaction.

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Tax Prorations at Real Estate Closings

Make sure your real estate attorney double checks the tax prorations on the HUD at closing. It is the most common place for errors. 

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Real Estate Title Fees Rise

2013 saw a 10% increase in real estate title fees.  Title fees resulting from title insurance that is purchased by a seller for a buyer at closing in order to cover any defects in title of the subject property.  Real Estate Lawyers expect a smaller increase for 2014

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Second Financing Date for 6.0 Contract

It looks like the new 6.0 contract will add a second financing date to the current "clear to close" date.  Under this contract, the buyer will also have to notify the seller when the buyer's loan has been submitted to underwriting.  Failure to do so will result in a complete waiver of the financing contingencies.  Therefore, the buyer's real estate attorney or lawyer will need to be in contact with their client's lender more than previously.

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Inspections For "AS-IS" Contract

In an "as-is" contract," the buyer should still order an inspection for their knowledge of any issues associated with the property.  If they choose to, the purchaser can still cancel the contract based on inspection issues, however, they may be unable to request repairs or credits for inspection items.

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How Are Realtors Compensated for a Closing?

Many people are unaware that in Illinois, both realtors in the transaction are typically compensated by the seller, based on a percentage of the purchase price.  There is usually no cost to the buyer(s).

 

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Attorney Review Period

Be sure to get your real estate contract to your attorney ASAP after it is fully executed.  The Attorney Review period starts when contract is signed and will only remain open for a few days.  This is the time you can propose modifications or make clarifications.  To have your rights fully protected, your attorney will need to review your contract and prepare a letter to the opposing attorney during this period.

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Beware of Hidden Fees

Beware of attorneys who add on charges at closing.  Many will charge additional fees for Powers of Attorney, correspondence letters, notarizing, etc.  Our real estate attorneys will never do that.  If you are using another attorney, be sure to agree upon a flat fee price upfront.

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Frozen Pipes Becoming a Major Concern

When purchasing vacant properties, be sure to check for frozen pipes given the recent weather. Many purchasers are failing to do so resulting in a large initial expense after closing. 

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Should I Get a Home Inspection?

One word of advice...always have a home inspection performed during a purchase. A few hundred dollars can save you a lot of aggravation and money in the future. 

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