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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