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How to Prepare for an Illinois Residential Real Estate Closing

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Cook County residential real estate closing attorney

Buying a home is likely to be one of the most important and significant purchases you will make in your entire life. Whether you are a first-time homebuyer or are planning to sell your house and move to a new home, the process of making an offer, securing financing, and meeting the requirements to complete the sale can be very complicated. As you get closer to the date of your residential real estate closing, you will want to make sure to address the following issues:

  • Contingencies - Before you can close on your home, you will need to address any contingencies that were included in your purchase contract. These may include securing financing, performing an appraisal of the property, or completing a home inspection, and determining how to correct any issues that were discovered.

  • Reviewing disclosures - Your mortgage lender will provide you with a closing disclosure at least three days before your closing date. This document is also known as a HUD-1 settlement statement. You will want to review this disclosure to ensure you understand the terms of your loan, including the interest rate and the length of time you will be making payments.

  • Closing costs - There are a variety of different costs that you will need to pay at the time of closing, including property taxes, homeowner’s insurance, private mortgage insurance (in some cases), and fees related to the loan, the title transfer, and the closing process. These costs will typically be paid on the closing date, and you will usually need to bring a cashier’s check for the full amount due.

  • Final walkthrough - You will usually be able to visit the home you are purchasing within 24 hours of the closing date and look over the property to make sure everything is in order. You will want to make sure the seller has removed all of his or her belongings, and you can verify that any issues found during the home inspection have been corrected or repaired according to the agreements you have made with the seller.

  • Preparing the necessary documents - You should make sure to bring all documentation required by your mortgage lender, as well as your driver’s license or other forms of identification and proof that you have obtained homeowner’s insurance. You may also want to write down any questions that you might have to ensure that they are addressed properly during the closing process.

Contact Our South Side of Chicago Residential Real Estate Lawyer

While the process of buying a home can be complex and confusing, having the right attorney on your side can help make sure you have all the necessary documents in order so all of the details will be handled correctly. Once the closing is finished, you will be ready to take possession of your house and begin an exciting new phase of your life. To learn more about how the Law Offices of Marques A. Eason, LLC can help you complete the home closing process successfully, call our qualified and dedicated Beverly real estate attorney today at 312-973-3755 to schedule a consultation.

 

Sources:

https://www.realtor.com/advice/buy/closing-on-a-house-checklist/

https://www.bankrate.com/mortgages/understanding-the-closing-process/

 

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