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Non-Chicago-area buyers – because this article is a brief summary of the procedural
aspects of a real estate sale in the * |
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Whether he/she is buying a home near the lake right at the heart of the
Windy City, or one that’s not far from the river boats in Joliet, or one
that’s near the mall in Schaumburg or even one just close enough to the zoo
in Brookfield to hear an occasional lion roar, the following checklist
discusses some of the most important issues that a buyer of residential real
estate in the greater Chicago area
will need to be mindful of once he/she has entered into a contract to
purchase: 1.)
Professional Inspection. If the buyer has not already done so by the
time he/she hires an attorney, his/her attorney will highly recommend that
the buyer have the property to be purchased inspected by a licensed
professional inspector. The cost
associated with a thorough inspection by a licensed professional inspector
(somewhere in the range of $200 to $500 in the 2.)
Mortgage Processing. If the buyer intends to obtain a mortgage
loan to help cover all or part of the costs involved in buying the new
property, but has not yet applied for such a loan by the time he/she has
hired an attorney, the attorney will remind the buyer that he/she must make
such application as soon as possible.
Furthermore, the buyer should, at his/her earliest convenience, supply
his/her attorney with the name, address and telephone number of the lending
institution(s) with which the buyer will or has placed a loan application, as
well as the name of the buyer’s loan officer and loan processor. The buyer should also send his/her attorney
a copy of the good faith estimate of Closing costs that the buyer will/did
receive at the time the buyer applies/applied for his/her loan. If, sometime prior to Closing, the buyer should be unable to secure
the mortgage for whatever reason, the buyer should contact his/her attorney
immediately. The attorney(s) will
attempt to secure an extension of time.
If the buyer fails to notify the seller of the failure to obtain the
loan by a date referenced in the contract for such notification (i.e., the “mortgage
contingency” clause), the buyer may risk defaulting and possibly forfeiting
his/her earnest money deposit. In
order to help speed the process of receiving a mortgage commitment, it is
imperative that the buyer maintains periodic contact with his/her lender. Upon hearing that the lender is ready to
issue a commitment, the buyer’s attorney can ‘officially’ schedule the
Closing. |
Jump Ahead See Also: Chicago
Real Estate Attorney’s Checklist - The Typical Preliminary Matters v The Role of the v Hiring a Real Estate Agent/Broker v Negotiating the v Pre-Closing
Matters v The Closing Affidavit of
Title - - |
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If you would like more information
about this topic, have comments about the article or website, or would like
to request the services of a |
Go to: page 1 / 2 of this document |
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* Licensed to practice law in
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The Galer Firm, P.C., 2004
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