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Non-Chicago-area buyers – because this article is a brief summary of the procedural
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<<<<<<<<<<
CONTINUED FROM PAGE 1 <<<<<<<<<< 3.) Contact the Utilities. A few days prior to the Closing date, the
buyer should call the electric, gas and water utilities companies to provide
them with the buyer’s name, the address of the property and the possession
date. Service will then be properly set up in the buyer’s name on the his/her possession date without interruption. 4.) Homeowner’s Insurance. In most real estate contracts in the
Chicago area, the buyer is required, at Closing, to provide his/her lender
with a homeowner's insurance policy in the amount of the replacement value of
the property or in the amount of the buyer’s mortgage, whichever is
greater. The buyer’s insurance representative should be given the name
and address of the buyer’s lender so that the policy will reflect coverage
for the loan. The insurance policy should be obtained well enough in
advance of Closing to allow the insurance company sufficient time to prepare
the policy itself since the buyer’s lender will not accept a binder as
evidence of coverage. You will need to bring the insurance policy as
well as a paid receipt for the first year's premium to the Closing. 5.)
Surrender of Possession. In most contracts, the seller is under
an obligation to surrender possession of the premises to the buyer in the
condition the buyer bargained for when signing the contract. The buyer
will have the right to inspect the premises just before Closing to ascertain
that these obligations of the seller have been met. 6.)
The Closing. At the Closing, the buyer will be required to pay
the balance of the purchase price, any loan charges, fees and other Closing
costs, which in total must be paid via a certified or cashier's check.
Personal checks, company checks, money market and non-certified credit union
checks are rarely accepted in the greater |
Jump Behind 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 - - Doctrine of Equitable |
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about this topic, have comments about the article or website, or would like
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* Roger Galer is licensed to practice law in
©
The Galer Firm, P.C., 2004
The name ‘Fountain of Law,’ as well as the information contained
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