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Non-Chicago area buyers – because this article is intended to be a brief summary of
the procedural aspects of a real estate sale in the Chicago area, and not
legal advice, parts of this article may or MAY NOT be applicable to you. * |
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For sellers of residential real
estate in the greater In the weeks immediately
following the signing of the sale contract, your real estate attorney will
order and review the evidence of title to be provided to the buyer, the
documents related to the transfer of the property, order a new survey of the
property as is required by the Contract and arrange for the satisfaction of
your existing mortgage(s), if any. Your
attorney will clear normal title objections, reconcile financial aspects of
the transaction and attend the Closing with you or on your behalf. In order to properly represent
you and push the sale toward the closing, your attorney will need the
following additional documents and/or information from you as soon as
possible after the contract is signed: 1. A
Copy of Your Deed to the Property. If
you have conveyed your title to a land trust or living trust, advise your
attorney since he or she may need additional documentation such as a copy of
the trust agreement; 2. Your
Title Insurance Policy or torrens certificate. This was issued to you when you purchased
the property. 3. Plat
of Survey. This, too, should have
been provided to you at the time of your previous Closing. 4. Original
Real Estate Tax Bill. Your attorney will need your original county
real estate tax bill if taxes need to be paid by the
title company; 5. Your
Social Security Number. This will
be required at Closing and before Closing if your attorney needs to order any
mortgage payoff letters. 6. Name,
Address and Telephone Number of Your Mortgage Holder, if any, and Your Loan
Number. If your existing loan is
FHA rather than conventional, you must specifically advise your attorney about
his, since payoff procedures for those loans are unique; 7. Any
Second Mortgage Information. If you
took out a home equity loan, a line of credit or a second mortgage against the
property’s title, your attorney will need the same information as requested in
#6, above; |
Jump Ahead See Also: - Doctrine of Equitable - 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
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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 real estate attorney, click here to
contact The Galer Firm today. |
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* Licensed to practice law in
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The Galer Firm, P.C., 2004
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