There are a lot of exciting reasons to live in Chicago. Vibrant neighborhoods, excellent job opportunities, great schools, and a first-rate public transportation system are only a few of them. As a result, many individuals and families are eager to buy homes here.
A home purchase can be an exciting and rewarding experience–especially when everything goes smoothly. While buying a home may not be as complicated as investing in a commercial property, there are still important issues that need reviewing as well as multiple parties on both sides of the transaction. Once you’ve found a property you like (or you’ve decided to sell yours), it’s time to hire a reputable and experienced Chicago real estate attorney.
The Law Office of Dionna Reynolds, LLC is a reputable real estate law firm serving homebuyers throughout the greater Chicago area. Attorney Reynolds provides prompt and courteous assistance throughout the entire purchasing process, and her commitment to her clients is reflected in our high referral rate.
Real Estate Services for Homeowners
Buying and selling a home can be both exhilarating and stressful at the same time. Residential property transactions can be complicated, replete with unfamiliar terminology and a lot of paperwork. Some of the most important considerations include mortgage type, title insurance, and closing costs. Depending on the location and type of property you wish to buy, there may be additional aspects to consider, such as homeowner association (HOA) fees, covenants, conditions, and restrictions.
Whether you buy a condo, a townhouse, or a single-family home, a skilled real estate lawyer can help you to avoid some of the pitfalls purchasers face without legal representation. We can assist you with the following services:
- Residential Purchase and Sale Agreements: Attorney Reynolds can help you prepare and/or negotiate the purchase agreement and ensure that all is in order before the final transaction is completed.
- Title Review and Clearance: Before you can proceed with any real estate transaction, you need to confirm the title is clear. We can perform a title search and help you resolve any outstanding title issues.
- Document Preparation: The majority of Chicago real estate transactions require hundreds of pages of documents, such as purchase and sale agreements, deeds, seller notes, financing agreements, etc. Having an attorney draft and review these documents ensures there are no terms that can jeopardize the transaction or your finances.
- Closings: Real estate transactions are major investments, and the closing marks the end of the process. Having an experienced attorney guide you through all steps of the closing will help protect your investment.
Additional services include:
- Providing legal support to your agent if negotiations are required after a home inspection
- Calculating and reviewing all fees associated with the sale
- Acting as your personal representative at the closing
- Advice on boundary disputes, easements, liens, and access rights
- Make sure all deeds and mortgage documents are filed with the county clerk
If you want to safeguard your home buying or selling experience, contact a residential real estate lawyer at the Law Office of Dionna Reynolds, LLC, and let our experience work for you.
Q. What Do I Need to Bring to the Closing?
Buyers will need to bring a cashier’s check for a total that doesn’t exceed $50,000. Your lender and/or the bank will transfer the balance needed for the purchase. You should also bring photo identification and a copy of a homeowner’s insurance policy.
Sellers will want to bring the following:
- House keys
- Photo identification
- The property deed
- Mortgage information
- Final meter readings
- Proof of compliance with state smoke detector and carbon monoxide detector laws
If you are the buyer, your attorney will review the title search and advise the seller whether any other critical items need to be addressed before closing.
Q. What Is A Transfer Disclosure Statement?
A Transfer Disclosure Statement is a document that sellers should provide to all potential buyers. It discloses any known issues with the home, such as structural defects, past flooding issues, municipal code violations, boundary line disputes, and even loud or obnoxious neighbors.
Under the Residential Property Disclosure Act, these disclosures must be made in writing before signing the sales contract. Disclosure is not intended as a warranty or as a substitute for inspections, but to make sure the buyer understands these issues before contract negotiations begin. If a defect is discovered after the disclosure has been given, you must provide a supplemental disclosure to the buyer.
Q. What if One Party Backs Out of the Sale at the Last Minute?
When one party backs out of a contract, the other party may be able to sue for breach of contract. Transaction fees and other costs related to the dispute may be reimbursed to the aggrieved party after they file a claim.
Attorney Dionna Reynolds is an experienced Chicago real estate litigator who will move quickly to help you recover any damages arising from a breach of contract. When you have a lot invested in the transaction and the other party’s actions cause you to experience losses, Attorney Reynolds can take steps to hold them accountable for those damages.
Supporting Homeowners During Property Transactions
Chicago home sales and purchases are becoming increasingly complex. A growing market, more sophisticated financing arrangements, and increasingly complex condominium purchase and sale agreements make it advisable to consult with an experienced lawyer before buying or selling a property. Attorney Dionna Reynolds works hard to protect her clients’ legal rights in all of their residential real estate transactions. She has closed hundreds of successful transactions that allowed individuals and families to achieve their homeownership goals. To schedule a consultation about an upcoming real estate purchase or sale, call 708-981-3344 or contact our office online.