Whether you’re buying or selling a house or property, it will involve closing in some capacity. And there’s a lot to know about closing – from how to do it, to how to recognize if you’re getting a good deal – that mandates the presence of a real estate attorney in Chicago.
What Happens During A Real Estate Closing
Before the closing, your real estate attorney Chicago should accompany you through the final walk through of the home or property, even though it’s not technically required, so they can make sure everything’s in order and make sure there are no glaring problems.
The long and the short of real estate closings is that the buyer gives the seller their money and in exchange, the seller gives either a deed, in the case of sales, or a proprietary lease, for rentals. Two closings may be happening simultaneously – the closing of the sale and, potentially, the closing of the buyer’s loan for the mortgage.
The closing can take place at a variety of locations – the office of the managing agent, one of the attorney’s offices, one of the broker’s offices, or some sort of official office that can record the sale. At the time of the closing, both the buyer and the seller should be present, along with their real estate attorney in Chicago and potentially their real estate agent, a closing rep and potentially a representative from the mortgage company.
There are also some fine points of insurance that may need to be addressed, so make sure to address the details with your real estate attorney Chicago.
What You’ll Need During The Closing
Buyers need to bring the pre-arranged funds at the time of closing, which should be detailed in your purchase application, along with the board package and also your sales contract. In terms of a lease, you’ll need to pay the move-in fee, your real estate attorney fees, filing fees, bank fees, and potentially a flip tax and perhaps a maintenance adjustment and appraisal. When financing, you’ll have to pay the loan origination and UCC-1 filing fee, as well as getting a recognition agreement and perhaps a pre-paid mortgage interest rate.
What Is A Flip Tax?
Flip taxes, also called transfer taxes, are a way of increasing the financial reserves without maintenance assessments or increases.
The real estate attorneys will have an itemized closing statement that breaks down the costs paid by the buyer and the seller, respectively, as well as the final dividend after paying their broker and real estate attorney in Chicago. It will list the debits and credits contained in the transaction, which need to be paid in certified checks.
The transfer tax also needs to be paid at this time, usually by the seller. If someone is buying an apartment for over a million dollars, a mansion tax may be applied, which is usually equal to 1% of the purchase price. Given the increasing prices of real estate, this is growing more and more prevalent.
Closings can take a prohibitively long time, at the best of times, so make sure to go over as many of the finer points with your real estate attorney Chicago ahead of time. You’ll have to sign the pertinent paperwork and bring the certified checks.
Lastly, the real estate attorney in Chicago will record the deed and mortgage in the public records.
Why You Need A Real Estate Attorney
Given that buying or selling a home or property involves not only understanding the technicalities of real estate law, but also knowing how to deal with insurance, mortgages, official institutions, there’s a lot to know, even for professionals. Private individuals quickly find themselves out of their depths.
A real estate attorney Chicago is mandatory to get the best possible deal, for the following reasons:
Contracts
While the negotiations may occur in office, an official contract is required to finalize the deal. Not only will your real estate attorney in Chicago advocate for you, making sure you get the best possible deal, they can also make sure your contract is up to current laws, and checking any issues that might affect how you use the property in the future.
Addressing Liens
The next services that are performed by your real estate attorney Chicago is the title search. The title search makes sure the property is free from any unforeseen issues, such as the property having a judgment or lien. It’s extremely important, as it identifies the seller as the one with the legal right to sell the property. An attorney is can provide you with this service more quickly, and often for less money, because they already have a steady relationship with the title search business in your area.
Property Transfers
When there are several parties involved in a real estate transaction are corporations, partnerships, or trusts, the contract negotiations can be extremely complex. A real estate attorney in Chicago can work with you on these arrangements. Our attorney’s will work with you to make your contract meet all laws and regulations, without violating the trust or corporation’s agreements.
Filings
Filing for a deed must be done at both the state and county level, which can be confusing. A real estate attorney will assist you in getting this done quickly and without any issues. In the case that construction will be required, an attorney can navigate the complex maze of regulations necessary to complete the transactions.
If the property in questions is intended to be a commercial property, a real estate attorney is even more vital. The real estate attorney Chicago will cut through the bureaucratic red tape to get your tax identification number role, and establishing your corporation or sole proprietorship as a valid business for state tax purposes. A savvy real estate attorney may actually secure your business license through the municipality, as well.
Although a real estate attorney is not legally required to complete a transaction, they can save you untold amounts of money, time, and frustration. Why not start off in your new property on the right foot?
To find out how our real estate attorney Chicago can help you, CONTACT US today!
Whether you’re buying or selling a house or property, it will involve closing in some capacity. And there’s a lot to know about closing – from how to do it, to how to recognize if you’re getting a good deal – that mandates the presence of a real estate attorney in Chicago.
What Happens During A Real Estate Closing
Before the closing, your real estate attorney Chicago should accompany you through the final walk through of the home or property, even though it’s not technically required, so they can make sure everything’s in order and make sure there are no glaring problems.
The long and the short of real estate closings is that the buyer gives the seller their money and in exchange, the seller gives either a deed, in the case of sales, or a proprietary lease, for rentals. Two closings may be happening simultaneously – the closing of the sale and, potentially, the closing of the buyer’s loan for the mortgage.
The closing can take place at a variety of locations – the office of the managing agent, one of the attorney’s offices, one of the broker’s offices, or some sort of official office that can record the sale. At the time of the closing, both the buyer and the seller should be present, along with their real estate attorney in Chicago and potentially their real estate agent, a closing rep and potentially a representative from the mortgage company.
There are also some fine points of insurance that may need to be addressed, so make sure to address the details with your real estate attorney Chicago.
What You’ll Need During The Closing
Buyers need to bring the pre-arranged funds at the time of closing, which should be detailed in your purchase application, along with the board package and also your sales contract. In terms of a lease, you’ll need to pay the move-in fee, your real estate attorney fees, filing fees, bank fees, and potentially a flip tax and perhaps a maintenance adjustment and appraisal. When financing, you’ll have to pay the loan origination and UCC-1 filing fee, as well as getting a recognition agreement and perhaps a pre-paid mortgage interest rate.
What Is A Flip Tax?
Flip taxes, also called transfer taxes, are a way of increasing the financial reserves without maintenance assessments or increases.
The real estate attorneys will have an itemized closing statement that breaks down the costs paid by the buyer and the seller, respectively, as well as the final dividend after paying their broker and real estate attorney in Chicago. It will list the debits and credits contained in the transaction, which need to be paid in certified checks.
The transfer tax also needs to be paid at this time, usually by the seller. If someone is buying an apartment for over a million dollars, a mansion tax may be applied, which is usually equal to 1% of the purchase price. Given the increasing prices of real estate, this is growing more and more prevalent.
Closings can take a prohibitively long time, at the best of times, so make sure to go over as many of the finer points with your real estate attorney Chicago ahead of time. You’ll have to sign the pertinent paperwork and bring the certified checks.
Lastly, the real estate attorney in Chicago will record the deed and mortgage in the public records.
Why You Need A Real Estate Attorney
Given that buying or selling a home or property involves not only understanding the technicalities of real estate law, but also knowing how to deal with insurance, mortgages, official institutions, there’s a lot to know, even for professionals. Private individuals quickly find themselves out of their depths.
A real estate attorney Chicago is mandatory to get the best possible deal, for the following reasons:
Contracts
While the negotiations may occur in office, an official contract is required to finalize the deal. Not only will your real estate attorney in Chicago advocate for you, making sure you get the best possible deal, they can also make sure your contract is up to current laws, and checking any issues that might affect how you use the property in the future.
Addressing Liens
The next services that are performed by your real estate attorney Chicago is the title search. The title search makes sure the property is free from any unforeseen issues, such as the property having a judgment or lien. It’s extremely important, as it identifies the seller as the one with the legal right to sell the property. An attorney is can provide you with this service more quickly, and often for less money, because they already have a steady relationship with the title search business in your area.
Property Transfers
When there are several parties involved in a real estate transaction are corporations, partnerships, or trusts, the contract negotiations can be extremely complex. A real estate attorney in Chicago can work with you on these arrangements. Our attorney’s will work with you to make your contract meet all laws and regulations, without violating the trust or corporation’s agreements.
Filings
Filing for a deed must be done at both the state and county level, which can be confusing. A real estate attorney will assist you in getting this done quickly and without any issues. In the case that construction will be required, an attorney can navigate the complex maze of regulations necessary to complete the transactions.
If the property in questions is intended to be a commercial property, a real estate attorney is even more vital. The real estate attorney Chicago will cut through the bureaucratic red tape to get your tax identification number role, and establishing your corporation or sole proprietorship as a valid business for state tax purposes. A savvy real estate attorney may actually secure your business license through the municipality, as well.
Although a real estate attorney is not legally required to complete a transaction, they can save you untold amounts of money, time, and frustration. Why not start off in your new property on the right foot?
To find out how our real estate attorney Chicago can help you, CONTACT US today!
