Borla North Building
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6912 SOUTH MAIN STREET, Suite 200 DOWNERS GROVE, ILLINOIS 60516
phone: 630-969-3903 - fax: 630-969-3931 - contact us
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LEARNING CENTER

>Explanation of the Real Estate Contract
>Wills or Living Trust
>Selling a Home
>Buying a Home
>To Rent or Not to Rent....
More Learning Center Topics

 

John C. North Memorial
REAL ESTATE
 

 

Purchase

Sale

Documents




Purchase
 

We are frequently asked, "Do I need a lawyer when I purchase a home?"

Considering this is the largest financial transaction you will make and recognizing that purchase agreements and loan documents are becoming increasingly more complex, our answer is "No, you do not really need an attorney but it would be foolish not to have one".

At the conclusion of many real estate purchases, our clients frequently tell us they were glad we were there and that they never could have understood what occured.

Our involvement with your purchase begins with our review of the purchase contract. Most contracts in use in the area have a provision for attorney review or modification, except for purchase price, within five (5) days of the contract. We have several modifications we make as a matter of course in addition to any specific modifications needed in your transaction.

We will review the home inspection with you and send any necessary notices to the seller’s attorney. A home inspection is suggested for all purchases.

We calendar the mortgage contingency date and send any necessary extension requests. We can, if you wish, refer you to lenders with which we have had good success.

We arrange the closing date and time and advise you of the amount you will need at closing.

An attorney, not a paralegal, will attend your closing to explain the loan documents and review the closing statement and other seller conveyance documents. We review title to be sure you are receiving clear title to the property with proper title insurance.

Lastly, after the closing we review the recorded deed and owners title insurance policy to be sure it is in proper form and then forward them to you.

We then close our file. Fees? Typically our fee to represent a purchaser is between $450.00 and $600.00. We send each client a representation letter describing our services and a list of additional services we can provide.

For more information please visit the Learning Center.

If you need further information regarding purchasing real estate, please contact us.

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Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

If you find that an attorney is helpful when you purchase a home, an attorney is essential if you are selling a home.

We begin by reviewing the contract and sending out any modifications that may be required. We frequently negotiate these modifications.

We review the home inspection notice. We will be happy to guide you through the process of home inspection modifications.

We then order the survey, new title searches, payoff letters from your mortgage companies, homeowner association clearance letters, sanitary district payoffs and other documents necessary to enable you to convey a clear title. We also prepare a closing statement to calculate your net proceeds.

At closing, an attorney will explain all pertinent documents to you and answer any questions you may have.

After closing, we send out all payoffs and obtain necessary releases to forward to you.

Fees are comparable to a purchase, between $450.00 and $600.00. Our clients receive a representation letter indicating the expected fee and a schedule of services we can provide at additional costs.

For more information please visit the Learning Center.

If you need further information regarding selling real estate, please contact us.

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Documents
 

Seller Information Sheet

Authorization to Obtain Payoff Information Sheet

These documents are can only be opened using Adobe Acrobat Reader. If you do not have this installed on your computer please click the image below.

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