Borla, North & Associates - Attorneys in Downers Grove, IL
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Real Estate

Purchase

Sale

Documents
 

Purchase


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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 occurred.

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.

 

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.
 

Documents


Seller Information Sheet
Authorization to Obtain Payoff Information Sheet

areas of practice

Real Estate
Divorce
Family Law
Wills & Estate Planning
Corporate & Business
Civil Litigation
Probate

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6912 South Main Street
Suite 200
Downers Grove, IL 60516

P: 630-969-3903
F: 630-969-3931
© COPYRIGHT 2017. ALL RIGHTS RESERVED.
  • Home
  • Attorneys
  • Our Staff
  • Areas of Practice
    • Real Estate
    • Divorce
    • Family Law
    • Wills & Estate Planning
    • Corporate & Business
    • Civil Litigation
    • Probate
  • Learning Center
    • Explanation of the Real Estate Contract
    • Wills or Living Trust
    • Selling a Home
    • Buying a Home
    • Incorporation of Your Business
    • To Rent or Not to Rent...
  • F.A.Q.
  • Contact Us