Checklist for Your Real Estate Closing

Are you currently in the process of buying residential or commercial real estate in Illinois? Or are you considering a real estate purchase? Whether you have bought homes and businesses in the past or you are a first-time buyer who is new to the process, it is important to have an experienced Oak Park real estate attorney on your side to ensure that the purchase process goes smoothly — from identifying a home or business you want to buy and making an offer to the closing. While any checklist for a real estate closing is something that you should discuss with your real estate attorney, it is also important to have a good idea of the steps that you will need to take just before or at your closing.

While Illinois real estate law does not require you to have an attorney at your closing in order for the sale to go through and to be finalized, you should keep in mind that closings can be complex, and an attorney can help to ensure that everything goes according to plan. When you sit down to discuss the closing with your Oak Park real estate lawyer, you should consider the following checklist items.

1. Inspection(s)

You will have a specific amount of time to have a home inspection conducted according to your sales contract, which will certainly need to be completed before the closing. You might also want to consider other inspections, such as a pest inspection or an inspection for any environmental hazards.

2. Clearing the Title

Your lawyer will order a title search and title insurance to check for liens and any other issues that could affect the title to the property.

3. Address Any Contract Contingencies

Are there unaddressed contingencies in your contract? You will need to address them before closing.

4. Arrange for All Funding

Ensure that all funding is lined up so that the closing can go smoothly.

5. Open Escrow Account

Opening an escrow account before the closing can limit financial risks for you.

6. Check for Any Unnecessary Fees

Are there any unnecessary fees associated with your loan, such as loan processing fees or application fees? Your lawyer may be able to lower necessary fees and help you to avoid certain junk fees.

7. Do the Final Walkthrough

Does your contract include an agreement to a final walkthrough? If so, this will typically be conducted just before the closing or at least within 24 hours before the scheduled time of your closing.

8. Lock in the Interest Rate

As anyone who has been shopping for a new home likely knows, interest rates have risen significantly since record lows near the beginning of the pandemic. As you might also know, even a difference of .25 percent can affect your monthly mortgage payment in a noticeable way. It is important to lock in the lowest interest rate you are likely to get and to discuss any points with your real estate lawyer that may be able to lower the interest rate that you ultimately lock in.

Contact Our Oak Park Real Estate Lawyers

If you have any questions about real estate purchases or the closing process, or if you need help from a real estate lawyer, our firm is here to assist you. Do not hesitate to get in touch with one of the experienced Oak Park real estate attorneys at our firm. Contact the Emerson Law Firm today for additional information.



See Related Blog Posts:

What Happens at a Real Estate Closing?

What Does a Real Estate Lawyer Do?

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