The Real Estate Closing – here’s an overview of what you can expect on the day that you have been waiting for! Illinois real estate closings work differently than they do in other states, so pay attention if this is your first time buying or selling a home in the Chicago area!
Sellers, if they chose to go to the closing, will sign closing documents like the deed to transfer ownership, a bill of sale to transfer whatever comes with the house, transfer tax forms, title documents, etc. The seller will also review and sign the HUD closing statement showing all aspects of the financial transaction. Once the buyer’s funds have cleared, the seller will receive money for the sale of the home and turn over the keys to the buyer.
Buyers of real estate in the Chicago area will be signing the mortgage and associated “closing packet” from their lender. They will be reviewing all of the documents from the seller and in most cases, a property survey. The closing is also the time to pay up! The buyers will bring the downpayment and their share of closing costs while the bank will wire the funds over for any mortgage taken.
The closing usually takes place at the Title Company recommended by the seller’s attorney who is often a title agent, performing a substantial portion of the title work. The money & documents will be handled on the day of closing by someone who works at the title company, known as the “closer”. Once the bank and the closer has everything needed and the money is “in”, the closer will cut checks and then it is time to hand over the keys! The whole process takes typically between two and three hours.
It is an excellent idea to have an attorney with you at the closing to not only explain to you everything that you are signing but also to make sure that the financial aspects are all handled correctly and that all of the paperwork you are entitled to is in order. Without an experienced real estate attorney to represent you at closing, you will likely end up having to sign a bunch of really important legal papers that you don’t understand, many of which has to be provided by the seller. To find out more about how a knowledgeable real estate attorney can help you at your closing in Chicago and the suburbs, fill out our quick web form or call Attorney Carol O’Connor Cadiz directly, who will be happy to answer your questions.