Smart Legal Tips for Buying and Selling Real Estate
"Discover essential legal advice for a successful home buying or selling process. Learn about financing, contracts, inspections, title insurance, and more to navigate the real estate market effectively."
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LEGAL TIPS FOR BUYING AND SELLING A HOME Young lawyers Real Estate Committee / BENJAMIN KELLY IVORY, ATTORNEY 2/22/2022
GETTING STARTED BUYERS DO SOME RESARCH. FIND A LENDER. CONSIDER DIFFERENT LOAN OPTIONS. REQUEST A LOAN ESTIMATE. BUDGET. COMPARISON SHOP. SUBMIT AN APPLICATION.
LOAN ESTIMATE https://www.consumerfinance.gov/owning-a-home/loan-estimate/
ACTION STEPS FROM CFPB https://www.consumerfinance.gov/owning-a-home/process/prepare/
GETTING STARTED SELLERS DO SOME RESEARCH. CONSIDER AN APPRAISAL. SPEAK TO AN ATTORNEY. FIND A LISTING AGENT. COMPARISON SHOP.
TIPS FOR SELLERS COMISSION RATES ARE NEGOTIABLE. THERE IS NO STANDARD RATE. TYPICAL COOPERATING COMMISSION OFFERS ARE ABOUT 2.5%. CONSIDER ALL OPTIONS Traditional brokers Popular services / platforms Listing companies. OBTAIN A PAYOFF LETTER FROM YOUR MORTGAGE COMPANY. FIND A GOOD ATTORNEY. THEY CAN HELP ADVISE YOU.
TITLE INSURANCE Title Insurance protects Buyers, Sellers, and Lenders against defects in title. Title Examiners ( Attorney agents in Illinois) examine title and ensure that Clean Title passes from Seller to Buyer. Clean title simply means legal ownership without any unpaid debts or other unknown and unapproved obligations.
Common Interest Associations Homeowner s Associations or Condominium Associations. Homeowner s Declaration. Bylaws
CLOSING USUALLY OCCURS AT A TITLE COMPANY. BUYER SIGNS DOCUMENTS. SELLER PROVIDES DOCUMENTS OF TRANSFER. DEED BILL OF SALE. OTHER DOCUMENTS RELATED TO ENSURING CLEAN TITLE IS PASSED TO BUYER.
Benjamin Kelly Ivory Attorney at Law | The Law Office of Kelly, Kelly, & Kelly, LLC. 77 West Washington St. STE 1405, Chicago, Illinois, 60602 Tel: 312-236-8386 | Fax: 312-236-3410 | *Cell: 312-863-9830 | Email: benkivory@3kellyslaw.com Elder Care, Estate Planning, Small Business, Tax & Real Estate Law. www.threekellyslaw.com Questions?
CBA Lawyer Referral Service lrs.chicagobar.org or 312-554-2001
