Purchasing and selling a home are quite possibly the most stressful thing you can do. These are the 5 things real estate lawyers want you to know:
Selling or buying a home is stressful, it does not matter if it is your first time or 100th time. Your real estate lawyer is there to answer your questions. Your real estate lawyer is a professional who does this day in and day out and has the knowledge and experience to answer questions, or at least guide you in the right direction to get an answer. We are not too busy and we are not being bothered when you call, I promise!
Within the first 5 days of a Contract both the Seller and Buyer can cancel a contract or propose modification. This is a fairly liberal application, but one definitive thing you cannot do is cancel due to price. If cancellation happens during this time, the Earnest Money is typically returned.
Your closing date is the date we all aim to make; however, there may be lending delays or other unforeseen delays so be prepared to change time off at work. Closings cannot occur on weekends or Court Holidays. Your attendance will be required at the closing.
3(a): Make certain you work with your lender and get them all documents as soon as possible.
3(b): Do not make any big purchases, open new credit lines, or reopen credit lines that have been closed. Anything that your credit would be checked is something you should not do now that you are under contract.
When buying, the Cash to Close aka how much money you need to bring to closing will be provided by your lender about 24 hours prior to closing. If a wire is needed, Ask your bank to verify wire instructions and call the title company immediately to ensure your money has been received.
The Final Walk Through will be scheduled and performed with your broker. At the walk through, please be certain the home looks substantially the same, the stove, refrigerator, and all appliances work. Consider turning on all of the faucets and showers and letting the water run while you walk through to ensure there are no plumbing problems. I HIGHLY recommend doing the walkthrough the business day before closing. This will give your real estate lawyer enough time to make the other real estate lawyer aware of any issues and come to a resolution prior to closing.
Niko Law LLC is an Illinois law firm. As the firm practices law in the State of Illinois, only, this website and/or e-newsletter focuses upon that jurisdiction, only. Please keep in mind Niko Law LLC does not guarantee results and that law can vary dramatically from state to state, county to county, and it is not reasonable to assume that law in other jurisdictions will be the same as, or even similar to, Illinois law.
This e-newsletter should not be construed as legal advice, nor used in lieu of a lawyer.
For questions regarding your specific situation, please contact Niko Law LLC at 708-966-9388.
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