Are you selling a property in Naperville or Schaumburg, Illinois? If this is the first time selling a property, you may make costly mistakes. Here is a simple checklist you can use as a basic guideline:
Finalize the Transaction Agreement
The first thing you need to do is work out an agreement with the buyer, including the sale price and contingencies. In some cases, a buyer may refuse to sign a deal until they receive the funds for it or before they sell their previous home. In such cases, the presence of an experienced and meticulous attorney can prove invaluable. He/she review the agreement to ensure your understanding the agreement and the terms are clearly represented in writing.
Set a Final Closing Date and Arrange Closing Documents
The agreement should also contain the final closing date of the purchase in the closing document. The final date should be contingent on several factors such as yours and the buyer’s needs, as well as the time the buyer needs to arrange funds for the transaction.
The seller’s attorney will also prepare several important documents at the closing, which you should have your lawyer look at. This include the deed that transfers the title to the seller, the Bill of Sale proving the seller received the payments for the property, transfer tax forms and the settlement statement, which lists the money that was exchanged and who they were made out to.
Conduct a Home Inspection
The seller must be apprised of any maintenance issues the property has before the final price is set. To get an accurate estimate, hire a home inspector to go through the house to check for hazards such a mold, damaged plumbing and other issues that may need to be fixed before the sale.
If the house is being sold in its current condition, the price will have to reflect the maintenance costs the buyer will need to pay to fix those issues. All of those issues have to be disclosed in the Illinois Residential Real Property Disclosure Report.
Provide Letters Proving Appropriate Payments
Besides these three points, you also need to provide letters from Homeowners or a Condominium Association proving the property does not have any unpaid payments and all areas have been insured. Plus, you also need to provide letters from any lenders who hold mortgages to the property. It should also mention the amount that is to be paid to the lender at closing.
By keeping the aforementioned lists in mind you can ensure you remain on the right side of the law in Illinois as a real estate investor. At Covert Marrero Covert LLP we guide clients through complex real estate transactions to ensure they make informed decisions. This includes managing the large number of legal tasks and organizations that are involved in the sale. In other words, we can ensure all elements of your sale go smoothly till the end.
