Purchasing any real estate is a demanding experience, particularly when you don’t have the services of a competent real estate attorney. You look at many different properties before you find the perfect one. Constant communication between you, the real estate agent and the lenders leads to a final loan. Closing your real estate deal should not be as stressful if you have the right real estate attorney by your side.
What to Expect at a Closing
In Illinois, the residential real estate closing is generally held at the title insurance company. This company will act as an escrowee, who will be responsible for holding and distributing the funds. The title company distributes the funds towards the end of the closing and it offers protection to the buyer title, at the same time, maintaining the lender’s interest in the real estate been sold.
Bring All Essential Paperwork with You
Closing day is a major event. Make sure you are ready for your big day. Bring with you all necessary documentation and the closing amount you are liable to pay upon completing the transaction. Also, you will be required to notarize different documents. You need to ensure all paperwork is complete and properly processed beforehand. Also, you will be required to report all your gift funds – if you have any in your name. It’s essential to complete your documentation at least seven (7) days before closing day.
Prepare the Down Payment Amount
Preparing your down payment beforehand is one of the most important financial components of closing any real estate deal. It is important to ensure you have all your finances sorted and your down payment is ready. Your down payment will be made as an earnest money deposit, or good faith deposit, which is used to initiate an escrow. You will have up to three (3) working days to deliver the amount with a signed contract to balance the down payment dues before closing day.
Verification of Escrow Account Information
If you already have an escrow account to hold your cash until the closing day, it’s essential to verify all your account details and other information. Make sure to double-check the amount required for you to close the deal.
If you wish to know more about closing a real estate transaction in Illinois or speak with an experienced real estate attorney, contact the offices of Covert Marrero Covert LLP at (630) 717-2783 and schedule a free consultation session.