7538 St. Louis Ave Skokie IL 60076
Real Estate Closings
Chicagoland Real Estate Closings Attorney
Minchella & Associates is a real estate law firm serving Chicago, Skokie and the northern suburbs including Lake and DuPage Counties. The firm has conducted thousands of real estate closings on all kinds of properties from single family homes to condominiums and multi-family homes.
The majority of residential real estate closings in Illinois are conducted by an attorney and for good reason. The closing process is complex and this is likely the largest transaction of the parties’ lives. Erica Minchella has practiced law for more than forty years. She was on the drafting committee for the Multi Board 7.0 real estate contract you will likely use to close on your new home.
Erica Minchella was on the drafting committee for the Multi Board 7.0 contract used when closing on your home
What happens at a real estate closing?
The process for buying and selling a home is different. The closing process for a seller is focused on closing the transaction so that the seller obtains payment. On the contrary, buyers must be at the closing so that they can learn of the significant responsibilities they are taking on when buying a home and to sign the loan documentation.
Home Seller
We recommend that sellers do not attend the closing. There is no benefit to the seller to be there. They should execute all required documents in advance of the closing. The seller should give Minchella & Associates powers of attorney to execute the title documents that need to be signed at the real estate closing. This is optimal as the seller’s primary concern is getting their money.
The reality is that if a seller wants to attend a closing, she or he is always welcome.
Home Buyer
Unless it is a cash transaction, buyers should always attend a closing if they are able. Erica or her associates will describe for her clients in detail the loan documents they are signing. This is likely the single largest purchase a buyer has ever made and as such, she or he should be aware of what they are getting into.In addition, our firm offers clients unique advice that can help our clients pay their mortgages faster which could result in saving tens of thousands of dollars. This is a perspective not offered by less experienced residential real estate attorneys.
“We used Erica to assist us with a closing of a condo in Des Plaines. She was absolutely wonderful. She explained everything carefully and was extremely professional, knowledgeable, and responsive. I have also consulted with her on some distressed real estate and she is the best! I highly recommend Erica and her team!”
Paul R.
The Real Estate Closing Process
Regardless which side of the sale you are on, the real estate closing process will usually be as follows:
- Real estate search
- Offer
- Acceptance
- Negotiation
- Home inspection: what happens if an inspection finds defects in the property? (We do the negotiations for you in concert with you and your broker)
- Mortgage contingency and cooperation with lender to get necessary documentation
- Closing
Types of Real Estate Closings
Each type of real estate closing has its own distinct challenges. Minchella & Associates can assist in closing your single property home, mixed-use properties, condominium or multi-family property.
Single family homes
A single-family home is one where there is no homeowners’ association (HOA) and the home is free-standing. Our fee includes the review of the real estate contract, Attorney and Inspection Review letter, extension of mortgage contingency periods, attending the closing remotely or in-person as the situation requires. There may be additional fees for:
- Drafting post-closing escrow agreements,
- Drafting partnership agreements,
- Drafting tax escrow agreements,
- And for additional requests.
Condominiums
The sale of a condominium, townhome or property that is part of a HOA will require review of the HOA documentation. Our fee includes review of the HOA documentation (especially paying attention to possible special assessments and the possibility that the property could be a target for being deconverted from a Condo to an apartment building forcing the sale of the homeowner’s unit), Attorney and Inspection Review, extension of the mortgage contingency, attending the closing remotely or in-person as the situation requires. There may be additional fees for:
- Pre- or Post-Closing Possession Negotiations and Agreement
- Tax Escrow Negotiations and Agreement
- Holdback or Repair Credit Negotiations
- And for additional requests.
Multi-family purchases
Multi-unit properties are ones where there is more than one unit that is either tenanted or available for family members. Minchella & Associates can:
- Assist in due diligence for tenants, leases, code violations, encroachments, review to assure that all units are “legal”
- Assure compliance with city and village ordinances and requirements
- Assist in lending issues
- Attornment notices, transfer of leases
- Knowledgeable in 1031 Exchanges
If you are searching for a real estate law firm to assist in the buying or selling of your residential real estate, reach out to Minchella & Associates for a free consultation. Our attorneys have close to seventy years combined experience in real estate matters.
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