As you approach the end of a real estate sale, there’s a closing process that involves the negotiation between you and the seller. It may sound simple, but there are a lot of things that have to be worked out. Some of these include:
- Funding a loan
- Inspections
- Appraisals
- Clearing the title
- Documenting the change of ownership with the county
- Getting insurance coverage
These are only some of the things that have to be considered during the closing process, and the final cost of the sale may be different than what you expected — especially if you use a real estate lawyer costs closing.
The closing process starts from the beginning, which is when you and the seller sign an agreement with regard to the sale. And it sets a closing date that’s usually four to six weeks later. This is when the home sale is considered to be “in escrow.” And in that time, you’ll be getting things ready for the final sale. It will include a number of events that your real estate agent, the title company, your real estate attorney, and your lender will get all the details in place before the closing date.
Here’s a list of all the things that will happen during those weeks:
- The closing agent (which can be a representative from the title company or an attorney) will talk to the mortgage holder to get information with regard to payoff amounts, property taxes, and other instructions that the lender will provide.
- The title company or real estate attorney will research the ownership of the property to make sure that the seller is able to make the sale so you don’t have any unexpected liens or disputes.
- The lender will hire an appraiser, who will put your loan documents together and send them to the escrow company.
- The real estate agents for both you and the seller will make sure that everything is going forward.
While all of this is going on, there are some things that you will have to do as well:
- Finish and your loan application and provide any documentation that your lender will require.
- Get your homeowner’s insurance policy in place.
- Call utility companies to get the services set up in your name before the closing date.
The contract may ask for a walkthrough within 24 hours of the closing date. And if that’s the case, your agent needs to go with you so you can find anything that doesn’t look right. Any problems could slow down the closing process, which can mean that the escrow agent may hold the money until the seller makes the necessary repairs.
Normal real estate transactions (like buying or selling a home) don’t always require the help of a real estate attorney. But if certain issues come up that can’t be resolved by your agent, you’ll need to bring such a person into the proverbial fold. Some of the documentation surrounding a mortgage can be complicated, so you may need to find out how much does a real estate lawyer cost. It will depend on what you need, but the real estate lawyer cost may be hourly or a flat rate.
If you want to know how much does a real estate lawyer cost, it can run anywhere from $150 to $350 an hour. But some attorneys may have a fee schedule for certain services. It may include the preparation real estate closing documents or some other service. Your real estate agent may recommend someone so you can find a real estate lawyer costs closing, and you should do some research as well. One attorney may only be knowledgeable about residential real estate. But if you’re closing a deal on a commercial property, this person won’t do you any good.
If you want to find the best Chicago real estate lawyer cost, Chicago Real Estate Law Firm has a fantastic team of people who can help you with any kind of real estate deal. Whether you’re closing the sale of a residential home or a commercial property, we can help you get all your proverbial ducks in a row. Not only can we look over a real estate contract, but we can also help you with any disputes that may come up from a sale.
If you want to get the best value for a Chicago real estate lawyer cost, feel free to contact our office today!
