Selling Real Estate

YORKVILLE AND KENDALL COUNTY RESIDENTIAL HOUSE CLOSING ATTORNEY

ROLE OF A RESIDENTIAL CLOSING ATTORNEY FOR SELLERS

When you are selling your home, selecting an attorney who specializes in real estate law will help guarantee a smooth sale and closing process. 

When a lawyer represents the party selling a property, they are known as the Sellers Attorney.

When should I hire an attorney?

This answer depends on whether you are selling your residence by yourself as in a For Sale by Owner (FBSO) or working with a realtor.

If you plan to go the FBSO route, it is best to hire a real estate attorney prior to listing your residence for sale.  The real estate attorney can:

  • Draft the Real Estate Purchase Agreement to ensure that the agreement legally protects you.
  • Help you through the negotiation process with potential buyers

If you have engaged a licensed real estate broker, you will want to select your real estate attorney when your residence is listed for sale, so that you are not scrambling to find an attorney when you have your first offer from a buyer.

Gateville Real Estate, LLC has extensive experience with FSBO clients and clients who work with realtors. We understand that a first time FSBO client may require some additional guidance prior to the sale of their home.

What is the role of a Sellers Attorney?

The sellers’ attorney works for you and in your best interest. Your attorney’s responsibilities include:

  1. Reviewing the Real Estate Purchase Agreement

 

Once you receive a buyer’s offer and accept it, your attorney will review the terms of the Real Estate Purchase Agreement to verify that the terms are acceptable for you.

Standard Real Estate Purchase Agreement’s typically give each side (the sellers and buyers) five days for attorney contract review. It’s at this point that the seller’s attorney may request language and/or term modification for sections of the agreement.  

Gateville Real Estate, LLC will draft a modification letter if we believe the terms of the Real Estate Purchase agreement are not in our clients best interested.

ATTORNEY MODIFICATION / HOME INSPECTION NEGOTIATION AND REAL ESTATE ATTORNEY FOR DUPAGE COUNTY; KENDALL COUNTY; KANE COUNTY; AND WILL COUNTY.

  1. Reviewing and responding to modification and home inspection letter requests

Many buyers will hire a home inspector, to inspect the exterior structural components and interior electrical, gas and plumbing of the home.  Based on the inspector’s report, the buyer’s through their attorney may request items be repaired or replaced prior to the closing.  In addition, the buyer’s attorney may request changes to the language and terms of the real estate purchase agreement.

Gateville Real Estate, LLC reviews the buyer’s attorney modification letter, the home inspection report and the requested repairs and works with you to negotiate and resolve any outstanding issues.

REAL ESTATE ATTORNEY / REAL ESTATES TITLES / NAPERVILLE, YORKVILLE, AURORA, OSWEGO, NORTH AURORA, GENEVA, WARRENVILLE

  1. Examining the Real Estate Title

The seller’s attorney reviews the existing title to identify mechanics liens, judgments against the property and any other title issues.

 

He or she verifies how the title is currently held to make sure it accurately reflects the current situation. Upon review of a real estate title, the seller’s attorney may find a quit claim deed that had been incorrectly recorded; the title may be held jointly, however one the property owners may be deceased; legal descriptions and surveys of the property are incomplete or inaccurate; and other title issues. 

Gateville Real Estate, LLC’s team has substantial title insurance experience and know how to eliminate any title issues prior to your residential closing.  In fact, a local title company is so confident in our ability, we represent them as general counsel.

  1. Drafting and Finalizing Closing Documents

Preparing the Warranty Deed, Affidavit of Title and the Bill of Sale, prior to closing is the responsibility of the seller’s attorney.

In addition, the seller’s attorney will gather and prepare all documents and information needed for closing including but not limited to; real estate transfer stamps, mortgage payoff letters, calculated real estate tax pro-rations, survey ordering, MyDec or P-Tax.

It’s during this time period the seller’s attorney may need to negotiate with the buyer’s attorney related to mortgage contingency deadlines and financing issues.

Because Gateville Real Estate, LLC, understands that most sellers want to limit their role at closing, our clients can sign the closing documents prior to closing and we can represent them at the closing, in what is called a limited power of attorney.

  1. Closing Day

Closing day is the big day where you receive all money do to you for the sale of your home. At times there may be last minute closing challenges such as, last-minute negotiated items; real estate title and tax issues; and other real estate closing matters.

 

From the initial Real Estate Purchase Agreement to closing day. Gateville Real Estate, LLC is with you every step of the way to ensure a successful and uneventful closing day.

 

EXPERIENCED REAL ESTATE CLOSING ATTORNEYS IN NAPERVILLE, AURORA, AND PLAINFIELD, ILLINOIS:  SELLERS ATTORNEYS FOR DUPAGE COUNTY, WILL COUNTY, KANE COUNTY, AND KENDALL COUNTY

Sean Robertson and Gateville Real Estate, LLC are experienced real estate attorneys.  Sean Robertson is a graduate of DePaul University College of Law and University of Illinois at Urbana-Champaign.  Sean Robertson has offices in Naperville, Shorewood, and Yorkville (one is coming soon) near Aurora, Geneva, North Aurora, Warrenville, Winfield, Montgomery, Oswego, and Wheaton and surrounding communities.  Contact Gateville Real Estate, LLC today to learn why we are the right choice for your residential real estate legal needs.  Gateville Real Estate, LLC may be reached at 630-553-9560 or via online contact form.