Frequently Asked Questions
If you can’t find your answer on this page, contact us and we are happy to answer any questions you may have about your current or forthcoming real estate transaction!
Selling
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For sellers, presence at closing is not required, and most Seller parties do not attend the closing. As part of our services to sellers, we will prepare all the documentation that will require your original signature and arrange for a pre-signing of these documents before the closing date. Once these documents are signed, our office can conduct the closing on your behalf. However, we will only do so after all of your questions have been answered and once all final figures have been approved by you. You can sign these documents anywhere (out of state) or come into one of our two locations at your convenience. If your transaction qualifies, We also have Remote Online Notarization (RON) capabilities.
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To provide clear, equitable title and all items agreed upon by the contract and law. These items may include a plat of survey, HOA documentation, municipal compliance (city inspections), warranties, mortgage and lien payoff letters, estate documentation, and corporate entity documentation, among others. As your real estate attorney, our firm will assist you in preparing or procuring all of these items to ensure a successful closing.
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The wire is typically received within a couple of hours of closing funding. If funding occurs after a certain time in the afternoon, the wire goes out the next business day.
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Your association must draft transaction-specific documents, which are required per most real estate contracts and by state statute when a property within an Association is being sold. These transaction-specific documents are required for the buyer to review and accept and for the title company to provide a clear title. Some associations/management companies charge for these documents; some do not. The cost is determined by your Association and/or the Association’s Management. We will take the lead in ordering these documents for you. However, the cost is your obligation by contract. Our office will ensure we order the documents that honor the contract while ensuring they are the least expensive option.
Buying
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If you are purchasing property with financing, you will need to attend closing in person, as numerous documents are required to be originally signed and notarized. Suppose you cannot attend your purchase closing due to unforeseen circumstances (medical issues, work emergencies, changes in travel plans, etc.). In that case, our office will work with the Title Company and the Lender to determine if there is a solution that will allow us to close with your specific challenges in mind. If you are writing an offer and expect that attending the closing in person will be a challenge for you, let your attorney, lender, and agent know as early on in the process as possible.
If you are purchasing a property without financing (a “cash” purchase), you will not be required to attend, as there is no need for originally signed documents. All closing documentation can be e-signed, and you will be required to wire your funds to the title company prior to the scheduled closing. We will review all documentation and closing figures with you in detail before the signing of these documents so you are well-informed and fully understand your closing costs and obligations.
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If you are purchasing with financing, your lender is the best resource to advise on exactly how much to bring to closing once they have finalized figures with the title company. We will review these figures before closing to ensure their accuracy, and we will also review them in detail with you during the closing. We encourage bringing in an amount higher than your exact bottom line in case figures change at closing, which does occur occasionally. Any amount you bring in excess of your final bottom line will be immediately refunded to you as soon as the closing has concluded, so it never hurts to bring in a higher amount. We will relay the wire or cashier’s check requirements when we confirm your purchase closing. *Our office will never send wire instructions in order to avoid wire fraud or mishandling. However, once a closing is scheduled, we will always relay specific instructions on securely obtaining wire information directly from the title company.
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An "as-is" transaction in real estate refers to a property sale in which the seller offers the property in its current condition without making any warranties or guarantees about the property's condition or making any promises to make repairs or improvements. In essence, the property is sold in the condition it is in at the time of the sale, and the buyer accepts any existing issues or defects.
In most cases, a Buyer will still be allowed to conduct professional inspections if desired. However, they will likely not have the opportunity to request any repairs and/or concessions based on inspection findings.
Contract
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It is an initial deposit made by a buyer that is held in escrow by a third party (usually a Realty Brokerage, Title Company, or Attorney’s office). The funds are deposited to assure the Seller that the Buyer is serious about proceeding with the transaction. At closing, the Buyer is credited with the amount deposited toward the property purchase.
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Taxes in most Illinois counties are billed in arrears, meaning one year behind. The 2021 bills are payable in 2022, the 2023 in 2023, and so on. As such, a Buyer will be responsible after closing for payment of property tax bills to the county for a period that they did not own the property. To address this, the Seller provides a credit to the Buyer at closing so that when the Buyer takes on payment of these upcoming tax bills, it is fair to do so.
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The typical handling at closings due to the county’s billing cycle mentioned above is that the seller provides a prorated credit to the buyer at closing for the days of the year that have passed so that when the buyer makes that tax payment the following year, they have in essence received the seller’s share of that tax bill through the closing. Per most sale contracts, the credit is based on the most recently ascertainable full tax bill year. Since property taxes tend to rise from year to year, to account for an anticipated increase in the bill, the parties typically agree to prorate based on that bill, plus an additional 5% to 10%. Hence, the credit the buyer receives is closer to the expected tax bill amount. In some cases, this formula may be inadequate to quantify the upcoming tax bills, which is why it is essential to hire a competent real estate attorney familiar with property tax valuation cycles to ensure that the credit provided at closing is fair.
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To contribute to Buyers' closing costs and reduce the funds a Buyer will need to bring into the closing. In this case, the purchase price is adjusted to account for the credit being provided (Example: $300,000 purchase price is agreed to by Parties, but the Buyer would like a $5,000 closing credit to be applied, so the purchase price is increased to $305,000, with the $5,000 closing credit included in the contract).
To provide compensation for a deficiency discovered during the Buyer's professional inspection that falls within the guidelines of the inspection contingency of a contract (Example: Buyer's inspection determines the dishwasher is not properly functioning. The cost to repair the dishwasher is $300, so the Seller provides this amount as a credit at closing to allow the Buyer to conduct the repair after closing).
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Not necessarily; while we are always happy to review initial contracts before their execution, most standard residential real estate contracts utilized by Realtors in Chicago and the Chicagoland surrounding suburbs will include specific language that allows for a review of the contract after it has been signed, so that parties can comfortably negotiate the key terms of a real estate transaction quickly while allowing for a more thorough review of the details by the respective attorneys after acceptance.
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Yes, however there are numerous factors that go into closing dates, and the change from the contract date must be mutually agreed to by both parties. If a change must occur (due to change in work/travel schedules, financing delays, or other previously unforeseen issues that may arise), one of our attorneys can consult with you on how the change might affect all other aspects of closing, and can address the change with opposing counsel to ensure it is agreeable to all parties.
Title / Deed
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Many states (including Illinois) have laws in place to protect non-titled spouses' rights to occupy a property so long as (a) they are married and (b) the property is considered to be their primary residence. For this reason, a non-titled spouse will likely need to sign a deed to waive these homestead rights when the property is sold.
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Types of title in Illinois: The page explains the three ways of holding title to a property in Illinois: tenancy by the entirety, tenants in common, and joint tenants with the right of survivorship1.
Tenancy by the entirety: This type of title is only available to married couples and provides extra protection against some creditors23. It requires the consent of both spouses to sell or encumber the property.
Tenants in common: This type of title is the default if no other specification is made. It allows for different and independent ownership interests that can be sold, transferred, or seized by creditors without the permission of the other owners4. There is no right of survivorship, so the owner’s share goes to their heirs or beneficiaries upon death.
Joint tenants: This type of title requires equal shares of ownership acquired at the same time on the same deed5. It can be broken if one owner sells their interest to someone else, changing the title to tenants in common6. It allows for the right of survivorship, so the owner’s share goes to the surviving owners upon death. It is usually preferred by spouses and family members.
Our Role as your Real Estate Attorney
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We serve virtually all of the Greater Chicagoland/Metropolitan area (Cook County and all surrounding “Collar” Counties)
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For Sellers – Find a qualified Realtor who can advise you on market conditions, valuation analysis, and strategies to implement to sell your property for the optimal price within our ideal timeframe.
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It is NEVER too early to consult with a Real Estate Attorney if you are interested in purchasing or selling a home or other property and are looking for direction! However, in most cases in the Chicago area, a real estate attorney is usually engaged once both parties have executed a contract. This is common since most real estate contracts allow for an “Attorney Review” timeframe after acceptance. Our firm is happy to consult with you as early on in the process as you wish!
For Sellers, we can run preliminary closing cost estimates or review title history for any potential concerns or challenges that may be on the horizon.
For Buyers, we can conduct initial research on details such as property taxes, Association insights, or a preview of a contract before you sign it.
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For Sellers:
Review of the contract
Negotiation of inspection findings and contract modifications
Title history review and clearance of any title issues/encumbrances
Coordination with the Buyer’s lender
Preparation and gathering of all required documentation needed for the closing
Preparation of closing costs for review and approval
Conducting the closing on your behalf (Sellers are not required to attend)
For Buyers:
Review of the contract
Negotiation of inspection findings and contract modifications
Due diligence and property research
Title history review
Coordination with the lender for approval
Analysis of closing costs before closing
A walk-through of all of closing documents during the closing
Buyers: Find a qualified Lender who can advise you on your specific financing options by running you through an approval process to give you the best idea of your price parameters.
Marneris Law, P.C. has excellent referrals from various Real Estate professionals in Chicago and surrounding suburbs. If you don’t know where to start, contact our office, and we can help connect you!
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While each transaction is unique based on the agreements and needs of the respective parties, a typical residential real estate transaction will take approximately 30 to 45 days from the date the contract is signed until the closing is completed.
The financing process plays one of the most significant roles in the timeframe of a transaction, so it is essential to monitor the lender’s progress throughout the transaction and provide the support needed to avoid any delays.
If financing is not being utilized (a “cash” transaction), the timeframe may be much shorter (10 to 14 days). It depends on how quickly title, association, and municipal items can be prepared for closing.