South Elgin Home Closings Attorneys

Lawyers Providing Residential Real Estate Closing Transaction Assistance in Kane County

The closing is the final step in selling a home or purchasing real estate. Papers are signed, keys are turned over, and once the process is done, the transfer of ownership will be complete. When you are heading to a home closing, be sure to retain the help of a trusted residential real estate lawyer who will be present at the closing to protect your interests.

At Ariano Hardy Ritt Richmond Lytle & Goettel P.C., we provide assistance to home buyers and sellers at every stage of a transaction, including attending the closing. Although there are procedural similarities that will apply in most cases, not all closings are alike. Our experienced real estate lawyers know how to prepare you for the closing process, and we will answer your questions and address all of your concerns to provide you with peace of mind as you complete your transaction.

Who Will Attend the Closing?

The closing is likely to be attended by the seller, buyer, agents, escrow staff, attorneys, and lender. Additionally, title companies, brokers, and other interested parties may be present. Our attorneys take a proactive approach to these matters, and we will make an effort to find out who will attend beforehand. Additionally, we may reach out to the title company to communicate about what documents will be needed.

What Closing Documents Are Necessary?

While there are standard documents associated with the closing process, there are often documents that are specific to the county where the home is located. Your attorney may help you interpret various legal documents that may be necessary for the closing, such as:

• Reports and Disclosures: We will make sure documents such as the completed final property inspection, survey reports, lead-based paint hazard report, hazardous mold report, and the Illinois Residential Real Property Report will be included.
• Title Documents: We can address concerns related to the completed title commitment, affidavit, and title insurance policy.
• Pay-Off Documents: We can gather the documentation showing that related mortgages have been satisfied with their lender(s).
• Property Taxes: We will make sure you receive a statement outlining the allocation of payments.
• Deed: This document will be filed with the Recorder's Office to execute the transfer of real estate between the parties.
• Bill of Sale and Settlement Statement: We will make sure you receive a receipt and an itemized summary of all transactions.
• ALTA Statement: This document will provide a sworn disclosure that no property title concerns or liens exist.

Our real estate lawyers will be prepared to address every concern, review all documentation, interpret the large volume of paperwork, confirm that taxes and liens are settled, verify proper handling of the title, and represent your interests throughout the closing process.

Preparing for and Understanding Closing Costs in South Elgin

If you are selling a home, you can depend on your attorney to compare the projected good-faith estimates to the final costs of closing. You may have to pay real estate commissions, which could range from 3 to 6 percent of the sale price. In addition, there are typically title-related costs, real estate taxes, and varying state and local taxes that will be assessed.

If you are the buyer, closing costs may vary depending on the financing circumstances. There may be lending application costs, mortgage interest, property tax payments, title and deed fees, as well as transfer-related taxes. Often, these costs total approximately 3 to 4 percent of the sale price of the property.

Work With Our South Elgin, IL Real Estate Closing Lawyers

To receive the representation you need during your home closing, contact our experienced Kane County real estate attorneys at 847-695-2400 and schedule a free initial consultation. We help home buyers and sellers throughout the Fox River Valley.