Real Estate Closing Attorney in Chicago
Real estate closing attorneys are responsible for making sure the sale of a property is legal.
The primary roles of the real estate attorney include:
- Performing a title examination: Real estate closing attorneys can identify any existing mortgages against the real estate that will need to be satisfied at closing in order to transfer good title. This helps prevent delays and problems and protects those involved in the transaction.
- Securing title insurance: Title insurance is designed to protect a buyer and lender in the event a future problem arises with the title. Once a title examination is completed, the closing attorney offers an opinion to the title company for the issuance of a title binder, which is preliminary to obtaining title insurance.
- Coordinating the real estate closing: Closings include a number of “moving parts” and the closing attorney is responsible for keeping the lines of communication between them open. He or she must be aware of all the issues that need to be addressed for the closing transaction to go smoothly and speak to everyone involved to keep the process on schedule.
- Reviewing documents: On closing day, the attorney attends the closing and reviews the various documents associated with the real estate and loan transaction. He or she can explain the documents involved, including the deed, the note, and the deed of trust, the settlement statement, and loan documentation required by the lender.
- Recording and disbursing: The closing attorney is responsible for closing on the transaction and distributing all money involved. After review and execution of the necessary paperwork, he or she checks the local registry one last time to update the title and records the deed and/or deed of trust. Next, he or she will issue a final opinion to the title company and pay the title company its fee. Then any and all other fees associated with the transaction are distributed, including real estate brokerage fees, county taxes, payoff monies for any existing loans, homeowner insurance premiums for the purchaser/borrower, inspection fees, homeowner association dues, home inspector fees, the bank or mortgage broker’s fees, seller’s proceeds from sale, and the attorney fees for closing.
A closing attorney’s role is vital to the real estate transaction. Selecting a closing attorney may prove particularly important, and it is advisable to seek a closing attorney that is organized, attentive to details and mindful of the importance of your transaction.
If you are involved in a real estate transaction in the Chicago, IL area and need assistance with closing, Peter Marx can help.
Peter has more than 20 years of experience representing clients in real estate transactions in Chicago and throughout the Chicagoland area. He is a recommended attorney for many of the area’s largest real estate brokerage companies including Coldwell Banker, Baird and Warner, Koenig and Strey, @properties, Remax, Century 21 and others, and has appeared as an expert on numerous local real estate radio programs.
For more information or to schedule a consultation with Peter, contact him at 773.283.8960.