3 Legal FAQ's About Selling Your Chicago Home
It’s selling season! I get tons of questions from people selling their homes, and here are the three most common questions with answers:
1. Why do I have to pay for title insurance?
Title insurance protects your buyer from any “defects in title”… Defects include things like whoever sold you your property did not actually have the right to sell it, or maybe someone placed a lien on your property without the right to do so. Title insurance protects the buyer in case the “wronged” person comes back and tries to claim their right to the property is superior to your buyer. Sellers pay for this in Illinois; that’s just the way it is. However, remember, in a hot market, EVERYTHING is negotiable!
2. What happens if we don’t close on time?
So, most contracts for purchasing real property contain a “closing date” .. Meaning buyer’s lender provides financing on that date, and you – as seller – get your money on that date. However, there are a ton of delays that can happen between your “acceptance” date and “closing” date that can make the closing date later than expected. Make sure you have an experienced real estate attorney making sure all deadlines are met and be understanding of normal delays in the buyer’s lending process. Don’t be surprised if your transaction does not close on the date planned…and be prepared to act if the buyer plays games.
3. The buyer is trying to renegotiate the deal we made… What gives?
In Illinois, there is an “attorney review period” standard in most residential real estate deals where the attorneys for buyer and seller may try to renegotiate the previously agreed upon deal. Work closely with your realtor and attorney to gauge the market and determine if the buyers’ requests are reasonable.
These materials have been prepared by Kershner Sledziewski Law, LLC for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Internet subscribers and online readers should not act upon this information without seeking professional counsel, as the advice appropriate for your particular circumstances may vary.