closing: Where Is the Closing?
- 10/20/08 10:04 AM
In the Northern Illinois area, the date of the closing is specifically set in the written purchase contract. But the time for the closing and the location where the closing will be held, are determined by the seller's attorney. The seller's attorney coordinates the time and location of the closing with your attorney and with the title company, also referred to as the closing company. Ideally, the closing location is somewhere close by. Often times the closing is held at the attorney's office. Other times the closing may be held at a title company. On the day … (0 comments)
closing: Home Sweet Home
- 08/20/08 10:35 AM
When can I move in? From state to state the real estate details in a sale differ. Even within the same state, from one region to the next it can be different. In the northern Illinois area, the buyer typically gets possession of the home at closing. After the money has been exchanged from buyer to seller - or once the mortgage has funded, the buyer is now considered the home owner. As the new home owner, you get the house keys and it's your home now! Occasionally a seller will ask for a "rent back" situation. … (0 comments)
closing: Lay of the Land
- 06/12/08 12:30 PM
Who pays for the land survey and what does it tell me? In the Northern Illinois area, the survey is paid for by the seller. The survey provided must be current, within six (6) months of the contract date. The survey must also be done by a professional Illinois land surveyor. The survey is typically staked out at the four lot corners. There is also a survey on paper, that is given to you at the closing. At the closing, your real estate attorney will look over the survey with you, to see if there are any issues … (0 comments)
closing: Damaged Goods
- 06/03/08 10:13 AM
What happens when the house is damaged during the move? First, it depends on the severity of the damage. Occasionally, a wall, door or window might get damaged while moving furniture. Sometimes during a move, a floor may be scratched. If the seller is moving several days ahead of the closing, there is time to make any necessary repairs, arrange for an estimate of repair work - or offer a fair credit amount (at closing) that is acceptable to both parties. As the seller, it is always best to be upfront and honest about any damage that occurs … (0 comments)
closing: Set in Stone
- 05/01/08 12:24 PM
The closing date - is this date something I can count on? In the Northern Illinois area, the date that is agreed to (in writing in the real estate contract) is pretty much the closing date that you can plan on. I say "pretty much" because occasionally things happen where the closing date is moved. The most typical reasons for a closing date being changed are: 1. Your mortgage company is not ready to close on that specific date. ~OR~ 2. The seller has asked for a change in the closing date based on their moving situation. … (0 comments)
closing: When Is The House Really Sold?
- 04/14/08 12:47 PM
Buyers and sellers will ask me, "When is the house really sold?" That answer would be at the closing, after all the papers have been signed, the money has been transferred and the keys are handed over to the new owner. As we go through the sales process from initial offer to accepted offer to closing, several things happen that make us more assured of a closing. 1. After the offer has been negotiated out and accepted, any contract changes are initialed by the buyers. Then the contract is signed and initialed by the sellers. 2. The buyer's … (0 comments)
closing: One Last Look
- 03/31/08 08:27 AM
The Final Walk Through - What's it all about? As your buyer's agent, I always try to arrange for the final walk through to be one hour before the real estate closing, if at all possible. If you are buying a house that is owned by a relocation company, then we usually need to schedule a final walk through for three business days before closing. This is typically stated in the relocation company's addendum. This gives the relocation company ample time to work out any issues that might arise from the final walk through. But even then, we should … (0 comments)
closing: The Right to an Attorney
- 03/09/08 04:04 AM
The Right to an Attorney "You have the right to an attorney ..." That's a line we've all heard on TV many times, and hopefully never heard in person! Depending on where you have lived and purchased real estate in the past, you may not have used a real estate attorney for your home sale or home purchase. In the Northern Illinois area, most home buyers and home sellers choose to use a real estate attorney for this transaction. The right to an attorney review and approval is a standard contingency paragraph already written into the standard real estate contract that is used … (2 comments)
closing: Buyers: Timing is Everything
- 02/25/08 06:56 AM
Timing is Everything You made the decision to buy a home this year. You've met with a loan officer and you're pre-approved. When should you start looking at homes for sale? In the northern Illinois area, the typical time frame between when an offer is accepted and the home closes is thirty days. Other common closing time frames include forty five days and even sixty days. If you are making a cash offer and have a house that is already vacant, a quick closing would be fifteen days. If you are seriously ready to buy a home, and you're loan is pre-approved, then … (0 comments)
In the Northern Illinois area, the date of the closing is specifically set in the written purchase contract. 
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