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REAL ESTATE PURCHASE

Offer

The real estate purchase process begins when the Purchaser finds the property that he wants to buy.  The Purchaser’s real estate Agent usually helps the Purchaser prepare and execute a purchase agreement (“Offer”) which is then sent to the Seller’s agent and would typically include the earnest money.   The Seller will have to accept the Offer by fully executing the purchase agreement.  At such time, the purchase agreement becomes a binding Contract on all Parties.

Acceptance/Pre-Closing

After receipt of the fully executed Agreement (“Contract”), either Purchaser’s Agent or Purchaser will forward Contract to Purchaser’s attorney.  The Attorney approval or modification period typically begins upon Seller’s execution of the Offer and Purchaser and/or Purchaser’s Agent’s receipt of the Contract.  The Attorney approval or modification period usually lasts for a limited period as provided in the Contract. Absent any agreed-to extension, once the period expires, no additional changes may be made. As such, it is important for Purchaser to get a copy of the Contract to his or her attorney as soon as possible.

Upon receipt of the Contract, Purchaser’s Attorney will review the Contract to ensure fairness of terms and observance of contingency dates.  The Attorney may then request modifications regarding extension of contingency dates, proration rates, etc.   The Attorney also request repairs for the real estate pursuant to a home inspection report.

After the pre-closing issues have been addressed, and with Lender’s confirmation, Purchaser’s Attorney will send out a “clear-to-close” to Seller’s Attorney and the Closer.  The Seller’s Attorney will then send out a Closing Confirmation informing Parties of the date (as provided in the Contract unless extended by agreement), time and location of Closing, usually the Title Company Office.

Thereafter, a final walkthrough is arranged by the Parties Agents for the Purchaser to conduct a final inspection of the property before Closing – usually conducted on the day before the Closing.

Closing

At the Closing, the Closer will provide Purchaser with the Lender’s Package – a set of documents that includes the note, mortgage, documents disclosures and agreements. Purchaser’s attorney will review the Lender’s Package and walk the Purchaser through these documents, explaining the terms and clauses provided in the documents.

The Seller may come to the Closing or may instead pre-sign Seller’s transfer documents and provide Seller’s attorney with a Power of Attorney to execute any other required documents.  Seller’s transfer documents will include the Deed to the property, an Affidavit of Sale and a Bill of Sale.  The Closer will also provide the Purchaser with the most recent Title Commitment for the Property. Purchaser’s attorney will review these documents to ensure that they are properly executed, that the correct property is being conveyed, that all taxes and liens are paid, and that title is cleared and insured by the title company per the Title Insurance document.

SERVICES FOR PURCHASER

At Noorani & Villar, we provide full service to real estate purchasers for residential real property closings, including contract review (pre or post contract execution); negotiating Inspection contingency issues, if any; negotiating other attorney modification issues, if any; keep track of Purchaser’s buyer’s contingencies (appraisal, mortgage, insurance, etc., if any); attendance at the closing to review and explain Lender’s Package and other closing and Seller transfer documents to Purchaser.

Please contact Noorani & Villar, P.C., where our attorneys will assist you in your home purchase.

DISCLAIMER: The information provided on this website is a basic overview of Noorani & Villar, P.C.’s areas of practice. It is intended for advertising purposes only and may or may not be correct, complete or current at the time of reading. The contents of this website do not constitute as legal advice and must not be used as a substitute for attorney legal advice or opinion. No Attorney-Client Relationship is created by anything on this site unless an Engagement Agreement is fully executed by both Attorney and Client. Please seek detailed legal advice regarding your specific facts and circumstances before acting on any legal matter.

NOORANI & VILLAR, P.C. located at 1900 East Golf Road, Suite 950 , Schaumburg, IL . Reviewed by JA rated: 5 / 5