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REAL ESTATE SALE

Offer

The Sale of a real estate begins when the Seller lists a real property with a listing agent/broker. After listing, the Seller waits for purchase agreements (“Offer”) to come in.  Upon receipt of an Offer which the Seller may deem acceptable, the Seller will execute the purchase agreement by signing and dating the agreement.  The signing and dating the agreement signifies that the Offer has been accepted and the purchase agreement becomes a binding contract (“Contract”).

Acceptance/Pre-Closing

After the Seller has executed the Purchase Agreement or Offer, either the Seller’s Agent or Seller will forward the Contract including any warranties and disclosures to Seller’s attorney.  The receipt of the executed contract by the purchaser or his attorney/agent marks the commencement of the Attorney approval or modification period.  The Attorney approval or modification period usually lasts only for a limited period as provided in the Contract. Absent any agreed-to extension, once the period expires, no additional changes may be made.

Attorney Approval or Modification Period

Upon receipt of the Contract, Seller’s Attorney will review the Contract to ensure fairness of terms and observance of contingency dates.  Seller’s Attorney will also respond and negotiate with Purchaser’s Attorney for any requests for Modifications or Repairs.

After Attorney Approval or Modification Period;

After the Attorney approval or modification period has expired, Seller’s Attorney will begin preparing and gathering documents required for Closing including Title Insurance, Survey, Association Information and Paid Assessment Letters (if applicable), Transfer Stamps, and complying with any municipal requirements for transfer of property.

Seller’s Attorney will also prepare the various documents required to transfer title including the Deed, Bill of Sale, Affidavit of Title, ALTA Statement, and a Closing Statement.  The Seller may attend the Closing and execute the transfer documents at Closing or Seller’s Attorney can have the Seller execute the transfer documents ahead of Closing and provide Seller’s Attorney with a Power of Attorney (POA) to execute any other documents. In such instances, Seller need not attend the Closing.

After the above pre-closing issues have been addressed, the Seller’s Attorney will request confirmation of a “Clear-to-Close” from Purchaser’s Attorney and the Closer.  Thereafter, Seller’s Attorney will 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.

Closing

At Closing, the Seller’s Attorney will present all closing and transfer documents to Purchaser’s Attorney for review, answer any questions and/or address any concerns of the Purchaser, and settle any other pre-Closing disputes that may arise.

SERVICES FOR SELLER

Noorani & Villar provides full service to real estate sellers for residential real property sale closings, including contract review (pre or post contract execution); negotiating and responding to Inspection contingency issues, if any; negotiating and responding to attorney modification request, if any; keep track of any contingencies (appraisal, mortgage, insurance, if any); order title insurance, clearing title issues, obtain mortgage payoff letter, ordering zoning and water certifications or paid water bill receipt, order municipal/city, county and state stamps, attendance at the closing on behalf of the Seller.

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

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