10 Things Sellers Should Know About a Residential Real Estate Closing

Web Admin - Monday, June 18, 2018
Arlington Heights residential real estate lawyerSelling a home can be a stressful process, but once a buyer has made an offer and agreed to buy your house, the end of the process is in sight. However, there are still a variety of issues which may need to be resolved and matters which will need to be settled before the sale is complete. Here are 10 things you should take care of as you complete your residential real estate closing:

1. Address home inspection issues - The buyer will pay for a home inspection, which may uncover a variety of issues that they may ask you to correct or repair. You can preempt some of the issues by having your own home inspection completed prior to listing. This will give you an idea of the issues that may be raised later or minor issues that you can resolve prior to accepting an offer. Be sure to complete any agreed repairs prior to the date of closing and provide paid receipts to show that the required work has been done. 
2. Review the property survey - The standard Illinois contracts require the seller to provide the buyer with a survey of the property. If you have an existing survey, you should be sure to review this survey to make sure that the boundaries of the property are defined correctly and there are no issues that may arise with the new survey. Some buyers, especially in cash deals, will accept the existing survey, if no new improvements have been made. 
3. Get ready for the final walkthrough - Buyers will typically visit the home prior to closing to check the property and make sure repairs have been done. Be sure everything has been taken care of before this walkthrough and make sure no unexpected issues arise. If necessary, you may need to address issues the buyers find or negotiate a payment for problems they discover.
4. Review your settlement - Your closing documents will include a seller’s closing statement detailing the money being paid and received. Be sure to review this statement for accuracy including the payoff amounts of any of your loans or mortgages.
5. Bring documentation to closing - At closing, be sure to bring your photo ID, the paid receipts for repairs, and any information the buyer will need, such as codes to security systems.
6. Resolve last-minute details - If something is not in the same condition at walkthrough as it was when the offer was accepted, that item will need to be resolved at the closing table, or the closing may need to be postponed.
7. Be prepared to pay closing costs - You will typically be required to pay for certain items, such as commissions for real estate agents, outstanding property taxes or utility bills, and related fees, including title fees and attorney’s fees. Your realtor or attorney should inform you of the exact amount that you will need to pay at closing.
8. Transfer utilities - Utilities should be kept active until after the closing, at which point you can transfer service to the buyer.
9. Cancel homeowner’s insurance - Once closing is complete, you can cancel your homeowner’s insurance policy. You may receive a refund for any remaining months which you have already paid.
10. Keep your paperwork in a safe place - Be sure to keep all of the papers from the closing in a place where you can easily access them in case any questions or issues arise.

Contact a Riverwoods Residential Real Estate Attorney

If you have any questions about the processes followed during your home closing, or if you need an attorney’s assistance when selling your home, contact a Kenilworth real estate lawyer at Drost, Gilbert, Andrew & Apicella, LLC. Call our office at 847-934-6000 to schedule a consultation.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Consumer Financial Protection Bureau Makes Major Changes to Real Estate Closings

Web Admin - Thursday, March 26, 2015

Illinois real estate closing, Arlington Heights real estate attorneyA new rule goes into effect on August 1st that will make major changes in the way that real estate closings occur. The new rule was promulgated by the Consumer Financial Protection Bureau (CFPB) and is known as the TILA RESPA Integrated Disclosure Rule (TRID). The TRID Rule alters the way that financial disclosures work in the context of mortgages. Previously, lenders had to use four separate disclosure forms. They had to provide Good Faith Estimate and Truth in Lending Act (TILA) disclosure forms to loan applicants within three days of receiving the person's application. They also had to provide a Housing and Urban Development disclosure form and another TILA disclosure form three days prior to closing. The new rule combines these four documents into two: a loan estimate and a closing disclosure.

The Loan Estimate

The loan estimate acts as a combination of the Good Faith Estimate and the first TILA disclosure. Like the old documents, it still must be given to the loan application within three days of receiving the application. The loan estimate is a three-page document that includes a variety of information about the potential costs of the loan to the consumer. The first page includes general information such as the loan amount, the interest rate, and the payment schedule. The second page includes a detailed layout of the costs that the loan recipient will be responsible for at closing. The final page contains more miscellaneous information about the loan. This page includes things like metrics for comparing the loan with other offers, as well as other information such as late payment fees and appraisal rules.

The Closing Disclosure

The other new document created by the TRID rule is the closing disclosure, which combines the Housing and Urban Development settlement statement, along with the other TILA disclosure. Like its predecessor documents, the lender must still deliver the closing disclosure at least three days before the closing. The closing disclosure form is longer than the loan estimate form and contains more information. The first page of the disclosure is similar to the loan estimate form, and contains general information about the loan. The next page details the specific loan costs that the borrower is paying. The third page is an update to the closing costs from the loan estimate, highlighting any changes. The final two pages include other miscellaneous information about the loan, similar to what is on the final page of the loan estimate, but more expansive.

If you are looking to buy a house and want to make sure this high stakes transaction goes off like you are expecting, contact an experienced Illinois real estate attorney today. Our firm serves clients in northwest suburban towns like Arlington Heights, Long Grove, Rolling Meadows, and Barrington.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.

Recent Posts


foreclosed rental property Self-Directed IRA Accounts Arlington Heights personal injury attorney medical research Buffalo Grove corporate attorney jet ski Arlington Heights TBI attorney Illinois driving without license irrevocable trust Illinois Transfer on Death Instrument denial of life insurance Schaumburg personal injury lawyers clemency Rolling Meadows litigation lawyer drugs DUI defense Crystal Lake employment law attorney Illinois wills and trusts attorneys Rolling Meadows personal injury lawyer Chicago car accident lawyer Buffalo Grove employment lawyer license reinstatement cell phone accidents Crystal Lake personal injury attorney Chicago insurance claim attorneys Palatine probate lawyer Crystal Lake criminal defense attorney Schaumburg personal injury lawyer Illinois motorcycle accident lawyer Buffalo Grove injury lawyer employee rights Schaumburg employment attorney traffic violations defense investment property creditors life insurance Arlington Heights medical malpractice lawyer field sobriety test sexual harassment Schaumburg probate attorney Arlington Heights pedestrian accidents Illinois business lawyer Arlington Heights wills and trusts lawyer IRA benefits Long Grove wills and trusts attorneys Deer Park traffic accident attorney Detainer Actions Class A misdemeanor Barrington employment law firm Illinois wrongful termination lawyer Illinois elder law attorney Arlington Heights tax lawyer Des Plaines personal injury lawyer estate planning attorney Schaumburg estate planning lawyer Schaumburg car accident attorney pet law Policy Cancellation wage theft unpaid assessment Illinois traffic attorneys probate claims Illinois medical malpractice case criminal defense liability trench injuries personal injury fatal car accidents real estate contract Illinois Sales Representative Act Palatine civil attorney Barrington civil litigation attorney Illinois workplace lawyer South Barrington real estate attorney IRA trust transfer taxes Illinois criminal defense attorney Rolling Meadows boating crash lawyer bike accident medical malpractice Illinois traffic accident lawyer probate fees Crystal Lake insurance lawyer Exclusions bicycle accidents Rolling Meadows business lawyer Des Plaines drug lawyer Rolling Meadows marijuana attorney Palatine employment attorney Des Plaines drug crimes lawyer Barrington business law firm Barrington Traffic Lawyer Illinois Smoke Detector Act boating under the influence internet Illinois bicycle safety Schaumburg estate planning attorney Deer Park real estate law firm Illinois civil litigation lawyer Thanksgiving Illinois DUI attorney Illinois employment law firm Schaumburg elder law lawyer Palatine traffic accidents Illinois traffic ticket lawyer Illinois employee rights attorney. Buffalo Grove car accident lawyer Chicago will attorney insurance attorney trauma after an accident defective products lawyer Illinois employment lawyer Palatine personal injury lawyer employee misclassification car crash injuries no contest clauses speeding traumatic brain injuries digital assets in terrorem provision Mount Prospect elder law attorney workplace sexual harassment Crystal Lake estate planning lawyer capital gains tax insurance claim denial Palatine real estate lawyer trucking accident lawyers Illinois real estate home inspection lawyer personal injury law firm spinal cord injury Illinois attorney Schaumburg estate attorney Palatine trusts lawyer homestead rights special needs trust personal injury attorney Des Plaines civil attorney criminal law South Barrington real estate lawyer Food and Drug Administration's Food Safety Modernization Act income distribution deducation sole proprietorship Deer Park accident attorney rollover accidents Illinois LLC creation overtime violations living trust Arlington Heights lawyer license revocation BAIID insurance claim Palatine estate planning lawyer Palatine corporate attorney Buffalo Grove traffic attorney Schaumburg real estate lawyer insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Crystal Lake traffic lawyer mortgage Home Remodeling Repair Act probate claims process drug crimes lawyer IRS Schaumburg criminal law attorney wills and trusts Des Plaines personal injury attorney Whistleblower Claims drunk driving Deer Park employment law attorney healthcare Mount Prospect wills and trusts lawyers traffic laws Crystal Lake accident attorney Inverness traffic law firm guardianship attorney Attorney Ken Apicella car collision insurance dispute Joliet general practice lawyers Illinois estate planning attorney marijuana crimes attorney car accident lawyer Crystal Lake car accident lawyer trustee texting while driving financial advisors rent to own real estate contracts Fourth of July Palatine drug lawyer traffic accidents FMLA real estate closing blended families Crystal Lake civil litigation lawyer Rolling Meadows drug defense attorney Illinois personal injury lawyer power of attorney for healthcare traumatic brain injury problem employees hit and run accident spinal cord injuries defective products Illinois workplace discrimination attorney Schaumburg drug defense lawyer Des Plaines DUI attorney Illinois boating accident lawyer Rolling Meadows insurance attorney Chicago lawyer nursing home negligence Des Plaines medical malpractice attorney Barrington litigation attorney Illinois jet ski accident lawyer breathalyzer test drug crime landlord Barrington drug crime attorney Legal Info Chicago estate planning lawyer Illinois Human Rights Act employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys job lawyers Schaumburg insurance lawyers insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Des Plaines claims law firm underage DUI Illinois insurance claim dispute lawyer medical malpractice compensation FSLA Illinois small business Illinois insurance claim dispute lawyers personal injury claims Illinois pedestrian accident attorney Illinois injury lawyer insurance claim denials life insurance policy cell phone tower data Illinois real estate lawyer insurance dispute attorney changes to mortgage law pedestrian injuries, pedestrian fatality Des Plaines accident attorney unpaid overtime Palatine punch death Illinois Probate Act of 1975 Landlord Tenant Ordinance privacy laws Riverwoods estate planning lawyer Illinois insurance dispute lawyers Crystal Lake pet attorney Schaumburg criminal attorney license manufacturing Schaumburg Illinois workers compensation lawyer DGAA ObamaCare Rolling Meadows Traffic Lawyer car accident lawyers Buffalo Grove personal injury lawyer Palatine injury attorney Inverness personal injury attorney Chicago attorney personal injury claim estate attorney Long Grove real estate attorney Jay Andrew Illinois construction accident attorney Crystal Lake bike accident lawyer Crystal Lake law firm Des Plaines Mt Prospect Attorney Arlington Heights Attorney Crystal Lake personal injury lawyer pedestrian accident anesthesia errors commercial real estate CAM federal regulations for LLCs Colin Gilbert marijuana head on collisions Rolling Meadows real estate attorney startup company civil litigation attorney owner responsibility elder law estate tax Palatine workers compensation lawyer Arlington Heights traffic attorney condo independent contractor surgical mistakes Crystal Lake will lawyer medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Arlington Heights car accident lawyer preventable medical errors unfunded trust Do Not Resuscitate Rolling Meadows medical malpractice lawyers Arlington Heights Traffic Lawyer privacy denied insurance claim digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers IRELA Deer Park motorcycle accident lawyer Palatine corporate law attorneys personal injury accidents employees denied insurance claims Liquor Control Act Des Plaines injury law firm TBI Illinois personal injury attorney Crystal Lake medical malpractice lawyer medical marijuana drug crimes trucking accidents Arlington Heights car crash attorneys Crystal Lake injury attorney BUI Illinois probate lawyer federal crimes Illinois employment law attorney Crystal Lake pedestrian accident lawyer Buffalo Grove probate lawyer dynasty trusts drunk driving statistics Retaliatory Discharge Rolling Meadows insurance dispute lawyers real estate lawyer insurance negligence living trust benefits DUI penalities ACA Des Plaines pet law attorney comp time POA life insurance lawyer Arlington Heights personal injury lawyer Rolling Meadows employment attorney Barrington attorney Barrington boating accident attorney Illinois traffic laws insurance denial appeals traffic crimes Illinois employment attorneys Rolling Meadows corporate lawyer employment contract pet bites living wills Illinois wills and trusts Illinois insurance lawyer Illinois speeding lawyer Rolling Meadows tax attorney estate plan texting and driving Schaumburg civil litigation attorney Illinois home inspection Arlington Heights estate planning attorney Deer Park criminal attorney Rolling Meadows traffic law firm paid sick leave drug possession small business Barrington real estate lawyer Long Grove estate planning underfunded trust insurance agent negligence Rolling Meadows employment law attorney Palatine law firm digital media accounts, estate planning, Arlington Heights estate planning attorney, real estate Schaumburg Attorney estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Illinois personal injury lawyers Schaumburg medical malpractice lawyer Arlington Heights criminal lawyer natural gas Deer Park medical malpractice attorney Arlington Heights accident attorney eluding a police officer automated cars bad faith insurance claims murder right to work Chicago biking tips Illinois insurance claim attorney Illinois traffic attorney gift taxes Barrington personal injury lawyer operating agreements forming a corporation in Illinois liens probate appealing an insurance claim personal injury lawyer trusts Illinois insurance claims lawyers civil litigation insurance adjusters Kenilworth estate planning attorney Schaumburg personal injury attorney Crystal Lake employment attorney rumble strips involuntary manslaughter agent Chicago estate planning expungement Illinois estate planning law firm Illinois registered agent Palatine employment lawyer distracted driving accident victims work unions DUI attorney business litigation Barrington criminal lawyer Illinois red light cameras Illinois defective products attorney real estate attorney low-ball insurance settlement landlord tenant law Illinois lawyer college kids Schaumburg traffic lawyer Palatine criminal defense lawyer insurance disputes wills Illinois mortgages DMV Des Plaines collections attorney workers comp liability claims Barrington personal injury attorney motorcycle accident car accident employment law, Illinois employment laws traffic tickets DUI natural gas explosion Palatine civil litigation lawyer GM ignition switches Schaumburg corporate attorney Illinois insurance attorney Chicago traffic lawyer accidental death benefits revenge porn breach of contract bicycle dooring accidents BAC Kenilworth estate planning lawyer estate planning lawyer Home Sale Contingencies corporate law Chicago corporate attorney traffic deaths suspended license Barrington estate planning lawyer fault based insurance Illinois pet lawyer cell phone Illinois medical malpractice claim modern family estate planning holiday statistics Rolling Meadows insurance dispute lawyers, insurance dispute Crystal Lake traffic attorney Palatine elder law attorney Inverness real estate lawyer loopholes blood alcohol content Crystal Lake car accident attorney Illinois personal injury Chicago employment attorney vacation home golf accidents Rolling Meadows DUI lawyer elder abuse Inverness injury lawyer insurance denials hiring employees workers compensation Arlington Heights wills and trusts attorney Rolling Meadows car accident lawyers rest breaks whistleblower protections slip and fall Illinois will lawyer swimming pools Deer Park personal injury lawyer Kenilworth estate planning attorneys Rolling Meadows traffic attorney Rolling Meadows employment law attorneys wrongful death Illinois rollover accident lawyers Des Plaines Traffic Lawyer Barrington medical malpractice lawyers Affordable Care Act car crashes disability benefits living trust vs will underinsured motorist estate planning for college students construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Illinois insurance disputes life insurance claims Rolling Meadows personal injury lawyers estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, dog bites Family Medical Leave Act Fair Labor Standards Act employment attorney food poisoning uninsured motorist severance agreements Palatine employment law lawyer car crash Buffalo Grove criminal defense lawyer commercial leasing child safety Long Grove real estate lawyer ken apicella jet ski accidents condo association power of attorney estate planning trusts Illinois car accident attorney Barrington injury attorney caretaker rights insurance agents Inverness insurance attorney construction accidents Crystal Lake employment lawyer Crystal lake insurance dispute attorney School Visitation Rights Act Crystal Lake medical malpractice law firm healthcare claims insurance claim dispute attorney traffic violations consent to a search criminal record medication errors Arlington Heights wills and trusts lawyers Illinois living will Mount Prospect real estate lawyer probate lawyer employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Crystal Lake medical malpractice attorneys Palatine Attorney Illinois employment law attorneys rollover car crashes overtime pay Colin H. Gilbert meal breaks Arlington Heights injury attorney products liability Des Plaines real estate attorney crossover accidents Illinois tax attorney employment lawyer vacation home fines insurance claim dispute preventing accidents premises liability dealing with problem employees Federal Food Drug and Cosmetic Act Rolling Meadows insurance lawyer license suspension icy parking lots LLCs real estate leasing Illinois collections attorney Illinois law insurance claim delay fiduciary rule delay distracted driving accidents Barrington estate planning attorney Chicago employment lawyer Rolling Meadows Attorney attorney fees Super Mario Rolling Meadows probate lawyer Transfer on Death Instrument caregiver driving Buffalo Grove medical malpractice lawyers criminal digital evidence deed transfer pizza emoji Inverness accident lawyer boating accidents Illinois trusts attorney pedestrian accidents medical malpractice claims Deer Park workers compensation lawyer llinois Real Estate Lawyers Association real estate zoning Des Plaines criminal attorney civil rights violation Arlington Heights insurance attorney back injuries traffic offenses Rolling Meadows accident lawyer probate process estate planning Illinois employment laws Inverness DUI lawyer filing a medical malpractice claim Schaumburg injury lawyer Des Plaines personal injury lawyers personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Buffalo Grove insurance claim dispute lawyers installment contracts Illinois medical malpractice attorney Illinois trucking safety reckless homicide pregnant women controlled substance DNR Palatine insurance lawyer Illinois foreclosure Rolling Meadows criminal lawyer Inverness probate lawyer Inverness corporate attorney unauthorized overtime Rolling Meadows estate planning attorney health insurance dispute Rolling Meadows personal injury attorney Barrington workers compensation attorney trust payments Chicago insurance law firm Arlington Heights employment law attorneys Illinois corporate lawyer institutional trustee Barrington employment law attorney fiduciary rule compensatory time employment law loss of consortium advance healthcare directive Buffalo Grove personal injury attorney Palatine construction attorney Barrington Illinois estate planning lawyer Des Plaines tax law firm Rolling Meadows Schaumburg employment law attorneys Arlington Heights trucking lawyer car accidents motorcycle accident lawyer Long Grove estate planning attorney Des Plaines real estate lawyer Deer Park DUI lawyer Buffalo Grove law firm truck collisions first degree murder slip and fall accidents Illinois job attorney deadly crashes Illinois employment law Illinois business law atorneys Crystal Lake tax lawyer boating DUI Chicago trucking accident attorney wrongful termination Illinois workers compensation attorney real estate attorneys Forcible Entry Long Grove estate planning attorneys Palatine traffic lawyer new real estate form employee discrimination Crystal Lake business law attorneys Arlington Heights wills and trusts attorneys commercial leases insurance claims murder defense Illinois Wage Payment and Collection Act Schaumburg construction accident lawyer Des Plaines insurance attorney Inverness real estate attorney brain injury Arlington Heights employment attorney Deer Park traffic lawyer social media after death Schaumburg wrongful death attorney Barrington criminal defense lawyer Rolling Meadows criminal attorney Employment Discrimination Law dram shop law murder charges workers compensation benefits PTSD Arlington Heights real estate lawyer Illinois Workers’ Compensation Commission Barrington employment attorney gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Illinois medical malpractice lawyers minimum wage pedestrian-automobile accident Palatine business attorney hands free device product liability senior citizens residential real estate pain and suffering auto accidents Inverness estate planning lawyer Buffalo Grove traffic lawyers mass shooting Chicago will attorney, social media platforms, Illinois estate planning lawyer, Inverness elder law lawyer Inverness civil lawyer sexual images Illinois estate planning digital information tax attorney Des Plaines motorcycle accident attorney Buffalo Grove real estate attorney