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


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