Attorney Review/Inspection through Closing
Once your offer has been accepted, and both you and the seller have signed the contract, the closing process begins with the Attorney Review and Inspection Period. I will send the fully executed contract along with disclosures to your lender and attorney cc’ing you with your next steps of Home Inspection and Earnest Money deposit. Home Inspection: A home inspection is the most common contingency in place. This is usually conducted 3-5 days after an offer is accepted and at the buyer’s expense, is crucial for evaluating the condition of the property’s exterior, kitchen and bathroom fixtures, appliances, and major systems like heating, cooling, plumbing, and electrical. This step not only ensures the home’s integrity but also protects you by allowing room to negotiate repairs or credits with the seller if any issues are found. It’s a key process that can influence the final terms of the sale, safeguarding your investment. Title Search: Title review involves examining all legal documents related to a property’s ownership to confirm there are no existing claims against its title. To safeguard against potential errors in the records or mistakes during the review, it’s advised to obtain title insurance. Traditionally in Illinois, the seller’s attorney selects the title company and initiates the title search. Similarly, the choice of the title insurance company typically falls to the seller and their attorney, as they are responsible for purchasing both the title search and title insurance on behalf of the buyer(s). Appraisals: As a standard part of the mortgage process, your lender will order an appraisal report to ensure the loan will be guaranteed of the home’s value. This is typically ordered once the attorney review period has concluded. Final Walk-through: Before closing, we will schedule a final walk-through of the property to ensure it is in the same condition as when you signed the sales agreement. At this time, we will also ensure any agreed upon repairs have been made. Closing Costs: In addition to your downpayment, there are a variety of other costs involved in the closing including: • Loan origination fees, appraisals and reports • Surveys and inspections (surveys are typically paid for by the seller) • Mortgage insurance • Hazard insurance • Taxes • Assessments • Title insurance, notary and escrow fees • Recording fees and stamps
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