HOME SALE

Once you have decided to sell your property, the first thing you should do is contact your real estate attorney such as Mr. Siebert. The participation of your attorney from the beginning will help avoid issues and questions which will arise.

The first question you need to answer once you have decided to sell your home is whether you should use the services of a realtor or should you attempt to sell the property yourself.  A qualified Realtor provides valuable services in valuing your property, marketing your property, identify qualified buyers and helping you in the negotiation of the terms of the sale agreement.  A Realtor will commonly charge from 5% to 6% of the sales price to provide these services. The Realtor's commission is generally contingent upon the sale actually closing.

If you already have a buyer, or feel confident that you can find a buyer yourself, you might consider trying to sell your property by yourself. This is commonly referred to as Selling by Owner or a For Sale by Owner (FSBO). To successfully Sell by Owner it involves a great deal more work on both the owner’s part and the owner’s attorney’s part. Mr. Siebert has assisted many clients in selling their properties by owner, and can counsel them on what they need to do each step of the way. Obviously, if successful, this can result in significant financial savings for the homeowner, and Mr. Siebert can help you obtain those savings.

If you have decided to sell your home using the services of a realtor, you should have your attorney review the listing agreement prior to signing it to make sure your interests are protected. The listing agreement should provide that no commission is payable to the realtor unless the transaction actually closes, unless the failure to close is the seller‘s fault. The listing agreement should exclude any potential buyers which the owner had negotiations with prior to entering into the listing agreement, at least for a period of time. Further, the listing agreement should allow the owner to terminate the agreement should the owner feel the Realtor is not doing an adequate job in marketing the property.

Once the realtor produces a buyer, and a contract is executed, it is important that you get a copy of that contract to Mr. Siebert or your real estate attorney immediately. The standard form contract used in the Northwest Suburban area of Chicago has an Attorney review and modification provision which allows attorneys for both buyer and seller to review and modify the contract within five (5) business days of the acceptance of the contract by the seller. 

IF THE CONTRACT YOU ARE ASKED TO SIGN DOES NOT HAVE AN ATTORNEY REVIEW OR APPROVAL PARRAGRAPH DO NOT SIGN THAT AGGREEMENT UNTIL AFTER IT HAS BEEN REVIEWED BY YOUR ATTORNEY. IF YOU SIGN IT WITHOUT REVIEW, YOU MAY BE BOUND BY its TERMS WHICH MAY NOT BE FAVORABLE TO YOU. If you are unsure of any term of the contract, please call Mr. Siebert and ask him to explain it to you, he will be happy to do so.

During this period of time, the buyers will generally have a professional inspection conducted of the property.  If the inspection reveals issues unacceptable to the buyers, Mr. Siebert and the buyer’s attorney working with you and your Realtor will negotiate an agreeable resolution to those issues.

At this point Mr. Siebert will begin the process of obtaining the documents and items necessary to present evidence of clear title as required under the terms of the contract. Accordingly, Mr. Siebert will order  title insurance on your property, showing how the property is titled, what liens exist against the property and what if any conditions exist which must be cleared to provide clear title to the buyers as required under the contract. Mr. Siebert is a member of Attorney’s Title Guaranty Fund, Inc. (ATGF) the largest insurer of residential real estate title in Illinois, and has been a member since 1985. As a member of ATGF Mr. Siebert actively participates in the title process and therefore is able to learn of problems earlier and to expedite their resolution. 

Mr. Siebert will also order where appropriate, the survey, condominium assessment letter, certificate of insurance, payoff letters as well as other items as may be necessary to show evidence of clear title. Mr. Siebert’s office will generally prepare all the transfer documents necessary to transfer your interest in the property to the buyers and arrange for you to come into the office and pre-execute them.  Mr. Siebert’s office will then coordinate and schedule the closing schedule with the title company, buyer’s lender and buyer attorney.

Typically the closing can be scheduled at Mr. Siebert's office in Arlington Heights or at the Realtor's office. If you desire you do not have to attend the closing, just pre-execute the documents and then get your proceeds check from Mr. Siebert.   Mr. Siebert will represent your interest at the closing assuring that the transaction is completed in a timely manner and all you have to do is arrange to pick up the proceeds from the sale of your home after the closing.

FOR MORE INFORMATION ON THIS SUBJECT OR TO SCHEDULE AN APPOINTMENT WITH MR. SIEBERT TO DISCUSS THIS OR ANY OTHER MATTER CONTACT MR. SIEBERT’S OFFICE.

REAL ESTATE LINKS AND ADDITIONAL OUTSIDE RESOURCES TO MATERIALS OF INTEREST ON THIS OR RELATED TOPICS