RESIDENTIAL REAL ESTATE CLOSINGS

For most people, their home represents their biggest investment. The sale or purchase of the home involves numerous parties with a variety of agendas and objectives. Those parties’ agendas and objectives are not necessarily the same as yours, and may even be directly opposite yours. Frequently, your Attorney is the only one whose objectives and agendas are identical to yours. Though many residential transactions take place without a hitch, unless you have experience in these types of transactions, you may not even be able to recognize a problem before it is too late. For what may be the most important economic transaction of your lifetime, it is important that you have someone with the experience and expertise to make sure your interests are protected. Mr. Siebert has closed hundreds of residential transactions over the last 20 years and has the experience and expertise to protect your interest.

Buying a Home

Buying a home can be an intimidating experience, though it does not have to be. When you decide you are going to buy a home, the first thing to do is hire an experience real estate attorney such as Mr. Siebert who can guide you through the obstacles in the purchase process. The first part of the purchase process is the negotiation and the execution of the contract.  Other than possibly the deed, the contract is the single most important document involved in the purchase of a home. The contract will include all the terms of your purchase, such as purchase price, amount of earnest money deposit, financing terms, closing date, possession date, personal property to be included in the sale, tax prorations, right of inspection, and possible contingencies, such as attorney’s approval, inspection, financing, or the sale of your present home.
Among other things, as part of representation of the buyer, Mr. Siebert will:
-	review, explain, modify and negotiate modifications to your contract to purchase
-	discuss timing and possession issues
-	communicate and negotiate repair issues related by your home inspector
-	examine the title commitment and survey
-	explain contract contingencies, if any, and monitor deadlines
-	verify and explain tax prorations and other closing figures
-	attend the closing to ensure compliance with the contract
-	to review the loan documents to verify compliance with your loan agreement.

       
After the closing, Mr. Siebert’s office will keep your purchase file open and active until it receives and reviews the original recorded deed and the final title insurance policy which will then be forwarded onto you. Mr. Siebert will maintain copies in his files to be able to answer your questions if any upon receipt of these documents.

Sale of Your Home

Once you decide 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 can help avoid issues and questions which might arise. 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. Once the realtor produces a buyer, Mr. Siebert can provide you with the services necessary to close the transaction. Typically Mr. Siebert's services when representing a Seller include, but are not limited to the following:
-	review and modifications to the contract
-	correspondence regarding inspection issues
-	ordering title insurance
-	ordering survey
-	obtaining payoffs
-	preparing transfer documents
-	coordinating closing with buyer, buyer's attorney, Realtors & lender
-	representation at closing.

In addition, Mr. Siebert will assist sellers in removing title defects if any as may be necessary to clear title to allow the transaction to close. 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.       

For Sale By Owner

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 marketing your property however a Realtor will commonly charge from 5% to 6% of the sales price to provide these services.

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 sell 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.

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.