Lake County Residential Real Estate Closing Attorneys

Lawyers for Buying or Selling a Home in Libertyville

The sale or purchase of your home is likely to be the largest and most important financial transaction of your entire lifetime. As such, it is extremely important to ensure that you are fully protected along the way. At Newland & Newland, LLP, we believe that a skilled real estate attorney is vital in completing a residential real estate transaction, and we are equipped to help you with yours. Our lawyers have more than 60 years of combined experience with real estate transactions, and we have handled thousands of closings for clients throughout the region. No matter what challenges may arise, our team is prepared to help you face them.

What Is a Closing Attorney?

If your real estate agent has asked you whether you have retained a closing attorney, you might be uncertain of how to answer that because you might not know what a closing attorney is or does. A closing attorney is a legal professional who represents the interests of either the buyer or the seller during the sale of a home. The title of "closing attorney" is thought to have come from the idea that, historically, many people do not meet with their attorney until closing. The reality is that a residential real estate lawyer is more accurately described as a "transactional attorney" because the lawyer handles much more than just the closing.

Pre-Closing Concerns

The first step in a residential real estate transaction is the presentation of a written offer. Most offers are presented to the sellers using a pre-printed form—often provided by a real estate agent or broker. The written offer effectively serves as the purchase contract. While buyers and sellers are usually focused on the price, the offer form contains a number of other important provisions. In most cases, the buyer and seller will sign the offer and each party's attorney will receive a copy of the contract for review. The attorneys may negotiate with one another to finalize the details of the contract before it is approved by both sides.

Once the contract is accepted, the buyer will usually arrange for an inspection of the property. Depending on the terms of the purchase contract, the buyer could back out of the deal if the seller does not address concerns found by the inspector. The buyer must also arrange financing, in most cases, while the seller's attorney addresses issues related to the title, surveys, and mortgage payoffs on the seller's behalf. The seller's lawyer must also prepare the documents needed for closing, including the Deed, Bill of Sale, Transfer Declarations, and Affidavit of Title, as well as a Closing Statement.

The attorney for the buyer must then review these documents and figures and let the buyer know how much he or she will need to pay in closing costs. At closing, the buyer will also need proof of insurance for the property.

Closing Attorneys in Arlington Heights

At closing, the buyer and seller come together, along with their respective attorneys, and meet with a representative of the title insurance company and the lender. Any involved real estate agents are also usually present. The seller's attorney will explain all the documents that must be executed by the buyer and seller while the buyer's attorney will make sure that all of the paperwork is in order. If both attorneys are satisfied that everything is legally sound, the transaction will be completed. The seller will receive the proceeds of the sale, and the buyer will receive the keys to the home.

Call 847-549-0000 Today

For more information about retaining the services of a closing attorney in Northern Illinois, contact our office. Call 847-549-0000 for a free phone consultation at Newland & Newland, LLP today. We serve buyers and sellers in Libertyville, Waukegan, Vernon Hills, Gurnee, Lake Bluff, Grayslake, Arlington Heights, North Chicago, Lake County, and the surrounding areas.