Illinois real estate transactions are officiated by a closing attorney. During the course of this process, an attorney is required to determine the rightful owner of the property before the transaction can continue. This requires that she or he conducts a search through the probate office to examine any transfers of title to a new owner throughout at least the last twenty years. If you wish to purchase a home, you should contact a real estate lawyer in Chicago to acquire these services.
How a Real Estate Transaction is Conducted
After the Chicago real estate attorney establishes that the seller is the rightful owner, the process continues. Title insurance is typically secured for the buyer through the attorney of their choice. This insurance covers any discrepancies that are discovered at a later time which could cause a hindrance at closing. It also allows the buyer to reclaim any down payments or earnest money that was presented to secure a mortgage.
The lender provides all documents related to the proposed mortgage to the attorney. The attorney reviews these documents to ensure that the lender has followed all laws outlined in the Affordable Housing Act. These laws require all lenders to establish affordability of the mortgage by the buyer through an examination of their income-to-debt ratio. If the foreclosure attorney in Chicago establishes that affordability is not present and that there are existing predatory lending practices used, he or she will demand a modification of the mortgage loan to protect the buyer.
Homeowner's insurance is a requirement for all buyers who require financing to buy a home. It is their responsibility to purchase this insurance and provide proof of their policy at the property closing. If the property is located in a known flood zone, the lender is required to notify the buyer of these circumstances to allow them ample time to acquire the necessary policy. If the attorney discovers that this information was not disclosed to the buyer, the transaction is delayed to secure the interests of the buyer.
What to Expect at Closing
The closing process requires that a real estate attorney disclose all terms of the transaction to the buyer and the seller. He or she possesses a checklist that includes all closing requirements and must ensure that each item has been fulfilled before finalizing the transaction. This disclosure process is necessary to ensure that both the seller and the buyer understand their rights and the terms of the sale.
Attorneys practicing in the real estate field offer protection for all consumers. With changes in the lending laws, it is necessary to obtain the full benefits of their knowledge in these proceedings to prevent foreclosure or other legal action in the future. If you need Chicago real estate help today, you should visit Changandcarlin.com for further information.