Of Course, And You Can Try To Diagnose Your Own Illness, But That Doesn’t Often Come Out Well, Right?
There Is No LegalZoom® Module For Representing You When Selling Your Home – For A Good Reason
In Illinois, as in most jurisdictions, there are a variety of laws and legal considerations when selling any real estate. Particularly your Home. And the Real Estate Attorney is in the key position to assist with every situation that the Homeowner may face.
Having your Attorney lined up to back you up for the sale of your Home is not just a really smart idea. It’s a VALUABLE idea!
In life, timing is often everything. When you connect with your Real Estate Attorney because you are deciding to sell, you have an advantage. The Attorney can help you to collect the Home information that your broker will need for the listing, and help you to review the listing agreement and understand what it means, and discuss some of the key contract issues that you can expect to deal with.
The Real Estate Attorney will also help you by raising issues that most of us haven’t even considered until after the sale is concluded. Are you purchasing a new home and, if so, how will that be accomplished in light of your asset plan and your Estate Planning goals and the timing of this Home sale and transfer of possession? Will there be tax reporting considerations for your sale? Do you need to be concerned about other issues, such as recent flooding or other repair/remodeling issues?
If you decide to wait for a detailed Attorney-Client discussion, then be sure to plan for you or your Real Estate Broker to connect with your Real Estate Attorney as soon as there is a contract offered to you.
Your Attorney can assist when your team is evaluating the Contract Offer. The Attorney can also be sure that you understand some common, but very important, timing considerations. Like the home inspection contingency, the mortgage financing contingency, what personal property you have or the buyer has asked to be included in the Home sale, and your closing and possession dates, and more.
And your Real Estate Attorney will review and discuss your expenses (not just attorney fees): The Real Estate Broker commission, the costs of the owner’s title insurance policy, survey, inspections (sometimes Seller-side costs for termite inspection or sewer inspection or radon inspection), the costs that some local communities add as Seller-Paid transfer taxes (Chicago is a BIG one!), and other expenses. And what if the Buyer is obtaining FHA Financing? There may be considerations there for you as the Seller, too.
The Real Estate Attorney can help you to review a “net sheet” so that you can understand what your bottom line will really look like. And she can help you to explain it to your spouse or significant other, and your children!
Of course, your Real Estate Attorney will prepare for reviewing with you the Home sale documentation, and follow through with the Closing through the title company.
Do you have a Unique Home Sale situation? For sale by owner or installment contract sale or perhaps a swap? Will this be a lease with option to own? Or are you considering transferring the Home to your children? For the unconventional situations, your seasoned Real Estate Attorney can guide you through the process.
Are your circumstances different because you are the Seller, but not the title owner of the property (for example, the Home is in a trust or part of a Parent’s Estate or Estate of a family member)? These situations call for additional discussion and a thoughtful approach by an Attorney who is familiar with the specifics.
Before you put up the “For Sale” sign, pick up the phone to your Real Estate Attorney.
Marc Sherman and Maureen Meersman and the support team that they each work with have been representing residential real estate sellers for many years. They can assist you with your Home sale in these ways, and more.
Find out more information here, or by contacting us by phone or email. Connect here: https://mshermanlaw.com/contact/
