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Representing Sellers and Buyers of Homes and Other Real Estate Wills, Trusts, Living Trusts, Powers of Attorney and Other Estate Planning Law Offices of James B. Spina, Ltd. Experience Counts Serving the Chicago Metropolitan Area since 1979 |
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NOTES FOR HOME SELLERS DOCUMENTS. Your existing deed, title insurance policy, survey, and other papers containing your property's legal description can be helpful in your transaction. In some cases they can even save you money on closing costs. Get them to your attorney as soon as possible. DISCLOSURE OF DEFECTS. Sellers of single-family homes in Illinois must sign a Residential Real Property Disclosure Report informing the Buyers of defects in the property. It is important that you reveal any problems with the home on this form. Failure to disclose defects may result in a damage claim against you at or after the closing. It is best to acknowledge all known defects. MORTGAGE. Your mortgage must ordinarily be paid off at the time of closing. Call your attorney's office with the name, address and telephone number of your mortgage lender, as well as your loan account number. This is necessary for any loan secured by your home, such as an equity credit line. POSSESSION. Possession of the house should be given to the Buyers at the time of closing if at all possible. The possession date is normally stated in the sale contract. Even if the agreement allows you to stay in the house after closing, it is nearly always best to be out by the time you reach the closing table. This can reduce the risk of a dispute after closing. FINAL INSPECTION. The Buyers will have a final inspection of the house before closing. The home should be in the same condition it was in on the date of the contract, with the exception of ordinary wear and tear, unless your contract provides otherwise. Any damage will be repaired at the Seller’s expense. If the final inspection reveals damage, arrangements will be made at closing to cover the cost of repair. Often, part of the Seller’s money will be held in escrow to assure payment.
UTILITIES.
As soon as a closing date is set, you should notify the telephone company
about the change in your service, and notify all utilities of the closing
date. These include electricity, gas, water and sewer, cable TV, and trash
disposal. CLOSING FIGURES. Exact closing figures are usually not available until the business day before the closing, or sometimes, the day of closing. Let your attorney know how to reach you the day before closing, so he or she can call you to discuss any major changes.
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