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For most people, their home represents their biggest investment. A sale or purchase of a home involves numerous parties with different agendas. Though many residential transactions take place without a hitch, unless you have experience in these types of transactions, you may not be able to recognize a problem until 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 to make sure your interests are protected. The Attorneys from the Law Office of James C. Siebert & Associates have closed hundreds of residential transactions and have the experience and expertise to protect your interests.

Sale of Your Home

Once you decide to sell your property, the first thing you should do is contact your real estate attorney. The participation of your attorney from the beginning can help avoid issues and questions which might arise. The Law Office of James C. Siebert & Associates will assist you in the complexities of the sale process, from negotiating and drafting agreements through finalizing the deal at the closing. The services include, initial review of the contract, Attorney approval correspondence, formalizing any agreements regarding inspection issues, ordering a title examination and preparation of title commitment, ordering survey and any necessary condominium assessment and waiver letters, review all title, mortgage pay-off and survey issues before the closing to avoid unexpected surprise and inconvenient delays, coordinating all deadlines and contingencies as contained in the contract, assisting in title clearance issues as necessary, preparation of the closing documents including the deed, bill of sale, pre-execution of closing documents and representing you at closing, and assisting and advising you throughout the process.

Short Sale

A short sale is the negotiated sale of your property for less the outstanding loan balance where your mortgage company agrees to allow the closing to occur even though it will receive less than it is owed. Ideally the Seller will have to come up with little or no money at the closing and the Lender agrees to waive any rights to the difference between what it receives and what it is owed.

A short sale is generally more advantageous to the Seller since the Seller's credit score will be less adversely affected. Also, in a foreclosure action, there is a likelihood of a deficiency judgment being entered against the Seller for the difference between the money received at the foreclosure sale and the balance owed the lender.

Short sales are complex and often difficult transactions to complete. The lender is trying to maximize the amount of money it receives and frequently will attempt to modify the terms of the contract between the Seller and potential purchaser. The interplay between the parties becomes quite complex as the buyer frequently have to wait many months before they know if the Lender will accept the terms of the proposed contract. It is important that both the Seller and the Buyer in a short sale transaction recognize the difficulties involved and retain attorneys experienced in handling these difficult transactions.

Buying a Home.

Buying a home can be an intimidating experience. When you decide you are going to buy a home, the first thing to do is hire an experience real estate attorney 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, we will: review, explain, modify and negotiate modifications to your contract to purchase; discuss timing and possession issues; communicate agreements regarding 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; review the loan documents to verify compliance with your loan agreement; review all title transfer documents to ensure that you get clear title to the real and personal property.

After the closing, our office will keep your purchase file open and active until we receive and review the original recorded deed and the final title insurance policy. We will also maintain copies of these documents to answer any questions you may have in the future

 

 

FOR MORE INFORMATION ON THIS SUBJECT OR TO SCHEDULE AN APPOINTMENT PLEASE CALL THE LAW OFFICE OF JAMES C. SIEBERT & ASSOCIATES AT 847-253-7500, E-MAIL INFO@JCSLAW.COMOR YOU MAY CONTACTTHE LAW OFFICE OF JAMES C. SIEBERT & ASSOCIATES THROUGH THIS WEBSITE.

 

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3325 N. Arlington Heights Rd., Suite 500, Arlington Heights, IL 60004
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