Real Estate Lawyer in Galesburg IL
Helping Galesburg Families Buy and Sell Real Estate
In addition to our family law services, Galesburg Law is proud to offer help with real estate transactions such as closing on a newly-purchased home. Buying and selling property can be a very technical endeavor, which is why it's wise to enlist the help of Galesburg's top real estate attorneys. Click the button below to schedule a free consultation.
About Real Estate: Buying & Selling
When buying or selling property, one of the most important dates is the closing date, which is also referred to as the completion or settlement of the transaction. In short, it's the final step. It's set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.
How Can A Real Estate Lawyer Help?
The team at Statham & Long is equipped to prepare and review documents relating to real estate such as purchase agreements, mortgage documents, title documents and transfer documents. Real estate attorneys also often handle closings – that is, when an individual or entity purchases a piece of real property from another person or entity.
We'll provide legal guidance for individuals relating to the purchase or sale of real property. We can help ensures the transfer is legal, binding and in the best interest of the clients we represent. We can also help clients prepare all closing documents, write title insurance policies, complete title searches on the property and handle the transfer of funds for the purchase. We'll help prepare forms such as the HUD-1 Form and related transfer of funds documentation for the buyer's lender.
A real estate lawyer can also answer tax-related questions the buyer or seller might have, especially in situations where the tax consequences are significant. Particularly if the seller makes a large profit on the sale, the tax consequences may be considerable. An attorney can advise whether the seller can take advantage of tax provisions allowing for exclusion of capital gains in certain circumstances.
An attorney is helpful in explaining the nature, amount, and fairness of closing costs. The deed and mortgage instruments are signed, and an attorney can be assure that these documents are appropriately executed and explained to the various parties. Learn more about how we can help you in the buying & selling process by clicking the button below.
Steps To The Home Purchase Process
Step one: at this stage, it's important to enlist the help of a qualified real estate attorney. First, get pre-approval on a mortgage with a mortgage lender to avoid any future disappointment. Once you’ve drafted up an offer to purchase, it’s a good time to get a real estate lawyer involved.
Step two: here, you'll forward a copy of your offer to purchase or the purchase contract to your lawyer, who will be responsible for holding all money and documents necessary for the transaction, from both buyer and seller, until the entire process is complete.
Step three: After the title search has yielded all pertinent records and documents, they're examined to make sure there are no title defects, liens against the property, or other issues that cannot be rectified by the lawyers.
Step four: Both basic home inspection and pest inspection are crucial to guarantee lasting satisfaction in your purchase. They are very important to have done for most real estate transactions. It's advisable that you hire your own independent home inspector.
Step five: begin to prepare closing documents which will include a transfer of land. Closing documents include but are not limited to mortgage documents including any mortgage broker’s contact information, sales contract, proof of title search, proof of homeowner’s insurance for full replacement cost.
Step six: meet with your real estate lawyer to sign your purchase documents and mortgage documents about 7-10 days before the purchase closing date. You'll send the money to the seller's lawyer, the keys will be released to you, and your realtor will make arrangements to collect the keys.
If you choose to work with Statham & Long, we'll be with you every step of the way.
Statham & Long, LLC
117 E Main St #101, Galesburg, IL 61401