Question 1

What does attorney review include?

Accepted Answer

Attorney review gives you an opportunity to have the purchase or sale contract reviewed by a real estate attorney after it has been signed. The review may include explaining important terms, identifying provisions that need attention, and discussing possible changes based on the transaction. The scope of the review depends on the contract and the circumstances of the deal.

Question 2

How much do you charge?

Accepted Answer

Legal fees depend on the type of transaction and the services involved. Our office will explain the applicable fees and what is included before representation begins. If you have questions about the cost of your transaction, contact our office and we can discuss the details with you.

Question 3

What happens if problems are found during inspection?

Accepted Answer

An inspection may uncover repairs or other issues that were not apparent when the property was first viewed. If that happens, your attorney can review the inspection findings along with the contract and explain the options available to you. Depending on the circumstances, the parties may negotiate repairs, a credit, changes to the agreement, or another resolution.

Question 4

What happens on closing day?

Accepted Answer

Closing is when the final documents are reviewed and signed and the transaction is completed. Your attorney can review the closing documents, go over the figures and prorations, and address any outstanding legal or title matters. For buyers, the attorney can review and explain the lender’s loan disclosures, verify the closing figures, and oversee the execution of the mortgage documents. For sellers, the attorney can confirm that applicable title clearance conditions have been addressed, review the deed and closing documents, and help facilitate the proper disbursement of final sales proceeds. Once the required documents are in order, the parties can complete the closing and move forward with the transaction.

Question 5

What is a Transfer on Death Instrument?

Accepted Answer

A Transfer on Death Instrument (TODI) is a cost-effective estate planning tool in Illinois that allows a property owner to designate a beneficiary to receive their residential real estate upon the owner’s death, subject to applicable legal requirements. One of the primary benefits of a TODI is that the property may pass directly to the designated beneficiary outside of the probate process, potentially reducing the time, expense, and administrative burden associated with probate.

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