Chicago Real Estate Sellers Frequently Asked Questions
Shawn Bolger Ltd has compiled a list of most frequently asked questions from Chicago real estate sellers. If this list of questions does not address your specific concern, please contact us, so we can better assist you.
We are available for a free consultation, in which one of our attorneys will be able to describe the real estate transaction process and the representation services that we provide for our clients.
Our firm always encourages clients that are selling their property to reach out to our Firm when you list the property. We will open a file for your transaction, and we will be available to advise on the Contract terms prior to you signing the contract.
Most importantly, once you have received an executed contract, you will need to contact our Firm immediately because there are many time-sensitive requirements once you have an executed Contract.
Please note that this answer depends on whether the buyer is obtaining financing or if it is a cash transaction.
- Financing transactions typically take about 45- 60 days to close. However, it depends on the type of financing.
- Once due diligence is completed, cash transactions can close very quickly
Each transaction can offer unique contracting agreements. However, the following list and explanation are typically Seller’s costs in a residential sale:
- Realtor commissions: The commission terms will be outlined in your listing agreement
- Title Fees
- Plat of survey
- Attorney fees for the Seller
- City and State transfer fees
- Tax credits
- If you have a property in a homeowner association, there are fees that typically the Seller is responsible for to order documents required for the Buyer’s due diligence.
Generally, real estate taxes are paid in arrears. For example, when you are paying your 2019 real estate taxes, the bill becomes available in two installments in 2020. As a Seller you provide the Buyer with a credit for the taxes for the time that you have been the owner of the property. Our firm can address tax credits to ensure that the tax credits that you are providing are in fact based on the anticipated tax bill with reference to the property’s assessed valuation.
Many municipalities have very specific requirements for the sale of the property. Our Firm will help you identify the requirements and advise on next steps, as well as prepare any forms that are necessary for transfer stamps.
This FAQ is provided for information only. Each transaction is unique, and our Firm is available to help guide you through each step of your transaction.
For more information or a free consultation, please call: 847-584-1800
Chicago Real Estate Sellers FAQ – Shawn Bolger Ltd