Real estate transactions are one of the most important transactions of an individual’s life. They often involve a long and complex process with many steps and formalities. To help you through your real estate transaction, whether commercial or residential, we have put together a list of things you should do to prepare.
If you need assistance with your real estate transaction, contact our real estate attorneys today at (815) 987-4050 to schedule a consultation!
Open an Escrow Account
One of the first things individuals should do before buying real estate is to open an escrow account. Escrow accounts are held by a third party on behalf of the buyer and seller. Since real estate transactions often take weeks or months to complete, bringing in a third party can help prevent confusion or cheating.
The third party can hold all the funds and documents related to the transaction until it is complete. The third party will move all the money and documents to the escrow account to guarantee a secure transaction.
Hire an Attorney
Having an experienced real estate attorney on your side can be beneficial, especially to review your closing documents. The complicated legal terms in the contract are often difficult to depict. For such reasons, having an attorney can help you review transaction agreements, identify problems, and explain your options. If you need help with your real estate transaction, contact our team today by filling out an online form.
Negotiate Closing Costs
Closing costs often come with a wide range of hidden costs, such as review fees, ancillary fees, settlement costs, and processing fees. Many are junk fees that the lender imposes at the closing of a mortgage. Since these fees can quickly add up to a large bill, you should consider reviewing the transaction with your attorney and negotiate to lower closing costs.
Contact us today at (815) 987-4050 to schedule a consultation!
The blog published by Reno & Zahm LLP is available for informational purposes only and is not considered legal advice on any subject matter. By viewing blog posts, the reader understands there is no attorney-client relationship between the reader and the blog publisher. The blog should not be used as a substitute for legal advice from a licensed professional attorney, and readers are urged to consult legal counsel on any specific legal questions concerning a specific situation.