Chicago Real Estate Closings: What Buyers and Sellers Should Know

A real estate closing is the final step that transfers ownership of a property, and in the Chicago area attorneys are typically involved on both sides. This general overview explains how closings usually work and where a lawyer fits in. It is not legal advice.

What happens at a closing

At closing, the buyer and seller sign the documents that transfer the property, funds are exchanged, and the deed is prepared for recording. Much of the work happens in the days and weeks beforehand.

Typical steps leading up to closing

• Reviewing and negotiating the purchase contract

• Ordering a title search and addressing any title issues

• Coordinating inspections, the mortgage, and the survey

• Preparing closing documents and the final settlement statement

Documents you may encounter

Closings involve a range of paperwork, which can include the deed, the settlement statement, loan documents, the title commitment, and transfer declarations. An attorney can explain what each one does before you sign.

How a real estate attorney helps

In Illinois, a real estate attorney commonly reviews the contract during the attorney-review period, resolves title questions, coordinates with the lender and title company, and represents your interests at the closing table.

Considering your next step

Every transaction is different, and asking questions early is reasonable. For a specific closing in the Chicago area, a qualified attorney can review the details and explain your options.

Disclaimer: This article is provided for general informational purposes only and does not constitute legal advice. Reading it does not create an attorney-client relationship. Laws change and every situation is different, so please consult a licensed attorney about your specific circumstances before taking action.