[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_image=”https:\/\/www.lucksingerlaw.com\/wp-content\/uploads\/2021\/09\/gavel-on-desk.jpg” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row _builder_version=”4.16″ _module_preset=”default” background_enable_image=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_post_title meta=”off” featured_image=”off” text_color=”light” module_id=”page-header-custom” _builder_version=”4.16″ _module_preset=”default” title_font=”|700|||||||” title_text_align=”center” custom_margin=”||||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.19.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n
Lucksinger Law is consistently retained to represent clients who are selling or buying a home.\u00a0 We represent those that are in foreclosure, and we do understand that people that are in foreclosure have, through no fault of their own, lost their jobs or are too ill to work. \u00a0We also represent people who are buying and\/or selling commercial property.\u00a0 We represent people who are litigating property issues and disputes in court, and we represent clients that are in foreclosure court.<\/p>\n
We at Lucksinger Law, P.C. are acutely aware that selling your home comes with a laundry list of emotions and decisions. The first decision is choosing the right realtor for the job.\u00a0 With over 25 years of real estate transaction experience, and after closing thousands and thousands of homes over the years, we have a tried-and-true list of highly experienced real estate agents that would be more than qualified and happy to assist you in listing your home.<\/p>\n
Once you receive an offer on your home, let us know and we will walk you through the intricacies of the offer and decide as a team whether what was presented to you will meet your goals.\u00a0 Once you decide to accept the offer, you will sign it and the offer now becomes a contract.\u00a0 It is now fully executed and legally binding against both parties.\u00a0 In Illinois, our real estate contracts do have a provision period for attorney review and inspection.\u00a0 Once the attorney review and inspection period has been negotiated and closed the parties both seller and buyer may not walk away from the contract as that would be considered a breach of contract.\u00a0 A breach of contract would subject the breaching party to litigation.<\/p>\n
Once attorney review closes, we will order or bring down title. Title insurance is an insurance policy\u00a0that protects lenders and homebuyers from financial loss incurred from\u00a0title defects\u00a0in the property.\u00a0 The owner\u2019s title insurance is required and is paid for by the seller at closing to protect the buyer\u2019s equity in the property.<\/p>\n
The policy insures that, for example, all potential back taxes, liens, homeowner association fees and water and sanitary bills are paid. All properly transacted real estate closings in Illinois must transfer clear title from the seller to the buyer. The buyer\u2019s lender will additionally require a lender\u2019s title policy. The lender\u2019s title policy is paid for by the buyer at the closing.\u00a0 The lender\u2019s title policy is required in order to protect the lender in the event that the seller was not legally able to transfer the title of ownership rights. A lender\u2019s policy only protects the lender against a potential loss.<\/p>\n
The title company performs a search of the public records on the home searching for liens or any other potential encumbrances. This search also determines who owns the property. If a party in title is deceased, the title company will require that the seller presents a death certificate.\u00a0 If your home is held in a living trust or a land trust, the title company will require that you present the certificate of trust.<\/p>\n
Upon completion of the search and our title agent review, the sellers title report will be sent to our office by the title company.\u00a0 We will email you a copy of the report and we will go over the report together by phone, virtually, or in person at our office.\u00a0<\/p>\n
A typical title report for our sellers will include vesting, all unpaid mortgages, all homeowner association transfer fees, and dues, any I.R.S. tax liens and other unpaid property taxes, liens, and easements.\u00a0 We will ask you to contact your lender and have the lender send a payoff statement to our office in order to clear and pay your outstanding mortgages.<\/p>\n
Any other liens and other encumbrances will need payoff statements or satisfaction of judgment statements.\u00a0 We will guide you through title clearance each step of the way.\u00a0 Once we have all of the documents necessary to clear the title report, those items will be submitted to the title company in preparation for the closing.<\/p>\n
Several documents must be prepared by our office as your attorney in order to properly transfer ownership to the buyer. The most important of these documents are the warranty deed, the bill of sale, and the affidavit of title.<\/p>\n
The general warranty deed, as defined by Black\u2019s Law Dictionary, is \u201cThe name of a covenant of warranty inserted in the deeds, by which the grantor binds himself, his heirs, etc., to \u201cwarrant and forever defend\u201d to the grantee, his heirs, etc., the title thereby conveyed, against the lawful claims of all persons whatsoever.\u201d Henry Campbell Black, M.A., Blacks Law Dictionary 1759 (West Pub. Co., 4th<\/sup> ed. 1979).\u00a0 The general warranty deed is signed by the sellers and notarized. The general warranty deed transfers the property out of the seller\u2019s name and into the buyer\u2019s name.\u00a0 This document is then recorded with the county recorders office in which the property is located.<\/p>\n The affidavit of title is a document signed and notarized by the sellers that essentially states that the sellers have not added any new liens or other encumbrances to the property since the date of signing the contract with the buyers. This document does not get recorded.\u00a0 The buyer takes the affidavit of title home with them once the closing has funded.<\/p>\n The bill of sale acts as a receipt for the property for the buyer and also transfers any personal property that the seller is transferring to the buyer. The first page of the residential property sales contract is attached to the bill of sale as evidence of the personal property which is sought to be transferred to the buyer. The sellers must sign the bill of sale in the presence of a notary.\u00a0 The bill of sale does not get recorded and the buyers take this document with them once the closing is completed.<\/p>\n Our office will make an appointment for our seller clients with the title company in order for the seller to go to the title company ahead of the closing to presign these documents in the presence of a title company notary. The seller will not attend the closing but will be kept apprised of the closings\u2019 status and when it is completed.\u00a0 The seller\u2019s proceeds will then be wired immediately to the seller once the closing has funded.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Lucksinger Law is consistently retained to represent clients who are selling or buying a home.\u00a0 We represent those that are in foreclosure, and we do understand that people that are in foreclosure have, through no fault of their own, lost their jobs or are too ill to work. \u00a0We also represent people who are buying […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-504","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.lucksingerlaw.com\/es\/wp-json\/wp\/v2\/pages\/504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lucksingerlaw.com\/es\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.lucksingerlaw.com\/es\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.lucksingerlaw.com\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lucksingerlaw.com\/es\/wp-json\/wp\/v2\/comments?post=504"}],"version-history":[{"count":0,"href":"https:\/\/www.lucksingerlaw.com\/es\/wp-json\/wp\/v2\/pages\/504\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lucksingerlaw.com\/es\/wp-json\/wp\/v2\/media?parent=504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}