Real Estate Closings FAQ's
For Sellers, our fee is typically $400 - $500 on a residential real estate closing in the Chicago and suburban area. However, we will discount the Title fees in an amount equivalent to the attorney fees charged. In essence, you pay NO ATTORNEY FEES, since the reduced Title fees offset the attorney fee amount.
We will provide all the customary services to ensure that your closing is completed expeditiously and efficiently, including:
- Review and propose modifications (when necessary) to the Sales Contract and Riders;
- Review Professional Inspection Reports and respond to any requests for repairs and/or credits;
- Provide information which may be requested and correspond with the Buyer’s attorney, lenders, brokers, title officers, condominium associations, etc.
- Order, review and clear the Title Commitment from the title insurance company and advise of any outstanding liens, mortgages or encumbrances to title;
- Obtain all necessary zoning certificates, water department certificates, paid assessment letters, surveys, loan payoffs and routine releases;
- Prepare State, County and municipal transfer tax declarations;
- Prepare for and attend the closing, including: draft all closing documents (i.e. Deed, Bill of Sale, Affidavit of Title, Closing Statement, etc) and calculate the appropriate credits and prorations;
- Provide the Client with customary documentation of the Closing and transfer all sale proceeds to you or wire the funds to your selected bank account.
We are able to offer the low closing fee due, in part, to the fact that we are a licensed title agent for Chicago Title Insurance (CTI) and PNTN Title Co., two of the most well-known and highly-respected title companies in Illinois. In addition to our closing fee, we are also compensated by the title company for ordering, reviewing and clearing the title (tasks normally performed by the title company itself). Thanks to this relationship with the Title Co., we can offer discounted Title fees.
Yes, in fact, most Illinois real estate attorneys are also licensed title agents and do the exact same title work and are similarly compensated. However, most Illinois attorneys cannot offer the lower fees that we can offer, due to our higher volume and increased efficiency in handling these transactions. Also, it is a historical fact that, since the time of Abraham Lincoln, Illinois attorneys were primarily responsible for issuing title opinions to help facilitate real estate transactions. Commercial title companies did not come into common usage until the early-mid 1900's.
On the contrary, you will receive deeply discounted Title fees by using our services. You will receive a Title Disclosure from us, well in advance of the Closing, which will disclose all the title charges and give you an opportunity to compare the costs.
In Illinois, it has been the custom for the Seller to pay for the cost of Owner's Title Insurance and the Buyer to pay for the its lender's Loan Policy. This policy insures the Buyer and Lender that the Seller has good and marketable ("clean") title to the property. Virtually all real estate sale contract forms used by the Chicago Association of Realtors (CAR) ® and other suburban realtor associations include this provision.
No, you will not be responsible for paying for title insurance in the event the transaction does not close. However, rest assured that our office has a very good track record of seeing more that 90% of all transactions through to closing.
If you have any other questions or concerns, please do not hesitate contact our office for more detailed information.