T:
312.346.5297
F:
312.346.5299
E:
jk@jklaws.com
180 West Washington, 8th floor Chicago, Illinois 60602
ASK A QUESTION
What is the hassle-free closing?
It is exactly what the name says. We take all the hassle out of the real estate closing process and we do it for the very reasonable fee of $295.
What legal services are included?
We will provide all the customary services to ensure that your closing is accomplished without a hitch, including:
- Review and propose modifications (when necessary) to the Sales Contract and Riders;
- Provide information which may be requested and correspond with the Buyer’s attorney, lenders, brokers, title officers, etc.;
- Review 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.
Why is the fee so low?
The reason we are able to offer you a low fee is because we are also an Illinois-licensed title agent and we are partially compensated for performing the title clearance work. By
cutting out the title company "middle-man," so to speak, we are able to provide you with superior service for the lowest fee.
Do I qualify for the promotional rate?
Unfortunately, the discounted closing fee applies solely to sellers of residential real estate in the
metropolitan Chicago area. However, Sellers of commercial properties or Buyers may contact our office to obtain competitive rates.
Are there any additional costs?
There may be some additional costs if the transaction involves extraordinary issues, and requires additional attorney time, such as:
Any closings which take place outside of the Chicago-Loop area;
Any extraordinary legal services associated with construction or post-closing issues.
What is "Title Insurance" and why do I need it for my closing?
Nearly all real estate transactions are closed using a title insurance company’s services and virtually every real estate contract form contains language requiring the seller
to purchase an "Owner’s Policy" of title insurance. The purpose of title insurance is to protect the buyer and the buyer’s lender against loss from defective titles,
liens, and other such encumbrances and to guarantee that you, the Seller, have free and clear (marketable) title to the property. Understandably, no lender would
agree to underwrite a mortgage for the purchase of real estate without a title policy
to secure their interest. Customarily, the seller pays for the Owner’s Policy and the buyer pays for the Loan Policy.
What is the Cost of Title Insurance?
Title Insurance costs begin at approximately $850 for the first $100,000 of premium and then increases $15 for each
additional $10,000 of premium. The premium is based on the sales price of the house.
For instance, a $200,000 sales price would incur a total premium of approximately $1,000 ($850 + $150) .
Am I required to purchase title insurance through your firm?
No. While it makes the transaction easier for us to select a title company that is convenient to us, and we are compensated by
the title companies we represent, you are free to choose any title company.
The Illinois Department of Financial Regulation has a website with the names and telephone numbers of all
of the licensed title providers in Illinois: http://www.idfpr.com
Please feel free to shop around. However, we believe that you will find that the title companies we use are at or below
market prices. We will fully disclose the itemized title costs to you prior to the closing.
Are there any additional fees if I select a different title company?
There may be additional travel fees required if the title company is outside the area in which we operate or if any other issues arise
which require extraordinary attorney time. Any additional fees will be disclosed to you in advance, when possible.
Do I have to attend the closing?
Its your choice. Many people, for various reasons, are not comfortable with not being present at the closing
themselves. Of course, we will not discourage you from attending the closing. However, in a typical closing, there
is no need to take time off from your work, family or other commitments in order to attend a closing. For clients who choose
not to attend the closing, we can prepare a Power of Attorney, in advance and at no extra cost,
which will give our attorneys (or any other person you choose) the authority to attend
the closing and execute all the necessary documents on your behalf.
