Buyers General Timeline
Although every transaction can be different, this is a general timeline from the buyer’s point of view.
1. You make an offer and the seller accepts it.
2. You immediately call my office and then fax or email it to me because deadlines are beginning to run.
3. Inspection deadline. In a typical contract, the buyer has the right to have the property professionally inspected. If any problems are found, you may ask the seller to have the items repaired or a monetary credit given. However, please note that the seller does not have to comply with your requests and at that point you may have the option to cancel the contract and have the earnest money returned to you.
4. Attorney review. At the same time, I will then begin reviewing the terms of the contract, and will draft a letter to the seller’s attorney proposing modifications to the contract to protect your interests. I will also include any inspection related requests in my letter. Letters are sent back and forth until an agreement is reached. Once agreement is reached, often a second amount of earnest money is deposited.
5. If this is a condominium purchase, we will be reviewing a variety of documents from the association including the budgets, meeting minutes, declaration, and a 22.1 disclosure. If the documents reveal issues unacceptable to the buyer, they may terminate the contract.
6. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. If you are taking out a mortgage, this is the deadline where the lender either “commits” to lending money for the property or decides they cannot lend money for this property. The magic words we need to hear from your lender is that you are “clear to close.”
7. A “final walk-through” takes place, usually the day before or day of the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged. I will be at the closing with you to explain all of the documents and numbers.
Basically, I am with you from the very beginning to the very end!
Overall, this timeline typically takes around 60 days to complete but every transaction is different. Deadlines sometimes need to be extended for one reason or another.
Contact Bradford Miller Law, P.C.
To schedule a free initial consultation with an experienced Chicago real estate lawyer, contact our office online or call us toll free at 877-863-4149. Meetings can be set up for weekdays, between 8:30 a.m. and 5 p.m. We charge reasonable fees for all services.
Disclaimer: This website is for informational purposes only. It does not constitute legal advice and is not intended to create an attorney-client relationship. Please consult an attorney before acting on any information.