Although every transaction can be different, this is a general timeline from the seller’s point of view.
1. Offer. There is an offer for the property. You and your Realtor negotiate the offer with the Buyer and the Contract is signed. Your Realtor receives earnest money from the Buyer.
2. Hiring my office. Send my office the contract ASAP because there are deadlines that begin to run that I need to keep track of.
3. Attorney work. I will begin working on the transaction that will include reviewing the terms of the contract, ordering and reviewing the title policy, and drafting the paperwork necessary for closing.
4. Buyer’s Inspection. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, the Buyer (through their attorney) may ask for them to be repaired or they may ask for a monetary credit. Or they could choose to cancel the contract and have the earnest money returned to them.
5. Additional Earnest Money is given. At some point, usually after the attorneys have come to an agreement on all terms, the Buyer will give an additional amount of earnest money. This money typically goes to your Realtor’s office who then puts it into an escrow account.
6. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. For a Buyer that needs to take 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. Often, this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time. When the Buyer receives confirmation from the lender that their loan is ready, I will schedule the closing.
7. Signing the closing paperwork. Typically, the Seller does not attend the closing. They sign everything ahead of time either at my office or the paperwork is emailed to them and then they fedex the paperwork back to my office.
8. Final walk-through. The Buyer will have a final walk-through, usually the day before the closing to make sure the property has not been damaged since they last saw it.
9. Closing. The actual closing takes place which is where the Buyer signs all of their paperwork and keys are exchanged.
Overall, the above timeline typically takes around 60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another.
To schedule a free initial consultation with an experienced Chicago real estate lawyer, contact our office online or call us toll free at 312-238-9298. 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.
Bradford Miller Law, P.C.
10 S. LaSalle
Suite 2920
Chicago, IL 60603
Phone: 312-238-9298
Fax: 312-379-3163
Chicago Office
