Newark, IL Buyer’s Real Estate Closing Attorney: Duties of Buyer’s Attorney

 Posted on April 03, 2023 in Real Estate Transactions

Buyer’s Attorney: Reviewing and Proposing Amendments to the Multi-Board Residential Purchase Agreement

Most of the real estate buyer's attorney's job is done before the closing. The Multi-Board Residential Purchase Agreement 7.0 ("the Purchase Agreement") is a standard real estate purchase form used around Newark, Yorkville, Sandwich, Oswego, Plainfield, Joliet, and surrounding areas of Illinois. The Purchase Agreement summarizes the key terms and conditions of the purchase of a residential property and is a legally-binding real estate sales contract. The essential terms of the Purchase Agreement include the following:

• The Parties. Paragraph 1 identifies the buyer and seller.

• The Real Estate. Paragraph 2 identifies the property address and Permanent Index Number.

• Fixtures and Personal Property. Paragraph 3 names the fixtures and personal property included in the sale.

• Purchase Price: The purchase price is highlighted in Paragraph 4, which identifies the purchase price, credit at closing (if applicable), and earnest money required.

• Closing. Paragraph 5 deals with the Closing Date.

• Financing Terms. The financing details, such as the type of loan, are discussed in Paragraph 7.

• Statutory Disclosures. Paragraph 8 identifies the relevant disclosures and determines whether the buyer has received them.

• Prorations. The general real estate tax prorations are included in this paragraph.

• Attorney Review. The attorney review allows the parties to modify the terms of the contract and are due within five business days (unless agreed otherwise).

• Professional Inspections. Paragraph 12 deals with the types of professional inspections and the basics of what is permitted for residential property inspections.

• Municipal Ordinance. Paragraph 17 deals with real estate transfer stamps, which may be the buyer or seller's responsibility, depending on the municipality.

In summary, the Multi-Board Residential Purchase Agreement 7.0 is a comprehensive legal document covering the binding terms of a residential real estate transaction in Newark, Illinois, and nearby areas.

The central duty of a Buyer's Real Estate Attorney in Newark, Illinois, is to negotiate the attorney review and home inspection provisions

In Illinois, a buyer's real estate attorney must review and make adjustments to the real estate purchase agreement for the buyer. These amendments generally include the following types of changes:

• Appraisal Term. Adding a key term, which gives the buyer the ability to cancel or modify the contract price when the lender’s appraisal does not at least match the purchase price

• Homeowner’s Insurance Disclosure. The buyer's attorney will ask the seller's attorney (to ask the seller) whether there have been any homeowner's insurance claims at the property within the last 3 to 5 years. If yes, the seller is asked to disclose the insurance claim's nature and circumstances.

• FHA or VA required repairs. The buyer's attorney will ask that if any FHA or VA is needed, the seller will repair what is required under FHA and VA loans.

These amendments are a few examples of the types of additional terms that the buyer's attorney will request on behalf of the buyer. The role of the buyer's attorney is to limit one's risks and find out additional information (to assist the buyers in making an informed decision)

Additionally, the buyer's attorney will assist in resolving unforeseen issues such as survey encroachments, remedies for a seller failing to move out in a timely manner, and any other particular emergency issues that may arise. The buyer's attorney will also inform and explain to the buyers about any legal problems that may occur and give an overview of the buyer's real estate closing timeline. This is important because first-time homebuyers need help understanding the twists and turns of a real estate closing

Newark Illinois Buyer’s Closing Attorney: Providing Peace of Mind and Responsive Legal Representation

Finally, the buyer’s attorney will attend and explain the closing and loan documents at closing. In Illinois, the buyer’s attorney wants to create a smooth closing experience and protect the buyer’s financial and legal interests