Charles W. Siragusa will manage the many steps that go into closing, including factors like the acceptance date, the buyer’s deposit of earnest money, the buyer’s inspection contingency, the buyer’s attorney modification contingency, and the buyer’s mortgage contingency.
Steps to Closing
Acceptance Date
The “acceptance date” is the date on which you sign, or “accept,” the buyer’s offer by signing the sale contract, furnished to you by your real estate agent.
Buyer’s Deposit of Earnest Money
The buyer will have furnished a portion (down payment) of earnest money, such as $1,000, to their realtor when he or she signed the sale contract to purchase your home. But, after you “accept” (sign) the contract, the contract usually obligates the buyer to furnish the balance of earnest money within several days.
It is important to make sure that the buyer has, in fact, furnished the balance of his earnest money by the deadline in the sale contract. You know the buyer is serious about buying your home when he or she furnishes the balance of the earnest money. You need Charles W. Siragusa to stay in contact with your realtor and/or the buyer’s realtor to make sure that the buyer has furnished his total earnest money to the appropriate party by the contract deadline.
Buyer’s Inspection Contingency
The contract provides that the buyer may (and he will) retain a licensed home inspector to examine all portions of your home, generally within five or seven business days after the “acceptance” date.
The home inspector will find repairs or defects in your home that the buyer’s attorney will either ask you to correct, or leverage in order to ask for a significant reduction in the sale price of your home. It is important that this contingency is resolved, so you know the buyer is proceeding with the closing, subject only to the attorney modification contingency and the mortgage loan contingency.
You need Charles W. Siragusa to vigorously represent you in rejecting or minimizing any reduction in the purchase price due to any such repairs to close this contingency.
Buyer’s Attorney Modification Contingency
The contract provides that the buyer’s attorney may make modifications to the contract. The types of modifications the buyer’s attorney will request are generally understood only by an attorney. You need Charles W. Siragusa to represent you in negotiations with the buyer’s attorney, explain the modifications to you, and help you understand and agree to only the reasonable modifications you should accept.
Buyer’s Mortgage Contingency
The contract provides that the buyer has a period of time, generally thirty to forty five days from the “acceptance” date, to obtain a mortgage. If the buyer is unable to obtain a mortgage within this period of time, then the buyer may terminate the contract and obtain a refund of his earnest money.
Services
Our fee includes all of these steps and more, from beginning to end. The Law Offices of Charles W. Siragusa, P.C. proudly serve Chicago, Cicero, Oak Park and nearby areas in Illinois.
Our Fee
At only $99, our fee is less than any other attorney in the Chicago metropolitan area.
Reasons to Retain Charles W. Siragusa
Charles W. Siragusa will prepare the closing documents, respond to buyer’s inspection requests, respond to the buyer’s attorney’s contract modification requests, prevent a delay of the closing date, and manage any deadlines in the contract.