More Essentials for Real Estate Transactions

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I appreciate the fast-paced Chicago market makes every experience with my clients unique. These sales have given me an eye on the should’s-and-should-not’s anyone looking to buy or sell property should put into practice. To help new clients navigate the world of real estate, I offer more essential advice for buying or selling a home.

Sellers:  Get Your Condominium Documents Early - Condominiums have their own set of operating guidelines known as condominium documents.  Before a sale can be made, these documents must first be procured by the sellers and their agent, and given to the buyers’ agent and attorney for review. Getting these documents, however, can be a long process, particularly when dealing with larger buildings. It is not uncommon for the buyer or seller to pay a fee to the management company for condo documents. Getting these documents before listing your property expedites attorney review.

Buyers:  Make a Good Impression with Earnest Money - Preapproval is not the only way to show you are an ideal candidate for a purchase. In a multiple offer scenario, putting more than the common $1,000 initial earnest money down shows you are serious about your offer. By doing this, you increase your chances of beating other competitive bids and making it to the closing table.

Sellers & Buyers:  Get Your Attorney Involved Early – A sign of a good attorney is their proactiveness. A good practice is having your attorney involved in your real estate transaction as early as possible. Your attorney can help address common issues in your sale or purchase before they become deal killers.

Sellers & Buyers:  Budget for Closing Costs – The contract price of your real estate transaction is not the only thing you’ll be paying for when it’s time to close. Buyers and sellers have other expenses at closing, such as escrow fees, tax stamps and credits. Don’t let these fees take you by surprise. We will work closely with your attorney to make sure you are fully prepared for all the expenses incurred when you buyer or sell your home.