Richard B. Taylor, Attorney at Law

Helpful Seller Info

HELPFUL INFORMATION FOR HOME SELLERS

PRIOR CLOSING DOCUMENTS: Try to find your deed, title insurance policy, survey, condominium/town home associations names, contact numbers, and by-laws. These document will be helpful in closing your transaction and in some cases can even save you money.

DISCLOSURES : The Illinois Residential Real Property Disclosure Act requires a seller to provide a buyer a signed Residential Real Property Disclosure Report prior to the acceptance of a contract to purchase. This document must disclose to the buyer any and all material defects, known hazards, and problems with the basic structure, heating, cooling, plumbing, electrical and mechanical systems. If a problem is listed on this statement it does not mean that the seller must repair or replace the problem. The buyer may request that the problem be repaired, replaced or that buyer be given a credit at closing to take care of the problem themself. Failure to disclose defects on the Residential Real Property Disclosure Report may result in legal action by the buyer seeking damages against the seller. Some communities require the seller to have an inspection done by one of its own inspectors. An inspector will come out to the house to checks for defects and compliance with the communities building code. Any violations my need to be repaired prior to closing. The community may withhold the issuance of a transfer stamp which may be necessary to close the transaction. You should call your municipality ASAP to find out if there is an inspection requirement. The seller will also be required to fill out a Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards. Again, seller and buyer will have to sign this disclosure. If you use a realtor to market your house they will have these forms available. If not you can download them from this site.

MORTGAGE(S) : Unless the buyer is going to assume your mortgage, your mortgage will be paid off at closing. In order to pay off the mortgage a payoff letter must be requested from your lender. You will need to provide your attorney the name, address, telephone number and account number on all mortgages, lines of credit and any other financing agreements in which your house was put up as collateral.

POSSESSION: Possession of the house normally will be given to the Buyers at the time of closing. The possession date should be stated in the sale contract.

FINAL INSPECTION: The Buyers have the right to inspect the house prior to closing. The home should be in the same condition it was in on the date of the contract, normal wear and tear excepted, broom swept and free of all trash and rubbish.

UTILITIES: A few days prior to closing you should notify all utilities providers of any change of service or final readings, IE: gas, electric, phone, water, sewer, cable, direct TV, DSL providers and trash disposal. Do not forget to contact the postoffice, credit cards, newspapers and magazines of your new address.

INSURANCE: You should keep your homeowners insurance in effect until the day after the closing just in case if there is a problem at closing. If for some reason your house does not close your house will still be insured and you can contact your insurance agent the next day to extend the coverage.

CLOSING (HUD-1) FIGURES: Exact closing figures usually will not be available until the day before the closing. However, your attorney should be able to give you a pretty accurate number of what you should anticipate clearing at closing.

Servicing clients in the following cities and towns in Will County: Beecher, Bolingbrook, Braidwood, Channahon, Crest Hill, Crete, Custer Park, Elwood, Forest Park, Frankfort, Homer Glen, Joliet, Lockport, Manhattan, Mokena, Monee, New Lenox, Peotone, Plainfield, Preston Heights, Rockdale, Romeoville, Shorewood, University Park, Wilmington, and Wilton Center.
DuPage County: Addison, Aurora, Bartlett, Batavia, Bensenville, Bloomingdale, Bolingbrook, Burr Ridge, Carol Stream, Chicago, Clarendon Hills, Darien, Downers Grove, Elk Grove Village, Elmhurst, Glendale Heights, Glen Ellyn, Hanover Park, Hinsdale, Itasca, Lemont, Lisle, Lombard, Naperville, Oak Brook, Oakbrook Terrace, Roselle, Schaumburg, St. Charles, Villa Park, Warrenville, Wayne, West Chicago, Westmont, Willowbrook, Winfield, Wood, and Woodridge.
Cook County: Alsip, Arlington Heights, Barrington, Barrington Hills, Barrington Woods, Bartlett, Bedford Park, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Buffalo Grove, Burbank, Burnham, Burnside, Calumet City, Calumet Park, Chicago, Chicago Heights, Chicago Ridge, Cicero, Country Club Hills, Countryside, Crawford Countryside, Crestwood, Des Plaines, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Forest View, Franklin Park, Glencoe, Glenview, Glenwood, Golf, Hickory Hills, Hillside, Hoffman Estates, Homewood, Inverness, Kenilworth, La Grange, La Grange Park, Lemont, Lincolnwood, Markham, Matteson, Maywood, Melrose Park, Midlothian, Morton Grove, Mount Prospect, Niles, Norridge, North Northfield, North Riverside, Northbrook, Northfield, Northfield Woods, Northlake, Oak Forest, Oak Lawn, Oak Park, Oakglen, Olympia Fields, Orland Hills, Orland Park, Palatine, Palos Heights, Palos Hills, Palos Park, Park Forest, Park Ridge, Prospect Heights, Richton Park, River Forest, River Grove, Robbins, Rolling Meadows, Rosemont, Schaumburg, Schiller Park, Skokie, South Barrington, South Holland, Steger, Streamwood, Tinley Park, University Park, Western Springs, Wheeling, Willow Springs, Wilmette, and Winnetka.
Kane County: Allens Corners, Almora, Aurora, Bald Mound, Barrington Center, Batavia, Big Rock, Bowes, Burlington, Campton Hills, Carpentersville, Coleman, Dunham Castle, East Dundee, Elburn, Elgin, Exposition View, Five Island Park, Fox River Estates, Geneva, Gilberts, Hampshire, Kaneville, Lily Lake, Maple Park, Marywood, McQueen, Meredith, Middlebury, Montgomery, Mooseheart, North Aurora, North Plato, Nottingham Woods, Novak Park, Pingree Grove, Plato Center, Rainbow Hills, Richardson, Saint Charles, Scraper-Moecherville, Sleepy Hollow, South Elgin, South Park, Starks, Sugar Grove, Troxel, Udina, Valley View, Virgil, Wasco, West Dundee, Woodland Hills, Youngsdale.