At Koch & Associates, our real estate closing attorneys have more than 50 years of experience between them. We understand that buying a home is often one of the most stressful (and exciting) transactions you’ll ever make. So rather than simply reviewing and filing paperwork, we’re committed to building relationships with our clients to assure them that they’re in good hands.
In addition to being our firm’s founding attorney, David O. Koch is a licensed realtor. His intimate knowledge of all aspects of real estate transactions allows him to provide you with expert legal advice that comes from firsthand experience. And his Spanish fluency ensures that he can earnestly address the concerns of both English and Spanish-speaking clients.
What Does a Closing Attorney Do?
Real estate closing attorneys review all legal documents related to real estate transactions and make sure they’re filled appropriately. Additionally, they facilitate communication between the various parties involved in the transaction.
Communication
Closing attorneys consolidate the necessary information from all involved parties when preparing the settlement statement. By creating lines of communication between buyers, sellers, lenders, inspections, and other parties, closing lawyers ensure that the documents required for the transactions are in place. And they help you understand the purpose of each document.
Document Review
Closing on a piece of property requires a ton of paperwork. In addition to a bill of sale and proof of insurance, there are a variety of documents linked to the actual transfer of the property. And if you aren’t paying cash for the house, loan documentation involves even more paperwork. Real estate lawyers review all of these forms to ensure that you understand and agree to their terms.
The title to the property is one of the most important documents. Real estate closing attorneys work with title companies to verify that there aren’t additional mortgages or liens against the property, restrictions on its use, or easements guaranteeing its use to others. And they’ll review the title insurance, which protects buyers from undeclared or discovered issues with the title.
Closing
To actually close the transaction, the attorney will fill all of the necessary documents and distribute funds. This involves updating the title and deed with the local registry. And it includes paying out any taxes owed as well as fees and premiums to real estate agents, lenders, homeowners associations, inspectors, and any other interested parties.
Whether you’re looking to buy or sell a piece of property, hiring an attorney is always a smart decision. Although you aren’t required to have a real estate closing attorney in Illinois, most title companies won’t work with sellers who represent themselves. And hiring a closing attorney is the best way to ensure that your real estate transactions go smoothly.
