Resources

Seller’s Closing
Checklist

Review and Sign the Sales Contract:
Ensure all terms, including the purchase price, contingencies, and closing date, are accurate and acceptable.
Address Inspection-Related Items:
Complete any agreed-upon repairs, provide receipts or warranties if needed, and confirm that all requested credits or adjustments are properly documented.
Secure Required Documents:
Gather property records, survey documents, mortgage payoff information, and any warranties or manuals for appliances and fixtures that will remain with the home.
Confirm Title and Transfer Taxes:
Work with your attorney to clear any title issues and understand all applicable transfer taxes or municipal fees that will be your responsibility at closing.
Schedule Final Utilities and Services:
Arrange for utilities to be transferred or disconnected after closing, and schedule any necessary final property maintenance like lawn care or cleaning services.
Organize House Keys and Access Items:
Collect all keys, garage door openers, security codes, and mailbox keys, and have them ready to hand over to the buyer at closing.
Attend the Closing Appointment:
Be prepared to sign the required documents, verify the settlement statement, and confirm that the transaction is completed as agreed. Your attorney will guide you through this final step to ensure a smooth and successful handoff.

Real Estate Glossary
for Sellers

Appraisal: A professional assessment of a property’s market value, conducted by a licensed appraiser to ensure the sale price aligns with its true worth.

As-Is: A term indicating that the property is sold in its current condition, with no obligation for the seller to make repairs or improvements.

Capital Gains Tax: A tax on the profit made from selling a property. The amount can vary based on how long you’ve owned the home and your tax filing status.

Closing Costs: The fees and expenses paid at the end of a real estate transaction, which may include attorney fees, transfer taxes, title insurance, and escrow charges.

Comparative Market Analysis (CMA): A report prepared by a real estate professional, comparing your home to similar, recently sold properties in the area to help determine a fair listing price.

Contingency: A condition included in the sales contract that must be met before the transaction moves forward—common contingencies include home inspections or the buyer securing financing.

Earnest Money: A deposit paid by the buyer to show their good faith and commitment to the purchase. If the deal falls through due to the buyer’s default, the seller may keep this deposit.

Escrow: A neutral holding account managed by a third party where funds, documents, and keys are kept safe until all conditions of the sale are met.

FSBO (For Sale By Owner): A property being sold without the assistance of a listing agent, meaning the owner handles the marketing, showings, and negotiations.

Home Inspection: An examination of the property’s condition, often conducted by a certified inspector. Issues discovered can lead to renegotiations of price or repairs.

Listing Agreement: A contract between the seller and a real estate agent granting the agent the right to market and sell the property, typically outlining the commission and duration of representation.

MLS (Multiple Listing Service): A database used by real estate professionals to share and access information about properties for sale, maximizing exposure to potential buyers.

Net Sheet (Seller’s Net Sheet): An estimate of the amount of money the seller will receive after all closing costs, commissions, taxes, and other fees are paid.

Purchase Agreement (Sales Contract): A legally binding document outlining the terms and conditions of the sale, including price, contingencies, and closing date.

Seller Concessions: Agreements by the seller to cover certain closing costs or expenses to help facilitate the sale—often used to make the deal more appealing to the buyer.

Staging: The process of decorating and furnishing a home to make it more attractive to potential buyers, often resulting in a faster sale and potentially higher offers.

Title Insurance: Insurance that protects the buyer and lender against future claims or disputes over the property’s ownership and ensures the seller is passing on clear title.

Title Search: A thorough examination of public records to confirm the seller’s legal ownership of the property and identify any liens, encumbrances, or claims that must be resolved before closing.

Transfer Tax: A government fee required when ownership of a property changes hands, often calculated as a percentage of the sale price.

Blog

Hear from the latest in real estate trends, transaction and more from Bradford Miller Law's expert team

November 17, 2024 0 comments

Real Estate Closing Attorney Chicago: Essential Tips for Home Sellers

Navigating the real estate market in Chicago can be a daunting task, especially when you’re selling your home.

November 17, 2024 0 comments

What Are Transfer Taxes in Chicagoland?

When buying or selling a home in the Chicagoland area, it’s important to understand all of the costs that factor into the final price tag—and transfer taxes are one of them.

November 17, 2024 0 comments

How to Reduce Your Closing Costs as a Seller

Selling a home is about more than just striking a great deal—it’s also about keeping as much of your profit intact as possible.

Frequently Asked Questions

Questions? We are here to answer them.

We have successfully closed over 11,000 real estate transactions and earned hundreds of five-star reviews on Google, Yelp, and the BBB. Our experience ensures you receive knowledgeable and reliable representation.

While we are based in Chicago, we serve clients throughout the Chicagoland area. With multiple offices in the region, we offer convenient access and local expertise to meet your needs.

Before closing, we review and break down your estimated closing costs, explaining each fee and looking for ways to reduce your overall expenses. By working closely with you, we provide transparency and help you budget effectively.

Absolutely. We handle contract negotiations during the attorney review period, ensuring any inspection-related repairs or credits are addressed to protect your interests and finalize fair terms.

While most sellers prefer to attend, we understand that circumstances vary. Depending on the transaction and your availability, we may arrange for a “mail-away” closing or use other methods to accommodate your schedule.

Our team conducts thorough title searches to identify and resolve any encumbrances, liens, or other title issues. We work diligently to clear the title so that the transaction can move forward without unexpected legal complication

The timeline varies based on factors like financing, inspection negotiations, and municipal requirements. On average, a standard transaction may close within 45 to 60 days, though some can be shorter or longer.

We prioritize clear and open communication. Our team keeps you informed every step of the way, answering questions, providing status updates, and ensuring you’re always aware of what’s happening in your transaction.

We pride ourselves on delivering high-quality, personalized service. Unlike cut-rate attorneys who provide minimal assistance, our experienced team dedicates time, attention, and expertise to fully protect your interests.

We continue to be a resource even after the sale is complete. If you have any post-closing questions or concerns, we remain available to provide assistance and help you navigate any follow-up matters.