Best Probate Attorneys in Arlington Heights, IL

Although Illinois does not require that an attorney conduct your closing, almost every Buyer hires a closing attorney. Since the cost of title insurance does not increase when an attorney represents you at a closing, most Buyers hire one. While title insurance companies are generally reliable and efficient, their services are limited to conducting the closing. Their employees cannot draft, review or interpret your Contract. Your attorney will negotiate the terms of your Contract, especially if there are inspection items, and provide vital guidance to you throughout the whole process.

By Illinois law, any amount $50,000 or more must be wire transferred to the title company before the closing. Any amount below $50,000, Buyer may submit funds by a cashier's check. You may request more instructions from the individual title company handling your matter.

A 1031 exchange is an option under the Internal Revenue Code that allows a Seller to use the proceeds from the sale of investment property for the purchase of replacement investment property. As long as the rules are strictly adhered to, the procedure allows a Seller to defer the payment of capital gains taxes.

In Illinois, the Buyer of a condominium unit from a non-developer has the right to review certain documents prior to closing if he or she makes a written request for copies from the Seller. A Buyer has the right to cancel the contract within three (3) business days of receipt if the documents are not acceptable to the Buyer. A Buyer may request more than three business days in the contract.