Getting into a real estate transaction is not an easy thing to do; buying or selling a property requires the knowledge necessary to make it a success. Our distinguished IICLE faculty of practicing real estate attorneys explain the ins and outs of basic real estate transactions and how you can protect your clients and yourself in these important deals. Beginning with an examination of how real estate procedures differ throughout Illinois, this team of experienced lawyers will walk you through contract language and practice guidance on essential issues.
Moderator: Michael J. Rooney, Attorney At Law, St. Charles
Thomas J. Anselmo, Freedman Anselmo Lindberg LLC, Naperville
David R. Schlueter, Law Offices of David R Schlueter Ltd., Itasca
Ryan B. Werner, Law Office of Ryan Werner, Arlington Heights
A Review of Multi-Board Contracts
Gain an overview of the differences in real estate transactions and variances in contracts including such issues as disclosures, real property, Chicago contracts, downstate contracts, modifications and inspection issues, optional provisions, farm property, and crop status.
Learn about modifications and how they can impact the transaction including the unique issues and liabilities with condos, delayed possession, short sales, bank owned, taxes, escrow agreements, and association stability.
The Chronology from Engagement Letter to Closing
Receive a practical to-do list that will outline the roles and responsibilities of the seller and the buyer, handling documents and financial data, managing a for-sale-by-owner deal, and disclosure.
Document, Document, Document: The Typical Package
Examine and learn to manage the scores of documents involved in a typical real estate transaction including seller-prepared, buyer-prepared, and title company-prepared documents as well as the loan package. Obtain the answers to questions like what does the attorney do at the closing and what if the buyer or seller is unrepresented at the closing. Gain the tools to protect yourself in the real estate closing process by learning record and correspondence retention requirements after the closing.
(1.5 professional responsibility credit hours)