Steps to Closing – Buying

Steps to Closing

Charles W. Siragusa will manage the acceptance date, your earnest money deposit, your inspection contingency, your attorney modification contingency, your mortgage contingency, and the final walk through of your home.

Acceptance Date

The “acceptance date” is the date on which the seller signs, or “accepts,” your offer by signing the sale contract, which is generally on page 3 of the contract.

Your Earnest Money Deposit

You furnished a portion (down payment) of your earnest money, such as $1,000, to your realtor when you signed the contract to purchase your home.  But, after the seller “accepts” (signs) the contract, the contract usually obligates you to furnish the balance of your earnest money to your realtor.  It is important that you furnish the balance of your earnest money by the deadline in your purchase contract.  This deadline is generally three days after the “acceptance” date and may be in paragraph 4 of your purchase contract.

Your Inspection Contingency

The contract gives you the right to retain a licensed home inspector to inspect all portions of the home you intend to buy.  The deadline is generally five or seven business days after the “acceptance” date.  This is an important right that you should definitely exercise by retaining a qualified home inspector to inspect ALL parts of the home you intend to buy.  It is also important that the home inspector furnish you his report within the deadline in the purchase contract.  The home inspector WILL find repairs or defects in the home you intend to buy.  It is important that you review this report with Charles W. Siragusa so he can negotiate with the seller’s attorney for the repairs to be made or to obtain a reduction in your purchase price.  You need Charles W. Siragusa to convince the seller’s attorney that the seller should either make the repairs or provide you a significant reduction in the purchase price instead of performing the repairs.

Your Attorney Modification Contingency

The contract gives your attorney the right to seek modifications to the contract, other than the sale price.  The contract you signed is generally favorable to the seller.  As a result, you need Charles W. Siragusa to vigorously represent you in negotiations with the buyer’s attorney to explain to you the contract modifications that you should accept.

Your Mortgage Contingency

The contract provides that you have a period of time, generally thirty to forty five days from the “acceptance” date, to obtain a mortgage.  And, if you are unable to obtain a mortgage commitment within this period of time, then you have the right to terminate the contract and obtain a refund of his earnest money.  This provision is generally in paragraph 5 of the contract.

Final Walk Through of the Home

You have the right to a final “walk through” the home you are purchasing before the closing to confirm that the home is in the same condition as the date when the home inspection was performed.  It is important that you have Charles W. Siragusa to represent you in any negotiations with the seller’s attorney concerning anything that was unacceptable in this final “walk through.”

Our Services

Our fee includes EVERYTHING from beginning to end.

Our Fee

At only $450 – our fee is competitive with other Chicago area real estate attorneys.

Reasons to Retain Charles W. Siragusa

Charles W. Siragusa will manage your home inspection contingency, your attorney contract modification contingency, and prevent any delay in the closing date.