Condominium seller real estate closing attorneys
We represent sellers of condominium units in real estate closings. Condominium sale transactions have their own set of special issues and a knowledgeable real estate lawyer can help make the process of selling a condo less confusing and more trouble-free. In Chicago, most sellers will hire a real estate attorney to assist with their condominium sale transaction.
At Reda | Ciprian | Magnone, LLC, we strive to assist condominium sellers so that they can better understand the process. We help condo sellers throughout Cook County, both in Chicago and the suburbs, Lake County, and DuPage County with the documentation, legal advice, and guidance they need to complete a successful real estate closing.
Is a condominium sale that much different?
While most sale closing transactions in Illinois share many of the same components, the sale of condominium real estate has some features that are significantly different than in the sale of a traditional single family home. The sale of a condominium, that is some particular unit ownership plus a share of common elements, can vary depending on a particular condominium project. This means that a seller and buyer need to understand what portion of the unit, common elements, and limited common elements the seller is actually selling. Things like roof rights, storage spaces, and parking can be set up and owned in many different ways. Many contractual disputes can arise if the parties are unable to clearly define what they are selling and what they are buiying.
The Illinois Condominium Property Act also gives buyers the right to certain information in any resale of condominium property. What is commonly known as a “22.1 Disclosure” contains information from the condominium association about reserves, anticipated capital expenditures, association litigation, and other information. The seller delivers this disclosure along with the other controlling documents of a condominium like the declaration, by-laws, rules and regulations, plus financial information or budgets of the association to a buyer who has an opportunity to review and approve the documents.
From a documentation standpoint, a condominium sale requires some extra paperwork. In order to guarantee that there are no liens from association assessments due, a title company will require a paid assessment letter to be provided at closing. Additionally, condominium associations also have varied move-out procedures and rules. Many associations, especially those who are managed by a management company will have some sort of move-out fee, refundable or non-refundable deposit, and processing fee that must be paid and procedures that need to be complied with to obtain the paid assessment letter needed by a title company to close. Most sellers and many buyers will need to comply with these rules before a closing can take place.
Another peculiarity of a condominium sale is that no plat of survey is required. Instead, the recorded plat of condominium defines the boundaries of any particular condominium unit.
In addition to the other services provided in a home closing, an attorney can assist a home seller in Chicago or the suburbs of Chicago with obtaining the information necessary for buyers and title companies to facilitate a smooth closing sale transaction.
Services provided by our lawyers to sellers in a typical FSBO transaction:
- Review of sale contract and disclosures and discussion of terms and possible amendments
- Negotiation of home inspection contingency items
- Review title commitment and arrange for clearance of title
- Order loan payoff letters
- Order paid assessment and other condominium disclosures
- Arrange for clerk to obtain water certifications / zoning certifications (Chicago)
- Track buyer contingencies
- Advise on other municipal transfer requirements
- Draft closing package, including deed, affidavit of title, and bill of sale
- Review closing documents and settlement statements
- Attend closing on your behalf or with you
Want to know more?
The sale of a condominium can be a complex and daunting transaction. If you are selling a condominium and need assistance, please contact us to see if we are a match to assist you. We can discuss our services, and pricing. Most transactions are handled on a fixed-fee basis. We help our clients from start to finish. Give us a call to see if we are a match to help you with your condo sale closing.