Real Estate Closing Primer

real estate primer
home ownershipTODAY’S HOUSING MARKET

In 2016 the Illinois housing market has continued its long, shallow recovery after stuggling for years in the wake of the Great Recession of the early 2000's and Subprime Crisis of 2008. And not only have the markets started to recover; Illiois law itself has evolved to meet the needs of buyers and sellers of residential and commercial property. New developments in the law include the advent of the Dodd-Frank law with its strict requirements on lenders and real estate professionals, a more streamlined Closing Statement for real estate transactions, and a ripple effect throughout the process that can make it more tricky than ever to qualify for a loan and close on that perfect home.

But before looking ahead to the steps of the real estate closing process, let's take a look at where we're been.

In 2013 home ownership across the country was at its lowest level in decades thanks to the implosion of the housing market and ravages of the subprime mortgage scandal . At the same time, national rates of foreclosure have stubbornly clung to their all-time highs. They are only now beginning to recede, and not at the same rate everywhere.

This mixed bag of economic and market forces has meant different things depending on whether you are a Buyer, Seller, Lessor or Lessee , and whether you find yourself navigating the Residential or Commercial real estate market.

home buyerWHAT IT MEANS FOR BUYERS

For first-time homebuyers, homeowners trading up , and investors , there is a silver lining to the housing roller-coaster of the past 5 years. What is it? It comes in several forms:

  • Interest rates on loans are at historic lows
  • It’s a buyer’s market with many good deals
  • Rents are high so buying must makes sense
  • Developers are building homes once again
  • Real estate lending is getting back to normal
home sellerWHAT IT MEANS FOR SELLERS

Logic says that for every winner there will be a loser, but the market is not so simple. In reality, the more transactions that take place - buy or sell - the more likely that property will sell for what it is worth. As any experienced Real Estate, Legal, Mortgage , or Title professional will tell you, a rising tide lifts all boats. In fact, if you want to sell your home or investment property today you have more choices than ever , including:

  • Short Selling Property
  • Giving a Deed in Lieu
  • Foreclosure Planning
  • Foreclosure Defenses
  • Ch. 13 Reorganization
  • Reverse Mortgages
  • Conventional Sales
M. Hedayat & Associates, PCSO... WHO ARE WE?

We are M. HEDAYAT & ASSOCIATES, PC a law firm that has been in the Southwest Suburbs of Chicago for nearly 20 years. We’ve managed hundreds of real estate transaction from beginning to end, including legal work, title insurance, and more. We’ve handled real estate transactions and investments in Illinois, Indiana, Florida, and California,- including:

  • Commercial & Residential Buyers & Sellers
  • Short Sellers & Buyers, including Investors
  • Property Developers & Commercial Lessors
  • Homeowners' Associations and Unit Owners
  • Condominium Conversions and Unit Sellers
  • Clearing Title and Subdividing Lots and PINs
  • Apartment Complexes, Leases & Financing
  • Reorganization of Real Estate Companies
  • Real Estate Investment Trusts and Series LLC’s
real estateIt’s Your Move

If you are going to be buying or selling feel free to complete the Intake Form in the margin of this page to download our bonus Real Estate eBook containing useful guides, full-color diagrams, definitions, and more such as

  • Events to Know in a Closing
  • Know Your Real Estate Terms
  • Know the Players: Who's Who
  • A Residential Closing Timeline
Still Have Questions?
Contact Us for a Consultation
M. Hedayat & Associates, PC

M. HEDAYAT & ASSOCIATES, PC
1211 W. LAKEVIEW CT.| ROMEOVILLE, ILLINOIS 60446
PH (630) 378-2200| FAX (630) 447-0067| T @MHALAW
MHEDAYAT@MHA-LAW.COM | WWW.MHA-LAW.COM