Legal Question in Real Estate Law in Illinois

Re: selling a house

When it is time to sell your home, part of the process includes providing title insurance to the new buyer. The title company will need to be informed of any outstanding balances so that these balances will be paid as part of the closing process. At the conclusion of the transaction a statement is prepared for all parties, including the real estate agent that shows the amounts paid to various parties (such as taxes, surveys, title insurance and mortgage payoffs) At that time, information on what was owed will be available to all involved. Up until closing, the only parties that need to know are your attorney, your mortgage holder and the title company. It is important to have this knowledge to be certain that the price of the home will cover all the expenses related to selling the house. If you wish to discuss this further, feel free to contact us at 312-451-5550.