I plan to buy a house in Illinois that is being sold through probate. The attorney asked me to bring a cashier's check for the full price of the house to closing. Is it standard practice to pay full price at closing even though the judge still has to approve the sale? I thought 10% down was sufficient.
2 Answers from Attorneys
I believe something is being misunderstood. At the contract stage, a percentage or flat amount would usually be designated as earnest money. At closing, the completion of the deal, yes, you would be expected to pay the balance, either yourself or with the help of a mortgage loan. At that point, however, court approval, if necessary, should be complete. The title company should be assuring you that has been addressed by removing the exception from the title commitment. Speak with your attorney again to clarify. If you are speaking with the seller's attorney and do not have your own, I highly recommend you consider representation.
I think you should hire yourself an attorney to represent you at the real estate closing. How much money are you spending on this property? It's probably a significant sum relative to your family net worth. A small sum paid to an attorney can help you make sure your investment is appropriately secure.