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A Guide to Selling a Home in Illinois part 3

A Guide to Selling a Home in Illinois part 3

Steps Involved in Selling a Home

Selling your home can be a daunting process, and sellers often feel an emotional attachment to their home, making the process all the more fraught with complexities. A lawyer can help you manage each step of the home sale process so that you can move through the process as easily as possible.

While each home sale is different and progresses on its own timetable, the following is a general step-by-step guide to the process of selling a home.

  • First, you will put your home up for sale. Many times, this means entering into a listing agreement with a real estate broker who will handle listing and showing the property to potential buyers. Some sellers choose to sell their home without a real estate broker, which is often referred to as For Sale By Owner, or FSBO.
  • After you accept an offer to purchase your home, you will enter into a contract with the buyer for the transaction. If you have retained a real estate broker, he or she will complete the sale contract on your behalf. If you went the FSBO route, your attorney will assist in the contract preparation.
  • Next, the transaction will enter the attorney review and inspection phase. During this period, attorneys for the buyer and seller will negotiate non-price terms of the contract and the buyer will have an opportunity to inspect the home for defects.
  • Once the attorney review and inspection process is complete, you will wait for the buyer to receive funding for the purchase (i.e., mortgage loan approval).
  • Once financing is secured by the buyer, you will need to order the legal documents required for the closing, such as title search, land survey, and mortgage payoff statement.
  • Along with your attorney, you will schedule the closing on an agreed upon date.
  • You can choose to pre-sign closing documents or sign documents at the closing.
  • The proceeds of your home sale will be transferred into your bank account.
  • Finally, you will celebrate the successful completion of the sale of your home.

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