8 Steps to Buying Your First Home : Step 8

Step 8 : Final Walk Through + Closing Day

Illinois is an Attorney State, that means both the buyer and seller get legal representation once they’re under contract. The main focus of the buyer’s legal rep is to protect their legal interest. That means that the title, the document that gives them the ownership of the home, is delivered to the buyer clean. No issues, no judgements. Also, any inspection items that are agreed upon are signed off between attorneys.

If you’re buying in a condominium association there’s something called ‘document review.’ You want to look over the association’s financials, rules and regulations, minutes, decks and bylaws — all of those things are crucial to know when buying in an association. For example, if you want to be able to rent out your home in the future you’re going to want to know the rental rules for the building.

Another thing to consider is the financial health and strength of an association. There’s something to watch out for called a ‘special assessment.’ That means there’s not enough money to cover future projects and all projects should be known and assessed during the attorney review period. A good attorney knows what to look out for and they will protect your investment.


Additional Episodes

Episode 1 : Getting Pre-Approved
Episode 2 : Connecting with a Real Estate
Professional
Episode 3 : Finding the Right Home
Episode 4 : Paying the Right Price
Episode 5 : Earnest Money
Episode 6 : Attorney Review
Episode 7 : Finalizing Your Loan
Episode 8 : Walk Through + Closing Day

Check out the full series on our Facebook and Youtube channels.

 


RENT WITH VESTA PREFERRED REALTY, BUY WITH RNP GROUP.
Vesta Preferred Realty is a licensed real estate broker in the state of Illinois with offices located at the address below: 

1001 N Milwaukee Ave Suite 401, Chicago, IL 60642.

RNP Group is the residential real estate sales arm of Vesta Preferred Realty. Equal Opportunity Housing.