Frequently Asked Questions
Q: As a residential home buyer, do I need an attorney in Illinois?
A: While the law does not mandate that you have an attorney to
complete the purchase of your new home, it is usually the case that
both the buyer and seller are represented by an attorney.
Q: Why is it said that it is better to close a home purchase at the end
of the month rather than at the beginning?
A: By closing at the end of a month, the buyer is required to bring
less money to the closing table because the buyer pays less interest
to the lender for the month in which the closing occurs.
Q: What do I need to bring to a closing as a home buyer?
A: You always need to bring certified funds, your state or government
issued identification and a blank check in case the amount you
brought to the closing is less than what is required to close. Also,
proof of property or hazard insurance is required unless you are
purchasing a condominium or certain townhomes.
Q: How long does it take to complete foreclosure?
A: It can take a minimum of eight months and sometimes longer
depending on a number of factors, including whether the mortgagor
files for bankruptcy or contests the foreclosure.
A: While the law does not mandate that you have an attorney to
complete the purchase of your new home, it is usually the case that
both the buyer and seller are represented by an attorney.
Q: Why is it said that it is better to close a home purchase at the end
of the month rather than at the beginning?
A: By closing at the end of a month, the buyer is required to bring
less money to the closing table because the buyer pays less interest
to the lender for the month in which the closing occurs.
Q: What do I need to bring to a closing as a home buyer?
A: You always need to bring certified funds, your state or government
issued identification and a blank check in case the amount you
brought to the closing is less than what is required to close. Also,
proof of property or hazard insurance is required unless you are
purchasing a condominium or certain townhomes.
Q: How long does it take to complete foreclosure?
A: It can take a minimum of eight months and sometimes longer
depending on a number of factors, including whether the mortgagor
files for bankruptcy or contests the foreclosure.
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