WHAT YOU NEED TO KNOW BEFORE SELLING A HOME
By Howard Gopman

Howard Z. Gopman & Associates, Ltd.
Attorneys and Counsellors at Law

One Northfield Plaza, Suite 300
Northfield, Illinois, 60093

Phone:  847.965.8910
Fax:  847.965.8912

email:  hg@mrattorney.net

WHAT YOU NEED TO KNOW BEFORE SELLING A HOME
When and how you sell your home could be the largest and most important investment decision of your life.  Working with knowledgeable real estate attorneys, Howard Z. Gopman & Associates, Ltd., will help ensure that you protect your investment and that the process of selling your home goes smoothly.  In illustration, did you know that every sale of a home must be reported to the Internal Revenue Service and may be subject to a capital gains tax?  However, if you have owned and occupied your principal residence for more than two years, you may not have to pay this tax.  Experienced real estate attorneys, Howard Z. Gopman & Associates, Ltd., will make sure that before signing, you understand all legal agreements related to the sale of your home.

YOUR REAL ESTATE ATTORNEY
Since the process of selling your home is fairly complex, you should hire and consult with experienced real estate attorneys, Howard Z. Gopman & Associated, Ltd., before you sign any documents related to the sale of your home.  Also, it is helpful if, regarding the property you desire to sell, you have copies of the following documents available for your attorney to review;

• the title policy
• the deed
• the survey, and
  
• if there is a mortgage outstanding on the property, a copy of the current mortgage statement along with the loan number and customer service number

If you are involved in a mortgage foreclosure or any other lawsuit that may affect the property, you need to let your attorney know and provide the attorney with copies of any documents you may have.

After your initial consultation with your attorney, you can then decide if you are ready to put your house on the market.  If you market your property yourself, we will need to discuss your having us prepare a contract with only a few blanks to fill in for you to have when you find a buyer.  If you decide to use a Realtor, your attorney should review the listing agreement prior to your signing it.

THE CONTRACT TO PURCHASE
When a buyer is interested in purchasing your home, the buyer should make an offer to purchase in writing.  If you accept the offer by also signing the contract, you and the buyer have a binding contract.  The contract sets forth the rights of both the seller and buyer.  The contract should include all the terms of your sale, such as sales price, earnest money deposit, financing terms, closing date, possession date, personal property to be included in the sale, tax prorations, and rights of inspection and possession.  Since the contract is the most important document involved in the sale of a home, it is essential that you understand the terms of the offer.  DO NOT SIGN ANY OFFER WITH CONDITIONS YOU DO NOT UNDERSTAND.  We can assist you in reviewing your offer and making any counter-orrers.  If you MUST accept an offer from a buyer prior to consulting with our firm, make sure your contract allows for our firm to review and modify its provisions, if necessary.

THE CLOSING
In addition to negotiating the terms of the contract, after all requirements of the contract have been met, Howard Z. Gopman & Associated, Ltd. will arrange the time and place for your closing.  As necessary, we will perform the following tasks:

• Obtain a pay-off statement for existing loan(s), if any;
  
• Select a title insurance company;
  
• Assist in obtaining any necessary inspections (termite, radon, mechanical, etc.);
  
• Assist in the completion of the Residentaal Real Estate Property Disclosure Act and a Lead-Paint Hazard Disclosure, if applicable;
  
• Review and pro-rate real estate taxes;
  
• Prepare your final closing figures and forward to the closer;
  
• Prepare conveyance documents and other closing documentation necessary to complete the transaction;
  
• Help prevent or resolve disputs between you and the buyer regarding the inspections, repairs, and the possession date;
  
• Attend the closing with you and explain the transaction to you; and
  
• Assist you with any post closing matters.

Every real estate closing is unique.  However, this explanation was designed to explain the basic steps of selling a single family home.  If you are involved in a more complex transaction such as new construction, cooperatives, an installment sale (also called land sale contracts, or articles of agreement), seller financing, lease-options, senior/retirement housing, tax deferred exchanges, a multi-family building, a land trust, estate planning trusts, planned unit developments (PUDs), condominium conversions, or even cash transactions, this will require additional considerations which are beyond the scope of this explanation. Just remember when you are ready to sell a home, the best possible decision you can make is to hire experienced real estate attorneys, Howard Z. Gopman & Associates, Ltd.

OUR SELLER'S PROGRAM FOR CLIENTS OF FSBOAMERICA.ORG
We will prepare a seller's contract in advance so that all you will have to do when you find a buyer is fill in the price, down payment, and mortgage terms, and you'll be good to go.  The fee for the seller's contract is $150 (normally $295) if you agree to sign a retainer agreement in which you agree to pay us a fixed fee for the closing and our firm also furnishes the title insurance for the closing.