Closing, Title & Cost Questions
This page covers the issues that usually remain after contract and inspection matters are resolved: title, surveys, liens, taxes, closing costs, deeds and possession.
What Does the Attorney Do Before Closing?
The attorney may review the title commitment and survey, address title defects, confirm contract compliance, review tax prorations and closing figures, prepare or review conveyance documents and coordinate with the lender and title company.
What Is a Title Commitment?
A title commitment identifies current ownership, requirements that must be satisfied before a title policy is issued and exceptions that may remain on title. Mortgages, judgments, taxes, easements and restrictions may appear in the title work.
What Is Title Insurance?
Title insurance protects against covered title defects. The contract and transaction determine how title coverage and related charges are handled.
How Are Mortgages, Liens and Taxes Handled?
Liens that must be removed are addressed through payoff, release or another title-clearing process. Property taxes are prorated using the method stated in the contract and reflected on the closing statement.
Who Pays Closing Costs?
There is no single Illinois rule assigning every charge. The contract, lender requirements, title arrangements, transfer taxes, recording charges and negotiated credits determine the allocation.
When Does the Buyer Get Possession?
The contract controls. Possession may occur at closing or at another agreed time. A post-closing possession arrangement can raise issues involving timing, money, insurance and responsibility for the property.