When should you make your last mortgage payment? When you're selling your home, it's a detail you might overlook or even overthink. So read on for helpful information about the payoff process and the timing of your last payment before you close your sale.

TL/DR; The timing of the last payment depends on the date of the closing and the seller's mortgage terms. In general, we recommend sellers make the final payment 7 days before closing. But don't sweat it, if you overpay, lenders are required to pay any overages back within 30 days.

Keep reading to see how our firm helps sellers manage this important detail for clients.

When it comes to buying and selling property, Illinois is considered an "attorney state." Lawyers participate in the real estate sale process as a matter of custom and practice. But there are no laws or ordinances that require a buyer or seller to use one. That said, there are certain things that only a lawyer can do for you. There are also elements of the transaction that only a lawyer should do for you.

Fannie Mae and Freddie Mac have both made significant changes to their guidelines for approving loans in condominiums and co-ops. This is a real game changer for buyers and sellers alike. Lenders must follow these guidelines in order for loans to be guaranteed in secondary (investor) markets. Loan-originating companies only want to grant mortgages if they can be resold on those secondary markets. Many approvals will be harder to come by. 

Selling a home in the Chicago area (or really anywhere), should be easy enough: buyer gives seller money, seller gives buyer keys and a deed. Oh, if only it were that simple. 

We're on the move! On August 28, 2023, our law firm moves to the corner of State and Madison, the center of all Chicago addresses.

Selling a home as-is should be fairly straightforward. The seller doesn't want to make any repairs or changes and the buyer understands this when they make their offer. However, the reality can be very different for sellers.

A quitclaim deed is a quick way to transfer the property title. And in Illinois, a lawyer is not required to complete one, you can do it yourself. That said, hiring an experienced lawyer to execute a quitclaim can prevent expensive mistakes, like this.

As of New Year's Day, all smoke detectors in residential dwelling units must be...