REAL ESTATE - FAQ

1. Do I need a real estate attorney when I am buying or selling a home?

   Yes, absolutely and following are the reasons.

   1. When you are Purchasing a home:

      This is the biggest purchase you will probably make in your lifetime. The sales contract you signed is long and complicated and many protections you might have are time-driven. Once the time expires your protections are lost. Some of the time frames last from a couple of days to 30 days. If you are not ready to close, for example you cannot get a mortgage (which is more involved than a pre-approval), you could lose your earnest money, and in addition you could be sued.

      At Jill Metz & Associates a real estate attorney will read the sales contract suggesting changes and requesting information and modifications in the time frame allowed. We also monitor the mortgage clause requesting extensions from the Seller if your Lender is needing more time to secure a full mortgage commitment for you, thereby protecting you and your earnest money.

   2. When you are selling a home:

      When you sell your property Jill Metz & Associates will provide many services, from ordering and clearing title to drafting closing documents including the deed. Your attorney orders payoff for your mortgages, the survey, zoning and water certification. Additionally, if your property is a condominium, there are several documents needed from your condo association before you close. At Jill Metz & Associates we also prepare documents so you as the Seller may not need to attend the closing.

2. Some Real Estate Agencies tell me I can save money using their company for all my services, why should I hire an outside attorney?

   Many Real Estate companies are trying to sell you in-house services all packaged together– attorney, mortgage and title services that are all part of their Real Estate company.

   It is my belief that hiring an attorney, mortgage broker, etcetera, who only works for you, and not you and the real estate company, only has your best interest at heart.

3. Weren't my real estate property taxes paid at closing?

   You were given credit from the Seller to pay the real estate taxes when the taxes come due and owing. Please look at your RESPA (the document you took to your accountant for your end of year income taxes) front page line in the 200's marked property taxes.

4. When are the real estate taxes due?

   Cook County taxes come out in February and August, twice a year.

5. I just received a real estate tax bill for last year, I did not own the property last year why should I pay this bill?
   1. Real Estate taxes are always paid in arrears (1 year behind).
   2. If you purchased property this year, your attorney should have made sure you received a credit at closing from the Seller to pay for the upcoming taxes due in the following year.
   3. If you purchased new construction and feel now that taxes are due, or are confused, Jill Metz & Associates can offer services to straighten out the confusion for you and the Condominium Association because there are several ways that taxes are handled for new construction.
   4. VERY IMPORTANT: Taxes come out twice a year and follow the property not the owner. That means even if you did not own the property in previous year of owning the property, you are responsible for the taxes. The County Collector will sell your property to pay that tax bill no matter what year is not being paid.
   5. If you purchased a condo unit and a parking space, some parking spaces have a tax number that is separate and different from your unit number. Make sure that both bills are being paid. If your mortgage is paying your taxes, check with the county by logging on to www.cookcountytreasurer.com and your mortgage company to see if both PIN numbers have been paid. This step is very important to ensure all real estate taxes are being paid.
   6. If you are paying 1/12 of your taxes every month to your mortgage company to pay the taxes when they are issued by the county, and the bank misses the payment for any reason, while you are responsible to pay the original amount of the tax, your mortgage company must pay all penalties and/or interest tacked on to the original bill because of a late payment. Please keep in mind that this is your property and you need to be proactive about checking for tax payments.