Home -> Law Blog Directory -> Real Estate & Property Law Blogs -> Closing Real Estate in Chicago

Real Estate & Property Law

: Closing Real Estate in Chicago

The Sloppiest of 500

By Peter Olson, Esq.

Yeah, the SLOPPIEST closing in the approximately 500 transactions that I've been involved with as a practicing attorney...I guess as the market slows the depth of talent diminishes.

So this is what happened last week...

I was expecting a ho-hum closing, I had gotten involved in the deal late. I had the purchaser from a developer so the contract had been signed more than a year ago and just the last couple weeks I got involved with some last minute issues and then to attend the closing.

First, no Seller's attorney at closing and Seller's attorney wasn't even reachable by e-mail or cell phone. When you have a developer who's selling a high volume of units, it's not uncommon for Seller's attorney not to appear at closing. But, problems still come up and to be unreachable is just ridiculous and tacky.

Second, some half of Seller's documents including such unimportant ones as THE DEED were wrong. The grantee and legal description were not for the unit at issue.

Third, Seller's attorney DID NOT have various documents such as the property's warranty and the Affidavit of Title.

Well, I guess these developers in a slowing real estate market have to cut somewhere...I'm just not sure your legal counsel is the first place to cut.

Full post as published by Closing Real Estate in Chicago on March 04, 2008 (boomark / email).