How is money disbursed at a real estate closing?

How is money disbursed at a real estate closing?

Two common questions I get from my real estate clients who are selling property are: how and when do I get my money? In Illinois we make sure all parties to the transaction (buyer & seller) are safely covered with title insurance.   Title insurance protects the homebuyer and his lender from the possibility that the seller doesn’t – or previous sellers didn’t – have free and clear ownership of the property and are thus unable to transfer full title ownership to you. In order to obtain title insurance you must have your closing at a title insurance agency office where the policy is provided. The title insurance company has an interest in making sure the closing is handled correctly. Therefore, the title insurance agency conducts the closing. One of the benefits of using the title insurance company is that the title insurance agency acts as the “middle man” for the transaction and collects all of the monies from the buyer and lender. Once all of the money has cleared, the title company then disburses checks to all parties that need to be paid to complete the deal. In most transactions, checks will be given to the real estate agents, real estate attorneys, and the seller’s lender and/or lien holders. Any remaining proceeds are disbursed directly to the...
What does Kane County consider extreme property tax delinquency before the taxes are sold at tax sale?

What does Kane County consider extreme property tax delinquency before the taxes are sold at tax sale?

Properties for which taxes have not been paid are sold by the county at a Tax Sale. Before the sale of any property’s taxes, the County Collector will publish a list of properties for which taxes are overdue and will send notices to those property owners. For the tax year 2014, the unpaid taxes are being sold Friday October 23, 2015. Once the tax sale occurs, contact the Kane County Clerk for tax redemption. Don’t wait until it is too late, contact me today to set up a game plan for your...