Legal Question in Real Estate Law in California
I'm buying a low cost HUD property, cash, for 15k in Chicago. I will personally deliver a bank check. I was told to go through a title company to make sure the title is clear and was given a price that I accepted. Now they are telling me I have to pay an additional $785 for an escrow fee. Must this be done in order to close the deal or is there a way to reduce or eliminate this charge?
3 Answers from Attorneys
You need to look at your purchase contract to see who pays the escrow fee. If the contract is silent on the subject, you pay the fee for escrow.
why are you asking CA attorneys about out of state contracts and law? Only that state's attorneys can answer your questions.
You should re-ask your question, specifying that Illinois law will apply, and it will be directed to LawGuru;s Illinois lawyers. However, I suspect that either (1) local law and/or tradition calls for all real-property transactions to close through escrow, or (2) your contract is a standardized form that has an escrow provision built in. It's also possible some robotic clerk made a mistake. As info, as a kid I grew up in Michigan, where we always used lawyers to handle buying and selling of houses, and I'm pretty sure it was that way throughout the Midwest. If it's done through escrow companies nowadays, they've come a long way.
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