Legal Question in Real Estate Law in Illinois

have a condo built

I am considering signing a contract to have a condo built. My lawyer looked it over and said it was a standard contract for a home builder. The contract says that I am suppose to pay for the title insurance fees, stamps and recording fees. There will be no mortgage and no construction loan. I will be paying him in five installments as the work progresses. My question is what is the title insurance for and what documents will I receive at closing? I will have my attorney at closing. Also my attorney suggested I could have insurance during the construction period Why? The builder has his own.

Thank you


Asked on 7/11/08, 6:58 pm

1 Answer from Attorneys
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: have a condo built

I believe your attorney is in a much better position to answer those questions as s/he has seen copies of all relevant docs.

My only advice is: 1) see if the builder will put your earnest money in a separate account for your benefit, not in their general account so that if the seller experiences financial trouble, your money is safe; and 2) make sure all requisite waivers are signed (including by subcontractors) before each disbursement of money so that you won't get stuck if the contractor doesn't pay his subs.

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Answered on 7/13/08, 2:03 pm


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