Legal Question in Real Estate Law in Illinois
In a sale transaction, is it typically the responsibility of the buyer or seller to initiate and pay for the paperwork and documents needed?
2 Answers from Attorneys
Various costs are allocated to each party in a "typical" transaction. That said, any item can be negotiated, but caution must be taken in how atypical transaction costs may impact a loan application.
So, generally, in the Chicagoland area, the seller will arrange, pay for and provide the documents such as the Deed, Bill of Sale, Transfer Declarations, etc. The seller will also arrange and pay for owner's title insurance and a survey.
There are nuances from area to area. For example, in Northern Illinois, surveys are not customary.
The cost of a closing attorney is worth your expense if nothing more than for peace of mind, but it could very well be to avoid huge pitfalls, errors in figures, etc.
I agree w/ Mr. Repay as to residential sales. Commercial sales can be more complicated but generally the same customs apply, although surveys tend to be more accepted and buyers often want various title insurance 'endorsements' to verify and insure certain aspects about the property. In all sales there are certain documents the buyer and/or buyer's attorney will be responsible for: mortgage papers, if any, cost of closing office especially if there is a mortgage (cash deals the parties usually split the cost), review and signing of certain documents (acceptances of assignments of intangible rights, "ALTA" statements) and the like. If you don't know what is expected of you as seller or buyer, it's probably time to hire an attorney,