Lenders will not close the loan unless both spouses sign the mortgage or personally sign a rider which waives homestead. (Homestead does not apply against an Illinois purchase money mortgage but out of state investors don't believe it.) If a buyer is involved in a divorce, the necessary waiver of homestead may not be available. Placing the property in a trust may solve this problem. Investment property is not homestead property and spouse signatures are not required.

TIME AND PLACE OF CLOSING

Selecting the time and place of closing is the choice of the sellers attorney. The contract date will be usually selected but it is important that special requirements of the parties be communicated as early as possible. It is difficult to change an agreed closing schedule. If a seller or buyer has a particular time or date requirement or cannot attend a closing on particular days this should be made part of the contract. If you discover a schedule problem, tell the party to call their attorney as soon as possible. Avoid closings on the last two days of the month.

POSSESSION DATE

The possession date is a critical part of the contract. Standard contracts provide for possession at closing. The listing sheet should contain any unusual seller possession requirements and this should be discussed with the buyer when the offer is prepared and with seller when the offer is presented.

ACCEPTANCE DATE

The date of any contract is the date of acceptance. This is generally the date of delivery of the fully executed contract to the purchaser. If seller makes any changes, there is no acceptance until all initials are completed and no acceptance date should be entered until you are certain there is total agreement.

Click here for page 3