10 things to do before your first residential real estate transaction
Hoping to expand your practice to representing home sellers and buyers? Former ISBA YLD Chair Heather Fritsch recommends taking 10 steps before you meet your first client. They are 1) create office procedures, 2) read and understand the Multi-Board Residential Real Estate Contract 6.0, 3) start a relationship with a title company, 4) become familiar with professional inspections, 5) understand the lending process, 6) know how to read a survey and 7) title commitment, 8) know how to prepare a deed, 9) know what to expect at closing, and 10) make friends with an experienced real estate attorney.
For more tips, read her article in the February Illinois Bar Journal and her book, Basic Residential Real Estate: From Contract to Closing.
Member Comments (3)
11) Review the IICLE (Illinois Institute for Continuing Legal Education) manual on Residential Real Estate.
Amen...and expect the unexpected.
12) understand Homeowner Association requirements