Home Seller FAQ

Galanopoulos and Galgan Seller representation includes (but is not limited to)...
● Reviewing the contract and negotiating any modifications needed.
● Responding to the Buyer’s attorney review and inspection letter.
● Keeping in touch with the Buyer's lender and making sure all of the dates in the contract are current.
● Clearing the title.
● Preparing closing documents.
● Ordering the survey and association documents, if applicable.
● Arranging for transfer stamps.
● Representing you on closing day

While the exact costs will vary per sale, here is a list of common closing costs the Seller can expect to pay…

● State of Illinois transfer tax
● County/city transfer tax
● Property tax credit
● Survey
● Association fees (if applicable)
● Title fees
● Attorney fee
● Mortgage Payoff (if applicable)
● Realtor commission

Earnest money is a deposit made by the Buyer shortly after the contract is accepted, showing the Buyer’s good faith in a transaction. The money is held in an escrow account – typically with the Seller’s attorney, Buyer’s attorney, or real estate agent. In rare cases, the Buyer may forfeit the earnest money to the Seller if the Buyer breaches the contract.

If the Seller agrees to provide the Buyer with a credit at closing (either per the contract or during the inspection period), the credit will be applied to the Buyer’s closing costs. The credit will essentially reduce the funds the Buyer has to bring to closing.

If the contract states that the property is being sold “As-Is,” the Buyer may (and should) conduct a home inspection of the property. If the Buyer finds the property unacceptable in “As Is” condition, the Buyer may terminate the contract within a specific time period – typically five business days from the contract’s date of acceptance. When a property is sold “As-Is,” the standard inspection provision of the contract does not apply and the Buyer should not request repairs from the inspection report.

No. The Seller is not required to make the repairs. The Buyer may request that the repairs be addressed by the Seller, but the Seller is not required to agree. The Buyer and Seller have the opportunity to cancel the contract after the home inspection. NOTE: If the parties do not come to an agreement about the requested repairs and the contract is canceled, the Buyer’s earnest money should be returned.

If you are the Buyer, contact the utility companies to confirm the final reading date (your
closing date) and change the name on the account.

If you are the Seller, order and pay your final water bill and contact all other utility companies to have the bill transferred out of your name on the closing date. Do NOT shut off the utilities, as this can delay closing if the utilities are not on during the final walk through.

No. You do not have to attend the closing discussion if you are selling. We always give our
Sellers the option to sign the closing documents – including a Power of Attorney – ahead of time so they do not have to be present at closing. The majority of our Sellers do not attend.

You should have all personal property out of the house before the final-walk through, which
usually takes place the day before or morning of closing. If you have a real estate agent, you can coordinate the timing with them. By the walk-through, the property should be left in
“broom-clean” condition, and any agreed-upon repairs and/or replacements should be completed.

 The Attorney Review contingency in the contract is a timeframe – typically 5 business days from the date of the contract’s acceptance date – in which the Buyer’s attorney may submit contract modification requests to the Seller’s attorney. The Home Inspection happens according to the same timeline as the Attorney Review. However, this provision in the contract allows the purchaser to request repairs and/or credit for items they found as deficient in the inspection report.