Delayed Financing and Attorney Involvement in Illinois

[Frank S.]

Hello, 

I need some feedback, please. 

Do I need an attorney to represent me on a delayed financing process?  I bought a building cash and I am fixing it.  In the meanwhile, I want to pull cash out so the building only costs me the repairs.

The lending officer asked me to provide a lawyer.  My attorney is busy until Friday, so I figure I could reach out to my BP peeps for feedback. 

Thanks, 

I found this online

http://sandygadow.com/state-by-state-closing-guide...

ILLINOIS

Title companies, lenders, and attorneys may conduct closings, but only attorneys may prepare documents. Lenders generally hire attorneys and have them prepare all the paperwork. Conveyance is by warranty deed. Recorded deeds must include a declaration of the sales price. Mortgages are the customary security instruments. Judicial foreclosure is mandatory and takes at least a year from the filing of the default notice to the expiration of the redemption period. Illinoisans use ALTA policies. Buyers usually pay the closing costs and the lender’s title insurance premiums; sellers pay the owner’s title insurance premiums and the state and county transfer taxes. Property tax payment dates vary. Larger counties typically schedule them for March 1st and September 1st, and smaller counties schedule them for June 1st and September 1st.

and this..

http://www.cookcountycourt.org/Portals/0/Chancery%...).pdf

What is predatory mortgage lending? 

A predatory mortgage is a needlessly expensive home loan that provides no financial benefit to the borrower in return for the extra costs. In many cases, homeowners are deceived about the loan’s true costs and terms or are pressured into signing loans they cannot afford. Many of these homeowners lose their homes to foreclosure. If you’re in the market for a home loan, here are some questions you should ask and common predatory lending practices of which you should be aware. Because the information in this Guide is by no means complete, you should always have an attorney review all loan documents before you sign them. If you cannot afford an attorney, you should bring all of your loan documents to a HUD-certified housing counseling agency for review. To find a housing counseling agency in your area, see the list of agencies at the back of this Guide.