Closing Day Disasters: Avoiding Illinois Real Estate Surprises

 Posted on June 27, 2025 in Real Estate

Real estate closing day should be a celebration – the final step in buying or selling your Illinois home. Unfortunately, many find this day less than celebratory, as they are forced to engage in a last-minute scramble when unexpected issues arise.  

According to the National Association of REALTORS, approximately 6 percent of contracts are terminated during closing, 14 percent of closings are delayed, and of those delayed, half are due to appraisal issues. Having a problem at closing can ruin your day and possibly even your real estate deal.

From title issues to missing documents, unexpected repair problems, or financing glitches, what can go wrong often does when details are overlooked. When you have an experienced Round Lake, IL real estate lawyer by your side throughout the process, you can avoid unpleasant closing day disasters.

What Does Closing Entail and Why Is Having a Real Estate Attorney at the Closing Important?

Closing on a property allows ownership of the property to change hands, contracts to be signed by all required parties, and funds to be distributed. Every detail matters, and even the most minor mistake can result in legal complications or delays. All documents will be ready for signing on the day of closing.

Both the buyer and seller have historically attended the closing together; however, in some cases, closings can take place remotely, and buyers and sellers may attend the closing separately. The buyer and seller will sign all necessary paperwork, including financial disclosures, mortgage documents, and the deed.

The buyer will provide the necessary funds, including the down payment and any closing costs. Mortgage funds will be released by the lender, and payments will be distributed. The deed will be recorded with the county, making the sale official.

A real estate attorney can perform the following tasks, ensuring that the closing goes smoothly:

• Ensure there are no title issues that require resolution.
• Conduct a title search to ensure there are no unpaid taxes, ownership disputes, or liens on the property.
• Review the entire purchase agreement to confirm it is accurate and equitable.
• Manage all financial aspects of the closing process.
• Help resolve disputes or delays on the spot.
• Ensure that documents containing errors or unfair terms are not signed unknowingly.
• Protect your rights, whether as the buyer or seller.

What Are the Most Common Closing Day Disasters?

While anything can happen, especially if there is no real estate attorney involved or the closing company is less than reputable, the most common closing day problems include:

• Home inspection problems exist; agreed-upon repairs were not made or are incomplete.
• The walkthrough reveals unpleasant surprises for the buyers – the property is not cleaned up as agreed on, items are left behind, or items that were supposed to stay are taken.
• No title insurance is included as part of the closing.
• An unexpected lien, judgment claim, or ownership dispute against the seller turns up.
• Fund transfers involve cyber scams or wire fraud.
• Financing for the seller falls through at the last minute, or the lender requires additional information.

Contact a Lake County, IL Real Estate Lawyer

If you are buying or selling property, the last thing you want is an unpleasant surprise at closing. Glitches at closing can delay the property transfer or even cause the entire deal to blow up. Having an experienced North Chicago, IL real estate attorney from Newland & Newland, LLP by your side throughout the process significantly reduces the likelihood of issues arising at closing. Our attorneys always put their clients and communities first because they are local to Illinois. With decades of experience among our attorneys, our clients can rest assured that they will receive exemplary legal services.