Glossary

Buyer's Agreement (Illinois)

Title Companies A title company makes sure that the title to a piece of real estate is legitimate by conducting a title search and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title. Title companies also often maintain escrow accounts — these contain the funds needed to close on the home — to ensure that this money is used only for settlement and closing costs , and may conduct the formal closing on the home. At the closing, a settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally, the title company will ensure that the new titles, deeds and other documents are filed with the appropriate entities. How much does a title company's services cost? The cost of title insurance depends on the size of the loan and varies greatly depending on the state. The good news is that the premium is a one-time fee you pay at closing, not an ongoing expense. According to the Federal Reserve, “a lender’s policy on a $100,000 loan can range from $175 in one state to $900 in another.” You’ll typically pay an additional amount — usually a few hundred dollars or more, depending on the size of the loan and your state of residence — for a buyer’s policy. Note that you may be able to get a discounted rate on your title insurance if the property was sold within the previous five years; just call and ask.

Pricing Strategy Being able to sell your home quickly is a matter of competitive pricing. There is a fine line between pricing low enough to sell, versus pricing just above market value. Your Realtor is responsible for conducting a market analysis in order to recommend the best possible listing price to help your property sell within a reasonable amount of time. ​ Although the Realtor may recommend a price, the Seller is ultimately the person who will make the final decision. Each Seller’s situation is different and you’re allowed to sell your property for lower or higher than your Realtor’s recommendation. But, speak with your Realtor to understand the implications of selling higher or lower than the recommended list price.​

Home Inspector Home inspectors are certified and licensed by each State to provide home inspections for real estate transactions. Home inspectors have a lot of ground to cover. Every reasonable, visible inch of a home is evaluated from top to bottom, and the inspector records the findings in a report for the Buyer, a real estate agent, or another client.

Offer An offer is a purchase agreement that is sent to the Seller with a proposal to purchase the Seller’s property under specific conditions and price. ​ In Illinois, this is the standard document used to submit an offer. See It Here ​ What is generally included in an offer: ​ Your purchase offer, if accepted as it stands, will become a binding sales contract —also known as a purchase agreement, an earnest money agreement or a deposit receipt. It's important, therefore, the offer contain every element needed to serve as a blueprint for the final sale. These purchase offers should include the following: Address and sometimes a legal description of the property Sale price Terms—for example, this is an all-cash transaction, or the deal is subject to you obtaining a mortgage for a given amount. Seller's promise to provide clear title (ownership) Target date for closing (the actual sale) Amount of earnest money deposit accompanying the offer—whether it's a check, cash or a promissory note—and how the earnest money will be returned to you if the offer is rejected (or kept as damages if you back out of the deal for no good reason) Method by which real estate taxes, rents, fuel, water bills and utilities are to be adjusted (prorated) between buyer and seller Provisions about who will pay for title insurance , survey, termite inspections and the like Type of deed that will be granted Other requirements specific to your state, which might include a chance for attorney review of the contract, disclosure of specific environmental hazards or other state-specific clauses A provision the buyer may make a final walk-through inspection of the property just before the closing A time limit (preferably short) after which the offer will expire Contingencies ​ Can you take back/withdraw an offer? In most cases the answer is yes, right up until the moment it is accepted—and in some cases even if you haven't yet been notified of acceptance. If you want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don't want to lose your earnest money deposit or get sued for damages the seller may have suffered by relying on your actions. ​ Learn more about the offer process: Counter Offer​ Accepted Offer Offer Rejection Highest and Best Offer ​ ​​

Mortgage Professionals There are four main types of mortgage companies where you can apply and receive a mortgage loan, and the one that works best for you will depend on your situation: ​ Banks and Mortgage Bankers - This is a great option if you prefer to have all of your financial accounts in one place; however, it may take longer to close your loan. Additionally, they may not offer government-backed loans (for example, FHA, VA, or USDA home loans). Perhaps the most common of all financial institutions are banks. Banks get their money from investors and its own customers. In addition to offering checking and savings and investment options, banks will often offer different types of mortgage loans for qualified borrowers. For many people, their local bank is the first and possibly only financial institution they will ever do business with. ​ Credit Unions - Credit unions usually offer loans only to their members. They may have lower costs and interest rates, but like banks, they may take longer to close. Like banks, they may not offer government-backed loans. Credit unions are very similar to banks, except that they are owned by their account holders, known as members. These institutions usually require membership and get funds from their members. Similar to their bank counterparts, credit unions offer a range of services to their members such as depository accounts for checking, savings, and retirement. As with banks, credit union members will often utilize their institution as a one-stop shop, obtaining their mortgage loan, as well as all their other banking needs at the same place. ​ Mortgage Lenders - Unlike banks and credit unions, which offer a variety of financial services, mortgage lenders exist for the sole purpose of real estate loans. Unlike banks and credit unions, most mortgage lenders can take care of the entire process “in-house.” This can shorten the time frame involved with obtaining a mortgage. A mortgage lender is a financial institution, similar to a bank, that originates and funds loans in their own name. Unlike banks and credit unions, mortgage lenders exist for the sole purpose of making loans against real estate. Most mortgage lenders do not service, or “keep”, their loans. Instead, lenders sell their loans to banks or servicing companies. These servicers then take on the job of collecting payments on a monthly basis. Mortgage lenders get their money from banks, also known as investors. Unlike banks and credit unions, most lenders do all their own loan processing, underwriting and closing functions “in-house.” They can take care of the entire process with internal staff. In-house operations shorten the time frame involved with obtaining a mortgage loan. ​ Mortgage Brokers - Mortgage brokers do not lend money directly; rather they have access to many different lenders and loan programs. This can give you access to more options. But they do not have as much control over the speed of a loan approval as a bank or mortgage lender. A mortgage broker is essentially a “middleman” between the homeowner and bank. Mortgage brokers do not lend money directly. Brokers have access to many lenders, as well as many different loan programs. In some cases, especially when your credit isn’t perfect, a mortgage broker can shop around to find a home loan that isn’t offered by a bank, credit union, or even a lender. Home buyers with special income types, lower credit, or are looking at a unique property might inquire at a broker first. Or, if your home bank or credit union can’t approve you, your next step is to talk to mortgage companies and brokers.

Showings Showings are scheduled between buyers and sellers so that a prospective buyer can tour the property. The coordination for the showings is generally coordinated between the respective Realtors, with the input of the buyer and seller of course. ​ For the Seller: The Realtor will usually provide a Lockbox where a key for the property will be placed. Either your Realtor or the Buyer’s Realtor will escort the Buyer through your home Make sure to prepare your property for a showing and to also secure your valuables. It is recommended that Sellers do not leave anything out. Although a Realtor will be present during the showing, it is always better to be safe and secure your items. When a Buyer and the Buyer’s Realtor has coordinated a showing with a Seller, the Realtor will receive a Lockbox code to open the Lockbox to receive the key and gain access to the property. ​ For the Buyer: Your Realtor can either coordinate an individual property showing or schedule multiple properties in one day. It is usually a lot more efficient to see multiple properties in a day. Only a Realtor is able to receive a Lockbox code from the Seller’s Lockbox per the Illinois regulations. ​ ​

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Earnest Money ​ Earnest money is an amount paid in to escrow early in the home purchase process to essentially put a “hold” on the property for the buyer. The money is deposited once an offer has been accepted . It’s a way of showing serious intent that the buyer is going to stay true to their offer, and protects sellers from having to deal with buyers putting out multiple offers or going into negotiations on multiple properties. At closing, the earnest money payment is generally taken out of escrow and put toward the buyer’s down payment. ​ A REALTOR®, title company, or an attorney can usually hold this deposit. The amount varies from community to community, and it becomes part of your down payment. ​

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