Once you have found the home you wish to purchase, you will need to determine what offer you are willing to make for the home. It is important to remember that the more competition there is for the home, the higher the offer should be - sometimes even exceeding the asking price. Remember, be realistic. Make offers you want the other party to sign!
To communicate your interest in purchasing a home, we will present the listing agent with a written offer. When the seller accepts an offer it becomes a legal contract. When you write an offer you should be prepared to pay an earnest money deposit. This is to guarantee that your intention is to purchase the property.
After we present your offer to the listing agent it will either be accepted, rejected, or the seller will make a counter-offer. This is when we will negotiate terms of the contract if necessary.
What Happens Next:
In different parts of the country, attorneys, lenders, escrow companies and other persons who are independent of title companies perform some or all of these functions.
•1. Earnest Money - An agreement to convey starts the process once it is received at the Title Company or seller's realty firm. Once you submit the loan application, it is usually subject to a credit check, an appraisal, and sometimes, a survey of the property.
•2. Tax and Title Search - Copies of documents are gathered from various public records: deeds, deeds of trust, various assessments and matters of probate and the like are addressed.
•3. Settlement - An Escrow Officer oversees the closing of the transaction: seller signs the deed, you sign a new mortgage, the old loan is paid off and the new loan is established. Seller, agents, attorneys, surveyors, Title Company, and other service providers for the parties are paid. Title insurance policies will then be issued to you and your lender.
•4. Title Insurance - There are two types of title insurance:
•· Coverage that protects the lender for the amount of the mortgage,
•· Coverage that protects the equity in the property.
Both you and your lender will want the security offered by title insurance. Why? Title agents search public records to determine who has owned any piece of property, but these records may not reflect irregularities that are almost impossible to find. Here are some examples: an unauthorized seller forges the deed to the property; an unknown, but rightful heir to the property shows up after the sale to claim ownership; conflicts arise over a will from a deceased owner; or a land survey showing the boundaries of your property is incorrect. For a one-time charge at closing, title insurance will safeguard you against problems including those events an exhaustive search will not reveal.
And this is just the start of what you'll find at www.Chicagoland2to4Flats.info!!!
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