Glossary

Deed of Title A deed of title, or title deed, is a specific legal document that transfers the title of real estate from one person to another. Full ownership to a piece of real estate is given to the new owner. Usually, such a transfer would happen through a traditional real estate sale; however, a title may be transferred in other ways. An example of this would be when someone gifts a piece of property to another person. ​ In most cases, the deed of title is classified as a general warranty deed. This is a specific type of deed in which the current owner guarantees that they hold a clear title to a piece of real estate. This means that they are not only guaranteeing that they received a clear title from the previous owner of the property, but that no other individuals retain any interest in the property. ​ A general warranty deed is utilized for most real estate deed transfers due to the fact that it provides the greatest amount of protection of any deed. It may be known as a grant deed in some states. ​ Deeds of title should not be confused with a deed of trust. A deed of trust simply grants a lender or mortgage lender a lien on the property if a debt is owed.

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Title Insurance Once the title is found to be valid, the title company will likely issue a title insurance policy, which protects lenders or owners against claims or legal fees that may arise from disputes over the ownership of the property. ​ There are two main types of title insurance: owner’s title insurance, which protects the property owner from title issues, and lender’s title insurance, which protects the mortgage company. ​ You, the home buyer, will pay for the lender’s title insurance when you close on the house, but it’s also a good idea to make sure you have an owner’s title insurance policy as well (in some areas of the country, sellers pay for these policies; in others, the buyer must purchase it). ​ For example: You buy a home and get both lender’s and buyer’s title insurance, but then someone comes forward claiming they are the rightful owner of the home. If, in fact, the title was wrong and they are the rightful owner of the home, your title insurance policy will likely pay you the value of the home and the lender the amount they lent you to buy the home.

Marketing Plan The most basic strategy in the real estate marketing plan is ensuring that a property has professional pictures taken of the home, priced correctly in the market, and listed on the Multiple Listing Service (MLS). Once it is listed in the MLS, the listing should be syndicated to all of the major marketing websites such as Zillow.com, Realtor.com, etc. Most homes are found by buyers through these real estate websites. The MLS also allows local Realtors to be notified of the availability of a local property. Listing a property onto the MLS is the crucial first step to selling a property. ​ A good listing agent will present a concise marketing strategy to you. They will show you examples such as listing on the MLS, hosting open houses, and sending out targeted campaigns. However, sellers should participate in the marketing process. Here are some examples of how sellers can participate in the process: opting for professional photography and virtual tours, or tapping into their personal networks to find interested buyers. It’s impossible to prepare a marketing plan that targets every buyer. But, in order to improve the chances of selling your property, it is necessary to understand the buyers in your market. Each market is different so this page will only attempt to speak to the macro national trends in the market, which is to market towards millennials (the current generation that is actively purchasing real estate). ​ Real Estate Marketing For Millennials: 5 Tips For Success ​ Those who hope to successfully sell to today’s buyers must actively take part in real estate marketing for millennials. Traditional marketing tactics may not work on these digital natives, and real estate professionals who take the initiative to understand this generation’s consumer preferences and behavior will develop an advantage. The following are 5 unique tips to find success in selling to the millennial home buyer: Help them each step of the way: 90% of home buyers aged 37 and younger worked with a real estate agent, and many of them cited that they wanted help in understanding the home buying process. Understand that guidance is extremely important to this consumer segment, and take advantage by marketing your emphasis in assisting clients. Know that price matters: A majority of millennials use their savings to pay their down payment, more so than other generations, signaling limitations in financial options. Help these buyers by suggesting how to save money or use their funds in the most impactful way during the home buying process. Pay attention to visual representation: Visually-based social media platforms such as Instagram and Pinterest are popular amongst young home buyers. In addition, many of them cite staging as an important factor filtering through properties online. Do not hesitate to market your property in a visually-compelling manner, such as through Instagram or Pinterest. Specify your competitive advantage: Millennials know that each real estate agent has something unique to offer, so be ready to stand out from a group of candidates by clearly specifying what you have to offer to them. Go digital: Is should go without saying that the best way to appeal to this generation of digital natives is through digital marketing. 93% of home buyers aged 37 and younger use the internet for their home buying process. There are a variety of trends associated with the millennial home buyer, and as a seller or real estate professional, it is important to keep up with the latest statistics and information. Each generation has its own unique tastes and preferences, and furthermore, there are divergences within each of those home buyer segments. Those who make an effort to keep up with these preferences, and take the extra step to understand why consumers have these preferences, are best able to serve these home buyers’ needs.

Dual Agency Dual Agency is when a licensed Realtor represents both the Buyer and the Seller in a transaction. This is not legal in all States so it is important to ask check your State laws to see if it is legal, if your Realtor finds themselves in that situation. ​ In Illinois, Dual Agency is legal as long as both the Buyer and the Seller consents to the dual representation. This is performed through Dual Agency disclosures. An example of such a disclosure can be seen in this Listing Agreement . ​ Complexities with Dual Agency ​ Communication Dual agents are restricted in releasing confidential information about either client, and they cannot give preferential treatment to either party to the transaction. Client’s of dual agents sometimes become frustrated that the agent will not communicate with them beyond relaying information to and from the other client ​ Pricing Advice Real estate agents often have a better idea of a property’s true market value than the seller or buyer. In most cases, they also know the lowest price a seller is willing to accept or the highest the buyer is willing to offer. However, a dual agent is restricted in using this knowledge to complete the transaction. Discussions with either client about the price to offer or accept can lead to violations of the dual agency agreement and possibly result in the revocation of the agent’s license. For this reason, their knowledge of the market and experience in selling property is of limited value to either party.

Listing Agreement (Illinois)

REALTOR (R) Seller's Agent A REALTOR (R) is real estate professional that is both a licensed real estate agent or broker AND a member of the National Realtor's Association. They are experts in the residential real estate process and help represent Sellers and Buyers during their real estate transaction. ​ On this page, we will discuss the role, duties, and responsibilities of the Buyer's Agent: ​ Role Showings: Sellers's Agents will coordinate with you and the prospective buyers to schedule time and access for property showings. Negotiations: Seller's Agents will assist the Seller in the Offer Negotiation process when the Seller receives offers to purchase their home. These include individual offers, multiple bids, and other offer situations. Management: Seller's Agents will assist the Seller in managing the entire buying process by organizing all of the requisite documents and ensuring all parties involved in the transaction are active in ensuring the selling process is being executed properly and in a timely fashion. ​ Benefits - You do not need a real estate agent to sell a home; in fact, some home sellers leave the Seller's Agent out of the equation. However, you might benefit from hiring one. ​ To save time. Agents are professionals who are active in the market and will have a pulse on the general market conditions in your area. Pricing a home properly on the market is important so that Sellers can receive the highest payment for their property and to sell quickly. Mispriced homes can end up staying on the market longer than desired by Sellers and may impair the Sellers ability to purchase another home and/or move on time. To get information and help with negotiations. Good agents should have wealth of information to help you make a decision. And, they’ll handle a lot of complex paperwork on your behalf. Offer Contract Contingency Negotiations Home Inspection Reports Appraisal Reports Earnest Money Escrow Extension Requests Another plus is that your agent will handle a ton of paperwork on your behalf. Unless you love filling out forms – and have experience in real estate transactions – this is a chore best left to the professionals, who should ensure that everything is done by the book. You could easily make a mistake with these documents. Mistakes can cause deals to fall apart or (worse) make you liable for an inadvertent breach of contract. (Licensed agent will have errors and omissions insurance to limit this risk.) An experienced agent will make sure that everything that needs to take place — counter-offers, extensions, appraisal, inspection, walk-through, loan approval — happens when it’s supposed to and how it’s supposed to.​ ​ ​​

Pre-Qualified Mortgage pre-qualification differs from a pre-approval in that pre-qualification assesses whether your debt-to-income ratio fits a lending institution' guidelines for home loans. It also provides an estimate of how much you may be able to borrow - a good first step in your house-hunting journey. ​ While this number is informative, keep in mind how much you may qualify to borrow is often more than how much you can afford to spend on your new home and still have money left over for the other important things in your life; like furniture for your new home. ​ Getting pre-qualified doesn’t require a commitment from you or the bank. It isn't a true application and your credit history doesn't factor into your pre-qualification. Even so, you should be aware that when you apply for a mortgage, your credit score will affect your ability to qualify. If you have concerns about your credit history, talk to your mortgage loan officer now to find out what loan options might be available to you. ​ When you get pre-qualified, you can request a letter stating how much you may be able to borrow, based on the information you provided to the lender. You can give this letter to your real estate agent to show you’re a serious homebuyer. ​ ​​

Title Search A buyer should always obtain a title search from a title company before purchasing a home. The company searches public records and other sources for any liens, easements (such as the utility company’s right to access part of the property), or other encumbrances or title restrictions that may affect ownership or use of the property. ​ Under the Illinois purchase contract, the seller is expected to correct those problems as a condition to closing. ​ If your mortgage lender doesn’t already require it, you should also consider purchasing a title insurance policy to protect your title to the property against adverse claims by third parties, or any clouds on the title missed by the title search.

Home Inspection Many buyers include a clause in their offer making the sale closing contingent upon a satisfactory inspection report. This makes sure that if any unacceptable material defects exist on the property, the buyer has a chance to renegotiate or cancel the sale. ​ Buyers should not rely solely on the home seller's disclosures, but should hire an independent home inspector to examine the property. Even after having lived in the property, the seller is unlikely to know all its troubles, particularly if the attic or subspace is difficult to access. ​ Home inspections cover nearly every element in and around home and other structures on the property. Roofing, full exteriors, structural elements, full interiors, plumbing, electrical, heating and air conditioning, and all of the components of these are subject to inspection . ​ Inspections begin on the outside of the property, walking around the exterior of the home. Next, the roof is inspected, then the garage, and finally the inspector goes inside the home. ​ Once inside, the inspection starts at the top, preferably in the attic, and works down through the house, checking floors, walls, plumbing, stairs, and other elements until the inspector reaches the crawlspace or basement. ​ A well-written inspection report will discuss problems as far ranging as the heating and cooling systems, electrical systems, plumbing, walls, drainage, basement, foundation, and flooring.

Closing Documents These are the documents finalized at closing:​​​ ​ The deed – This is filed with the Recorded of Deeds office. It transfers title from the buyer to the seller. The Affidavit of Title – A statement by the seller about any known legal issues with the property or encumbrances on the seller’s title. Bill of Sale – A receipt-like document that shows the seller received all payments for the sale of the property. ALTA Settlement Statement – An itemized list of all the money and credits during the exchange. Transfer Tax Forms – Tax forms that show the amount of consideration paid for by buyer for the purposes of evaluating the transfer tax costs. ​ At least three business days before your closing, the lender should give you Closing Disclosure statement, which outlines closing fees. Compare this to your Loan Estimate and ask the lender to explain what each line item on your closing costs is and why it is needed. There are limitations on the amount a number of fees can increase from the Loan Estimate to the Closing Disclosure so there really shouldn’t be any surprises on closing day. But if there are, you can still walk away at closing.

Home Buying Buying a home may be the biggest financial decision of your life. Make sure you're informed. The home buying process is unlike any other purchases you've made in your life. It is important to understand the complexity of such a large transaction so that you know all of the costs, benefits, and risks associated with owning real estate. Home Buying Steps Step 1: Pre-Approval Professional Involved: Mortgage professional ​ The first step to the home search process is to be pre-approved by a mortgage lender. The pre-approval will help you determine your financial situation. There are different types of mortgage loans. Learn why it is the first step: Pre-Approval Step 2: Buyer Interview Professional Involved: Realtor ​ The 2nd step in the home search process is to work with a Realtor to talk about your wish list and your financial situation. In this conversation with your Realtor, you will work together to determine what are realistic goals when looking for your next home. You may also enter into a Buyer's Agreement with your Realtor. Steps 3: Home Search Professional Involved: Realtor ​ The 3rd step involves you and your Realtor searching for available properties and scheduling showings to view properties. You might also be attending Open Houses during the home search process. Step 4: Make an Offer Professionals Involved: Realtor ​ The 4th Step is when you've found the property you wish to purchase and you work with your Realtor to send an offer to the Seller for the price you'd like to purchase it for. An offer is a legal document used to outline a potential real estate transaction between a buyer and seller. Step 5: Negotiate Professionals Involved: Realtor ​ The 5th Step occurs after you submit an offer to the Seller. The Seller can decide to Counter Your Offer , Accept Your Offer , or Reject Your Offer . If there are multiple offers, the Seller may counter by asking for your Highest and Best Offer . Step 6: Contract to Close Professionals Involved: Realtor Mortgage Professional Real Estate Attorney Appraiser Home Inspector Title Company ​ The 6th Step occurs after your offer is Accepted. The Attorney Review , Home Inspection and Mortgage Approval are occurring simultaneously. Step 7: Closing Professionals Involved: Realtor Mortgage Professional Real Estate Attorney Title Company ​ The 7th Step occurs after the financing is confirmed. The property's utility will be switched over to you, the final walk-through is conducted, the title is transferred , closing costs paid and closing documents completed.