Buying Chicago Condos For Sale
The process of buying a condo is not as complicated as it may seem, and it’s made much easier by enlisting some help along the way. The assistance of a professional realtor or to help locate the condo, hire a real estate lawyer, and to hire a qualified inspector to appraise the property will make the process both easier and more successful.
Making an Offer
Once you’ve identified a condo, your realtor should work with you to make an offer on the property. As part of the process, it’s common for your realtor to should show you a few nearby properties that are selling or have sold at similar prices to give you a point of comparison. The offer you make will include the price you are willing to pay, a timeframe for the owner to respond, and another timeframe for when you will have the condo inspected and appraised.
Inspecting the Property
Once the owner accepts your offer, you should hire a qualified property inspector to thoroughly inspect the condo. If, upon inspecting the premises, you decide against buying the property, the owner should return your deposit in full. Otherwise, your inspector will provide a list of recommended repairs, which will be included in the purchase and sale agreement.
Hiring a Real Estate Lawyer
Hiring a real estate lawyer is highly recommended for the remaining purchase process. A real estate lawyer will inspect the seller’s offer and provide a buyer’s offer. He or she should also review the rules and regulations of the condominium association, and they should also inspect the history and general business practices of the organization to make sure they are both responsible and consistent with your needs.
Securing a Loan
You will also need to provide your mortgage company with your down payment information, your income, credit history, assets and so on. It is important to visit a number of mortgage companies as interest rates can vary significantly. Once you have satisfied your need for a mortgage company it is time for closing. To help you out as best we can, we have compiled a list of mortgage terms to explain some important mortgage terminology.
Read your closing documentation thoroughly with your real estate lawyer. This will include payment plans, liens and whatever else the contract includes. (Be sure to fully understand what you are signing.) Take a final walk-through of the condo to make sure you’re getting what you pay for, ensure the agreed upon repairs were made and all fixtures and appliances included in the purchase are intact.
Once you are comfortable with the contract and with the property, you need only to sign the papers and the keys are yours!