...extraordinary homes with extraordinary lives.

Transcription

1 ...extraordinary homes with extraordinary lives.

2 REAL ESTATE. redefined.

3 THE MISSION Our mission is to utilize our extensive experience and expertise THE STORY COMPANY Jameson Sotheby s International Realty believes that its clients deserve more than just service; they deserve ultimate satisfaction. As a result - Jameson Sotheby s International Realty is: LIVING LUXURY DEVELOPMENT RENTAL THE BRAND Today we continue that focus by employing our brand s vision of artfully uniting extraordinary properties with extraordinary lives.

4 AGENT WE HAVE THE TOP PRODUCING AGENTS IN THE CITY

5 AGENT AS YOUR AGENT, I WILL» Our agents are neighborhood specialists»»» and can provide you with the most current and relevant information specific to the neighborhoods you are interested in. Our agents will personally tour each property with you offering advice and insight to help you make the best decision. Our agents will provide you with relevant sales information and how to interpret the data for the areas you are interested in to ensure you are well-educated and make an informed offer.»» Our agents handle the details of the transaction through closing, including seller disclosures and paperwork. Our agents are skilled negotiators so you get the best deal. Our agents are full time Realtors ; real estate is our job. OUR AGENTS EXPERTISE IS FREE TO YOU

6 WHY PURCHASE? LET US HELP YOU BUY THE HOME OF YOUR DREAMS.

7 HERE S WHY 1 TAX ADVANTAGES MONTHLY PAYMENT DEDUCTIONS, UP TO $500,000 TAX-FREE POTENTIAL PROFIT! 2 PRIDE OF OWNERSHIP CONTROL PREDICTABILITY RENTAL UNITS COULD BE SOLD, GO UP IN RENT, NO CONTROL 3 4 HOMES HAVE APPRECIATED 4.7% ON AVERAGE ANNUALLY SINCE 1940! EQUITY/PRINCIPAL PAYDOWN WHY PURCHASE? 5 BANKRUPTCY PROTECTION OWN VS RENT» Compare the advantages and considerations of owning after a 10 year period vs. renting a home. CURRENT RENT $1,500 RENT OWN PURCHASE PRICE OF HOME $300,000 PRICE OF HOME AFTER APPRECIATION $5,241 PERCENTAGE OF DOWN PAYMENT 20% REMAINING BALANCE AFTER 10 YEARS $203,625 LENGTH OF LOAN TERM (YEARS) 30 EQUITY EARNED $318,616 INTEREST RATE 6.5% TAX SAVINGS (AT 28%) $56,280 YEARS YOU PLAN TO STAY IN THIS HOME 10 AVG. MONTHLY PAYMENT OVER TIME $1,669 $0 YEARLY PROPERTY TAX RATE 1.5% TOTAL PAYMENT $200,280 $0 YEARLY HOME VALUE INCREASE RATE 5.7% TOTAL SAVINGS - $200,280 + $374,896 Note: These items were not used in the above calculations: private mortgage insurance, homeowner s insurance cost, loan closing cost, cost of selling a home, property tax, homeowner s tax saving, and rent increases. Results are estimates only.

8 PURCHASE PROCESS WE ARE THERE AT ALL STAGES OF THE BUYING PROCESS.

9 PURCHASE PROCESS TYPICAL BUYING PROCESS WEEK 1 WEEK 2 WEEK 3 WEEK 4 WEEK 5 WEEK 6 WEEK 7 WEEK 8 WEEK 9 WEEK 10 1 MEET WITH AGENT, SET UP ONLINE SEARCH, CHOOSE INITIAL AREA AND PROPERTY TYPE 2 MEET WITH LENDER (PRE-APPROVAL & PRICE RANGE, COSTS) 3 CHOOSE REAL ESTATE ATTORNEY AND INSPECTOR 4 BEGIN LOOKING AT PROPERTIES 5 WRITE CONTRACT, SECURE NECESSARY DOCUMENTS 6 BEGIN REAL ESTATE ATTORNEY REVIEW AND CONSIDER INSPECTION 7 INSPECT PROPERTY 8 FINALIZE ATTORNEY APPROVAL 8.5 MORTGAGE PROCESS 9 CONDUCT FINAL WALK THROUGH 10 CLOSE Approximate timeline for guidance

10 WANTS & NEEDS WE WANT TO KNOW WHAT YOU WANT.

11 PROPERTY WANTS & NEEDS WANTS & NEEDS AREA - CITY / NEIGHBORHOOD AREA WANTS & NEEDS» TRANSPORTATION L Metra Highway Access Bus COMMENTS» COMMUNITY s Lake Grocery Shopping Church Noise / Congestion Established Growing Street ing COMMENTS» SCHOOLS Public Private Grade School High School College COMMENTS PROPERTY» PRICE RANGE Min Max» BED to» BATH to» PARKING» TYPE Single Family Town Home Condo» CONDO TYPE High-Rise Walk-Up Town Home» YEAR BUILT » SQUARE FEET to COMMENTS» AMENITIES Fireplace Hardwood Floors Closet Space Central Air Laundry Basement Elevator Pets Yard Deck Roof Deck Doorman Pool Gym Views COMMENTS» CONSTRUCTION Brick Frame New Vintage Contemporary Fixer Upper Green COMMENTS

12 FINDING YOUR HOME LET OUR AGENTS HELP YOU FIND THE PERFECT PLACE.

13 GET SET-UP ONLINE FINDING YOUR HOME MY JAMESONSIR NEIGHBORHOOD INFO SEARCH LISTINGS

14 CLOSING OUR AGENTS CLOSE MORE DEALS.

15 TYPICAL CLOSING PROCESS WEEKS UNTIL CLOSE 6 Approximate timeline for guidance APPLY FOR HOMEOWNER'S INSURANCE 2 CONSIDER PURCHASING A HOME WARRANTY (TALK TO YOUR AGENT) 3 SCHEDULE MOVERS (SOME BUILDINGS REQUIRE SCHEDULE AND FEE) 4 TALK TO YOUR ATTORNEY ABOUT HOW TO HOLD TITLE 5 HAVE YOUR ATTORNEY SCHEDULE CLOSING TIME [SEE BELOW] 6 ASK YOUR ATTORNEY TO DETERMINE YOUR CLOSING COSTS 7 SCHEDULE FINAL WALK THROUGH [SEE BELOW] TRANSFER / SET-UP CAREFULLY REVIEW CLOSING DOCUMENTS CLOSE RECEIVE KEYS / REMOTES / MANUALS MOVE IN CLOSING 12 6 AFTER CLOSE WE STAY IN CONTACT TO ADVISE, PROVIDE RESOURCES & KEEP YOU UP-TO-DATE ABOUT THE MARKET Transfer Fees, Title Fees, Escrow, Loan Fees, Legal Fees, Insurance, Appraisal, Inspection, Pro-Rations, Deposits, Property Tax, Assessments, Down Payment UTILITIES SERVICES ADDRESS CHANGE CITY COMMUNITY 8 Gas, Electric, Water, Phone Garbage, Cleaning, Lawn, Cable, Alarm Mail, Subscriptions, Bank, Credit, School Permits, Fees School, Library, Health Club

16 WE HAVE THE RESOURCES TO FIND EXACTLY WHAT YOU RESOURCES NEED.

17 RESOURCES

18 34th Jane Addams Hull House Museum 1000S 200E 38 Metra Rock Island District Polk end RU Taylor on rris 29 Wabash Dewitt Mies van der Rohe McClurg Field Metra Electric, South Shore Line W A L K W A Y CC 6 M O N R O E A Symphony Center Metra Van Buren Street Station Petrillo Music Shell Jackson Downtown Chicago Congress Subway rail lines EW 1 3 X Bus line with route number Elevated rail lines, direction and station 000 Part-time bus service only Purple Line Express: Weekday rush periods only 000 No stops along bus route Free train connections at station N62 Night Owl service only and station Buckingham Fountain 600S INSIDE Balbo 3 X3 E 400S X28 follow same route downtown Streeter H A R B O R K R Columbus 200S P X X Peshtigo New Lake Shore Drive St Clair Fairbanks Columbus 1N-1S LAKE MICHIGAN Michigan Art Institute of Chicago Michigan 1E-1W Plymouth Terrace Clark LaSalle Financial Wells Pritzker Pavilion Millennium 1-7 X Randolph 60 Harris Music & Dance Theater Metra Electric, South Shore Line th 4 W A L K W A Y 8th Cabrini D Monroe Harrison Spertus Museum of Judaica Po Polk Wac ker begin at Van Buren Ha Federal X to Harrison/Desplaines after 10:30 pm daily (rush periods) Smith Museum of Stained Glass 200N 4 60 Metra Millennium Station ends T HI Chicago Hostel RM 135 N Harold Washington Library 4 A Metra LaSalle Street Station La S begins alle Van Buren 400N C Chicago Children s Museum nonstop between Wacker/Columbus and Arlington (2500 N)/Stockton nonstop between Wacker/Columbus and Belmont (3200N)/Lake Shore nonstop between Wacker/Columbus and Bittersweet (4100N)/Marine G ry Lib R 1-7 X DU 6 Stetson h olp nd on dis ms JM Ra Ma ArchiCenter Navy Pier Chicago River 135 Gallery 37 Center for the Arts ra Use card or pass Wabash S TAT E Clark alle La S CA CS Ohio Street Beach 600N River 134 Olive North Water UC 124 on middle level Ad a State STREET SHOPPING Dearborn Jackson AI 1 Harbor W te Sta rk Cla ton ing LaSalle FEDERAL CENTER Plaza d Gr an rk Cla Wells ash W Wells Qu inc y C E N T E R 3 4 X Illinois Cityfront MICHIGAN AVENUE SHOPPING Rush Wabash State Dearborn Clark LaSalle Wells Franklin rch Ma andi rt se Wacker Wacker Monroe 24 MC lk 38 Michigan 1E-1W Ch ica go 200W C Su hica pe g rio o r Orleans Me Cli nto n 135 DT Ohio I L L I N O I S 147 Erie 3 follow same route X3 downtown Ontario X28 OUTSIDE 800S Accessible station Automated station entrance No farecard machines at this entrance. Sheltered bicycle parking Hutchinson Field 1000S F Metra commuter rail Walk between stations for free connection Lake Shore Drive 800S Lexington 600W G Grand WC Huron H O S P I T A L Cultural Center/ Visitor Info X Chicago Board of Trade Broadway bus extended Main Post Office Vernon 7 X Eisenhower Expwy Harrison 134 Van Buren Dearborn 1 Metra Burlington Northern Santa Fe, Heritage Corridor, SouthWest Service 145 Use card or pass Superior M E M O R I A L HW 2 6 U N I V E R S I T Y 2 on lower level McCormick Tribune Freedom Museum B 800N N O R T H W E S T E R N 2- TB Lake 200W ends Sears Tower Lake Shore N O R T H W E S T E R N 10- begin/ end South Water X X4 26 us 35th-Bronzeville-IIT 7 60 UI Chicago street numbers 1 THEATRE DISTRICT Siskel Film Center Traffic Washington Court City Hall/ County Bldg Cook County Court 8 24 State 35th 600S 7 Greyhound Bus Terminal E to Howard Red Line to Linden to Kimball Brown Line 33rd 00N Expressway or tollway Blue Line to Forest 7 Canal X4 33rd Burnham Clinton 3 X3 & Ride lot 94 ker 2 ac Daley Center 20 X Jackson 1 X Chicago Mercantile Exchange Amtrak/ Metra X28 Union Station Thompson Center Adams 124 Riverside Plaza Canal Clinton 126 Jefferson 31st 39 Point of interest 27th 29th Sox35th U.S. Cellular Field King Dr 21 Other Symbols 21 Rhodes Illinois Institute of Technology Station served weekdays only Station served weekday rush periods only 135 HC 14 Metra Milwaukee District, North Central Service 1 CK S Oak Lawn 134 n Cli nto ST Civic Opera House 400W Desplaines Jefferson F 8 Desplaines 1 4 Sedgwick Hudson Kingsbury Clinton Canal Desplaines Union Kennedy Expwy 200S Madison Station served daily McCormick Place 400W 600W Larrabee an d Gr Monroe d 23rd Michigan Wallace Halsted Halsted Sheridan Sedgwick Sedgwick Clinton Clinton Canal B lu Clark LaSalle L oomi s Racine Racine Ashland UIC -H als te Clarendon 800W Halsted Sheffield Halsted Canal Damen Hoyne Damen Western Laflin 35 Chinatown 29 Prairie Avenue Historic District rive 35th/Archer N-1S G R E E K T O W N Broadway Ashland Ashland Justine Ill Med Dist n de Og Western Washtenaw Racine 26th 8 Ashland 35th Wells 1600W 2000W Hermitage Damen, Paulina California We stern Western KedzieHoman Kedzie Kedzie California LaSalle Clark State Southport Ashland 2400W Western California Sacramento Kedzie Kedzie St Louis Homan Central Central Pulaski Pulaski Damen Kimball Homan Conservatory Central Drive Pulaski Pulaski Hamlin Lawndale 168 her Arc Metra Ogilvie Transp Center Museum of Contemporary Art 6 29 Washington 20 X20 56 X Metra Union Pacific X20 Glenview Mars Randolph 38 D ore th Pl Sheridan Damen Paulina Southport Rockwell 2800W 3200W Kedzie 3400W 4000W Rockwell Francisco Sacramento Kedzie Spaulding Kimball rv Par ing k Kildare Komensky 62 ry 50 nonstop to UPS see schedule Halsted Is sbu land Cermak King Blue 21 Vietnam Veterans Art Museum 18th e Sh th CermakChinatown Northerly Island Lak 55 Halsted th see schedule 49 53A Roosevelt, State Kinzie Lake Metra Commuter Rail 1 X th 4 X4 24 rt 18th 18 Archer, N62 via Halsted, 29 rpo X49 60 Ai 60 National Museum of Mexican Art 38 E No farecard machines at this entrance. Roosevelt ID Lake CTA 90 Auxiliary station entrance Polk 62 Automated station entrance 38 Taylor 18 Roosevelt IA Headquarters Sheltered bicycle parking Harrison re 21 X9 9 Ha Og 12 Accessible station 60 Harrison UIC Pavilion O den Cook County Courts 82 31st 94 Douglas Polk Illinois Medical District Free train connections at station Stations temporarily closed for construction 65 Merchandise Mart to 53 25th 12 Polk X20 Between Skokie and Howard Belmont ne 26th Taylor Pink Line to 54th/Cermak Yellow Line Grand Illinois Visitor Info Center 3 X4 3-X NU 2 3 X Hubbard Kinzie i Cermak 00S 16th Harrison 7 Pink Line Between Howard, Downtown, and 95th/Dan Ryan Chicago Hubbard Red Line Lake 20 Jackson Greektown Lexington 126 Van Buren College e el Malcolm X College Inner Drive Douglas FOREST PARK BRANCH Roosevelt United Center X20 Green Line to Harlem/Lake 200N Between Linden and Downtown, weekday rush periods only Merch Mart Randolph Washington Madison Between Midway Airport and Downtown Purple Line Express Clark/Division N O R T H 65 Hubbard 10 Water Tower Place Chicago A R E A Wacker Between Linden and Howard International Museum of Surgical Science R I V E R Fulton Purple Line Superior Grand Wayman Between 54th/Cermak and Downtown Chicago History Museum 400N Orange Line 72 Chicago 65 lw au John Hancock Observatory 66 Grand D Mi ke Between Harlem/Lake, Downtown, and 63rd Street terminals Between O Hare, Downtown, and Forest r e Dr Congress Grand Zoo 3-X4-26 LU Ohio 65 8 Green Line SatSun Chicago to North Michigan Ave Lake Washington Warren 126 Kendall College 9 X9 E N T E R T A I N M E N T Kennedy/Dan Ryan Expwy Feeder Ramp 600N n th 50 X20 20 North/ Clybourn Delaware Pearson MB Ontario Between Kimball and Downtown La ke S ho Fulton 56 Chicago 33 Michigan Ave N to North Division 66 Garfield 7 Damen 74 Webster Armitage 73 No stops along bus route Brown Line Huron Erie Blue Line Notebaert Nature Museum Superior Erie CTA Trains and Stations Addison ckto Garfield Conservatory Cortland C Trains operate daily unless noted. Sto 65 Armitage rn Night Owl service only n on 72 ou Sheridan n Western Humboldt Cl y b Armitage Mi lw au ke e 73 N00 Bus route terminal col DePaul Univ Lin Fullerton Part-time service only Can wy k Exp Diversey 9 X9 Delaware 66 Administrative Hearing Facility (County Court) B lu Wellington Pace bus routes (208 and up) P ark Lincol n California Limited stops along bus route 78 r 50 Walton Chestnut Chicago N All CTA and Pace bus routes are accessible Inner D Addison CTA Hyde bus routes ( and 192) Wilson Clar Spaulding X80 Sheridan Wrigley Field 000 Lawrence y edy wa Ken n 78 Montrose Belmont X ad Logan Square 154 Addison X9 k 56 Irving Bro 152 Roscoe Belmont Truman College Clar Addison 78 Montrose Wilson ln X80 Pulaski Healy Lawrence o Linc Irving 53 CTA bus routes (1-206) 000 Argyle Ravenswood 78 Berwyn 92 Foster Western 81 v e hore Dri La ke S Driv e Marine X49 49 Bryn Mawr Bryn Mawr 50 Berwyn UIC-Halsted Kedzie North University 1 Ashland 93 Kimball Pulaski 92 00N 84 49B Illinois University 143 rive ore D e Sh n 53 Northeastern e ge e Is la orm Mc C 210 col Thorndale N CTA RAILS AND BUSES - DOWNTOWN Lak Lin Institute Pl 800W Granville Rid Oak A R E A A Oak Street Beach N I G H T L I F E Washington Square Locust Bellevue Chestnut CTA and Pace Bus Routes Halsted Peterson 84 Walton CH Halsted Loyola University Sheridan 82 LAKE MICHIGAN Loyola ick 155 Pratt State Devon Lunt Peoria, Morgan Western California 155 Warren Newberry Research Library Chestnut Morse nd Kedzie Morse Clark McCormick 210 Rogers Lunt 96 Jarvis Paulina Hamlin s er Rog 290 Lincolnwood Town Center ush hours 49B an Sherid Touhy 93 S T R E E T Oak Franklin Dodg North Shor C Howard R U S H Rush Purple Line Express Asbury 8 Howard Howard ys olnwood 206 Maple CTA RAILS AND BUSES - CHICAGOLAND AREA B South Blvd re ) rive 97 PM AM cago Oakton AM PM Ridge Skokie Point of interest XX 100W College or university Street number G

19 METRA VENDOR LIST Our colleagues and friends have used these vendors and have reported a satisfactory experience. However, we have no control over the quality of the work of the listed vendors, nor are we able to verify that their certifications, licenses and insurance are adequate and up-to-date. We recommend that you call more than one vendor in each category of service to discuss your individual needs for any work you desire to have performed.» ATTORNEYS» HOME IMPROVEMENT Ami J. Oseid, Attorney at Law Bartlett Shower Doors bartlettshowerdoors.com Thompson & Thompson B&B (Laminates & Granite) bformica.com Hawbecker & Garver LLC hg-legal.com Marble Emporium » APPLIANCES Pow Pow Powerwash n Seal powpowpowerwashing.com Abt Appliances & Electronics abtelectronics.com» INSPECTION SERVICES Plass Appliance plassappliaince.com All About Homes aah-inspect.com» CARPET CLEANING Household Inspection Team, Inc weinspect.com Brouwer Brothers Steamatic bbsteamatic.aitrk.com J. Schiffman & Associates jerryschiffman.com De Correvont Carpets, Inc salvageone.com» INSURANCE Matthew Klujian & Sons Carpet Cleaning klujianrugs.com Alternatives Insurance, Ltd. Farmers Insurance altinsure.com farmers.com» CLEANING SERVICE State Farm / Joe Guarraci statefarm.com Maid for You Maid to Order Inc. National Maintenance Cleaning Corp. The Closet Factory In Its Place» FLOORS Armor Tile & Supply Hardwood Floors Unlimited Simion Flooring » CLOSETS & ORGANIZATION » HEATING & AIR CONDITIONING maid-to-orderinc.com closetfactory.com americaninternationaltile.com salvageone.com simeonflooring.com» LOCKSMITH Amazing Lock Service Security Shop » MASONRY & TUCKPOINTING Casey Brozozowski Szabo Masonry Sealing » SHADES & BLINDS Gotcha Covered Blinds Illinois Window Shade Co Window Treatments & Style gotchacoveredblinds.com illinoisshade.com Air-Rite ALL Temp Airon Heating FOR A COMPLETE LIST PLEASE SEE (RESOURCE LIST)

20 GLOSSARY» ACCELERATION CLAUSE Clause in trust deed or mortgage giving lender the right to call all sums owed as immediately due and payable upon the borrower s default.» AC C E P TANCE The indication of the offeree s willingness to be bound by the terms of the offer.» A D J U S TABLE RATE MORTGAGE (ARM) Interest rate and monthly payments are adjusted periodically during the life of the loan to correspond with changes in the money market.» AG E N T One who acts as a negotiator when dealing with third parties on behalf of a principal.» A M O RTIZATION The gradual retirement of a financial obligation by making periodic payments on the principal and interest.» A N N UA L PERCENTAGE RATE The nominal interest rate of a loan, plus charges for points, loan origination fees, finder s fees, and insurance. This rate must be stated on loans covered by Regulation Z of the Truth in Lending Law.» A P P R A I S A L An estimate of a property s value supported by relevant, factual evidence.» A S S E S S M E N T Either (1) an estimate by a government assessor of the value of property for the purpose of imposing taxes; (2) a fee imposed on property by a governmental authority, usually to pay for improvements such as streets and sewers; or (3) a fee charged by a community association (e.g., in a subdivision) or an association of co-owners (e.g., in a condominium project) to maintain or repair common areas or property.» BALLOON PAYMENT The final installment payment on a note greater than the preceding installment payments; any payments larger than average on a note.» BILL OF SALE The legal document used to transfer title to personal property.» CERTIFICATE OF TITLE A certification based on immediately available public records and issued by a title company, or an opinion rendered by an attorney that the seller has good, marketable and/or insurable title to the property.» CLOSING COSTS Additional costs other than down payments needed to purchase a property. They include points, application fee, one year s premium for hazard insurance, tax and insurance escrow deposit, city revenue stamps, recording fees and attorney s fees.» CLOSING STATEMENT The settlement sheet which is a statement of debits and credits for the buyer and seller in summarizing the costs involved when selling property.» COMMITMENT An agreement to loan a specified amount to a purchaser.» COMMON ELEMENTS That part of real property in condominium ownership of shared elements, including walls, structural supports, stairwells, swimming pools, etc.» CONDOMINIUM A subdivision allowing individual ownership of the units themselves and joint ownership of the common elements.» CONTINGENCY Any requirements in a contract which must be completed before the contract can be considered ready for performance.» CONTRACT An agreement negotiated and entered into by two or more parties who exchange mutual promises to perform certain acts in accordance with the wishes of both parties.» CONVENTIONAL MORTGAGE Any mortgage that is not government insured is considered to be a conventional mortgage.» COOPERATIVE APARTMENT Each occupant receives an undivided interest in the ownership of the apartment and a common interest in all other facilities. This is usually effected by forming a corporation with each owner receiving stock in the corporation equal to his or her investment. The form of ownership is shares/stock in a corporation. The corporation owns the real estate.» COOPERATING BROKER A real estate broker, other than the listing broker, who represents potential purchaser and participates in the sale.» CO-SIGNER One who accepts equal obligation for the performance of a contract, note or other act by affixing his or her name to the documents involved.» C U S TOMER (Prospect) The party with whom an agent deals on behalf of the principal. The agent is required to treat that person fairly and honestly.» D E E D The written instrument which, when properly executed and delivered, conveys title.» DISCOUNT POINTS The amount paid by the seller of a property which will be FHA insured.» DOWN PAYMENT A portion of the purchase price for a property which is paid by the buyer in cash, as opposed to the portion of the purchase price which is either (1) advanced by a lender, (2) assumed by the buyer under the seller s existing mortgage, or (3) financed by the seller.» DUE ON SALE CLAUSE (Alienation Clause) The clause which allows the mortgagee the option of calling the mortgage s unpaid balance immediately due if the mortgagor sells the mortgaged property.» EARNEST MONEY A sum of money given to bind an agreement or an offer made to show good faith.» EASEMENT The right, privilege, or interest of one party in the land of another.» E Q U I TY The interest one has in real property as an owner above all existing indebtedness.» E S C R OW A depository for papers, funds and instructions with a third party who is then obligated to carry out all instructions, providing they are in complete agreement.» FANNIE MAE The Federal National Mortgage Association (FNMA), whose primary function is to buy and sell FHA and VA mortgages in the secondary market for mortgage loans.» FHA LOAN Federal Housing Administration loans are insured by the federal government. Interest rates can be lower than for conventional loans, but the real advantage lies in the low down payment requirement, usually under 5%.» FIXED-RATE MORTGAGE Interest rate and monthly payments remain the same for the entire term of the loan.» GENERAL WARRANTY DEED A deed in which the grantor certifies that the title conveyed is free of defects which may have arisen before or during the time he owned the property.» GIFT LETTER A letter prepared for mortgagee which verifies that the sums of money being used as down payment were a gift from a relative, made without obligation of repayment.» HOMEOWNER S ASSOCIATION An association formed to promote the common welfare of all home owners in the same subdivision; e.g. a condominium building.» LEGAL DESCRIPTION A description of property which can be recognized by law and by which the property in question can be definitely located by reference to recorded maps.» LISTING AGREEMENT An agreement between a real estate broker and the owner of property which authorizes the broker to assist in the sale of the property, as by advertising it and showing it to prospective buyers.» MARKET PRICE The price a property should bring based on comparable sales of similar properties within recent months.» MORTGAGEE The lender in a mortgage agreement.» MORTGAGOR One who makes a mortgage; the borrower.» PERSONAL PROPERTY Moveable property not permanently affixed to land or buildings.» POINTS Loan discounts collected by mortgage lenders as a means of increasing their yield on real estate loans. A point is 1% of the amount of the mortgage.» PREPAYMENT CLAUSE Provision allowing loan payments to be larger than the amount specified in the note.» PRIVATE MORTGAGE INSURANCE (PMI) An insurance premium charged by a lender to buyers with less than 20% down payment. PMI insures lender in the event that buyer should default on the loan.» PRORATION To divide proportionately among the parties involved, based on a fixed date of computations, their share of an obligation paid or due; e.g.,taxes, water, sewer, rents.» REAL PROPERTY Land itself, the improvements thereon, and the rights, title, and interest one has in it.» RESPA Acronym of the Real Estate Settlement Procedures Act, federal legislation passed to regulate disclosure of the buyer s settlement costs.» RIGHT OF SURVIVORSHIP The right to acquire the interest of a deceased joint owner; distinguishing feature of a joint tenancy.» SURVEY The process by which a parcel of land is measured and its area is ascertained.» TITLE INSURANCE Insurance written by a title company to protect property owner against loss if title proves unsound.» TRANSFER TAX The tax required by a governmental agency when real property is transferred from one party to another.» VARIABLE RATE LOAN A loan in which the interest rate rises or falls according to an indicator of market interest such as the prime lending rate.» VARIANCE A permit exempting an owner from a particular zoning ordinance. The owner of the property must prove exceptional circumstances or hardship to justify the exemption.» ZONING A method of regulating the use of real estate by dividing a county or municipality into zones or zoning districts, and then designating the purposes for which land in each zone or zoning district may be used.

21

22

23 425 West North Avenue Chicago, Illinois Phone Fax jamesonsir.com