HINTS TO REALTORS

by

JOHN C. REIS

Attorney at Law

 

CONTRACTS

Get buyer and seller names from the
driver's license or other photographic identification that they will
use at the closing. Print or type the names very carefully on the
contract. If incorrect names are used, closing documents will have to
be corrected. Put buyer work and home phone numbers on your file
envelope. Enter your office telephone number on the contract when you
enter the name of your office.

TIME REQUIRED - LOAN APPROVAL AND CLOSING

Unless the buyer is well organized and provides
information quickly, loan approval is going to take approximately 40
days from acceptance. Allowing 30 days will usually require that
someone prepare an extension notice or rider. Lenders often issue
tentative or "conditional" approvals that require a
particular sum at closing or verification of some obscure relationship
or employment. If you allow 60 days for the closing you will probably
be OK, but always check the calendar. Closings are not going to happen
on Saturday, Sunday or a holiday regardless of the contract and this
will have to be corrected with a contract amendment. Always ask buyer
to verify his availability for the planned closing date.

 

PROPERTY DISCLOSURE REPORT

All buyers should be required to
sign an Illinois Real Property Disclosure Report before they sign a
contract. Keep a supply of these forms signed by the seller for every
open house and every showing of the house.

HOMESTEAD AND SPOUSE SIGNATURES

A buyer may have a spouse whose
name cannot appear on the title because of a pending divorce or bad
credit. Notify buyer and seller attorneys immediately. If a mortgage
is required, the spouse may still have to sign the mortgage to
"waive homestead".

 

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