I’m moving to chicago from the UK and want to understand the the house buying process?
June 12th, 2010 by admin
Is the mortgage application process teh same? Do they have the same products – fixed, tracker, variable? Having a deposit? 5, 10, 15% deposit?
Do they pay stamp duty or equivalent? Also do they pay council tax or equivalent?
How does conveyancing work? Is the contract exchange and completion process the same?
Do you have to pay the estate agent or equivalent?
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The best thing to do is get a real estate agent to help you. They are called “a buyers agent” They cost you nothing and they will walk you through the process,help you find a house,and protect your interest during negotiates.
You will need to obtain the services of a Realtor for answers to all your questions, but I suspect that the process may be much simpler. I don’t know of such as “stamp duty”, Council tax, contact exchange, etc.
Homes are sold by both the owner ( Sale by Owner) and by Real Estate Agents. Agents can get you access to many on-line “multiple listings” that is not available to an owner. You generally do not pay a Realtor anything until a sale is made, and then he/she collects a percentage of the sale price, generally about 6%. Occasionally, a seller will kick in the realtor’s fee. .
Most mortgages are handled through banks, but there are mortgage companies from which loans may be obtained.
Both fixed and variable rate loans are available, and depending upon the value of the property, may be set for 10,15, 20, or 30 years
One usually has to make a down payment of at least 10% of the purchase price. Under certain conditions, this may be less, but I doubt those would apply to a foregner.
The real estate agent works with a real estate attorney ( solicitor, in your country) who makes sure all the papers are legal, and that the title is good. Obtain written warranty of clear title before making the purchase final.
The fee for the attorney and title company may or may not come out of the Realtors fee. Do not buy from an owner without engaging your own attorney to represent your interest, and to handle the sale.All fees will be included in one final document, and the bank will disburse the funds accordingly.
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