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Our Purpose is to Support Your Perfect Real Estate Transaction We love helping people live their dreams. Home ownership is a wonderful opportunity to make dreams come true and we are in a great community to live, buy a home, raise a family, get an education or just build your legacy of wealth through owning Real Estate. It is our honor to help you achieve your goals.

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We uphold the highest standard in real estate.

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We support our clients in their perfect real estate transaction by providing education and value, allowing us to impact all of the lives around us.

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We Value integrity in everything we do; personally and professionally.

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Ask a lot of questions so that we have a clear picture of your Real Estate needs.

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Provide our expertise on the local Real Estate market to competitively price your home to sell.

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Negotiate strongly on your behalf and provide clear, balanced information so that you can make educated decisions.

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Give you full-service support from our client care team, including frequent communication on everything from showing to close.

Scott Bechtel 217.239.7110 www.TheScottBechtelGroup.com www.BechtelHomes.com

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Page 3

Why do you need a Realtor®?

Page 4

Why Keller Williams Realty?

Page 5

Our Team Advantage

Page 6

Client Testimonials

Page 7

The Home Buying Process

Page 8

Lending Preparation

Page 9

Keller Mortgage

Page 10

Download Our Free Mobile App

Page 11

Once You are Preapproved

Page 12

For Sale By Owner (FSBO)

Page 13

Working with Home Builders

Page 14

Buyer Loyalty Guarantee

Page 15

Making an Offer

Page 16

When Your Offer is Accepted

Page 17

Why Do You Need an Attorney?

Page 18

Inspections From Offer to Close

Page 19

Homeowners Insurance

Page 20

Day of Closing / What to Expect

Page 21

Congratulations

Page 22

Utilities Resource

Page 23

Glossary of Terms

Page 27

Notes

If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Each office is independently owned and operated.

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®

As licensed Realtors®, we provide much more than the service of helping you find your ideal home. Realtors® are expert negotiators and superb navigators around the local neighborhoods. We are members of the National Association of Realtors® (NAR) and Illinois Realtors® (IR) and must abide by a Code of Ethics and Standards of Practice enforced by NAR. A professional Realtor® is your best resource when buying a home.

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There is no cost to you when you buy a home with The Scott Bechtel Group. Our commission is paid by the seller and only after we close on your home unless other arrangements have been made.

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We can help you with any home, even if it is listed with another company or if it is being sold directly by the owner or a builder.

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We know the best lenders in the area and can help you understand the importance of being pre-approved for a mortgage.

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We are experienced at presenting your offer to the seller and can help you through the negotiation process.

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As a knowledgeable Realtor®, we can save you endless amounts of time, $$$, and frustration.

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We know the housing market inside and out and can help you avoid the “wild goose chase”.

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We bring objectivity to the buying process and can point out the advantages or disadvantages of certain properties.

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Leading-edge technology tools and training gives us the edge in effectively marketing your property online, 24 hours a day, seven days a week! Through KW’s exclusive Keller Williams Listing System (KWLS), your property is fed to more than 350 online search engines and available on KW’s Web network of numerous sites. Best of all, because of Keller Williams Realty’s “My Listings, My Leads” philosophy, any internet inquiry on your property that comes into The Scott Bechtel Group will be followed up quickly with potential buyers for your property.

Keller Williams Realty was designed to reward agents for working together. Based on the belief that we are all more successful if we strive toward a common goal rather than our individual interests, we are confident that every Keller Williams professional shares the common goal of serving you, our client, in the best way possible.

Keller Williams Realty helps us stay ahead of trends in the Real Estate industry through our comprehensive, industry-leading training curriculum and research resources. It’s what prepares us to provide you with unparalleled service.

Founded on the principles of trust and honesty, Keller Williams Realty emphasizes the importance of having the integrity to do the right thing, always putting your needs first. It reinforces our belief that our success is ultimately determined by the legacy we leave with each client we serve.

We are proud to work with the largest real estate franchise in the World. It’s proof that when you offer a superior level service, the word spreads fast.

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preview homes and know the inventory, search the market and neighborhoods appealing to you, and are proactive in finding homes that might not even be on the market yet.

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will work within your schedule to help you find the home of your dreams. Your schedule is important to you and to us!

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will find your ideal home at a fair price. That’s our job! We are experts at negotiating on your behalf and are experts at negotiating inspection issues.

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partner 100% with the seller. We know the market, we research the neighborhood and comparable homes currently on the market and that have recently sold. We provide you, the seller, with specific suggestions on how to make your home more marketable so you net the most amount of money.

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work closely together throughout the selling process to ensure the fewest hassles in the time frame you want.

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will take you smoothly into closing, once a contract is submitted. We will work with your attorney and will notify you of home inspection dates, order termite report and take care of the many closing tasks.

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will work with you when you are ready to sell your property; scheduling photos, open houses and showing feedback as well as managing the entire listing process.

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helps you stage your home so it is presented at it’s best for photographs and to prospective buyers.

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helps with the listing logistics; delivering for sale signs, key boxes and open house signs as well as pick up all items after closing.

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Expert guidance during the search, offer and negotiation processes. Equally strong levels of service through closing and even beyond. I highly recommend The Scott Bechtel Group.

Scott and is staff were very professional and knowledgeable. I totally trusted his advice throughout the whole process. He did an excellent job representing our best interests in dealing with the various hurdles . I would highly recommend him or any of his group. I appreciated all that he did for us.

Scott is amazing. We had a lot of glitches getting to our closing and Scott bent over backwards to get us there. I highly recommend.

We used an Agent from The Scott Bechtel Group to sell our home and buy our new house. The experience was great, and everything went smooth from start to finish. Our house sold in about two weeks. He priced the house right and we were able to negotiate a good price for the house. He was also wonderful to work with when looking for a new house. He was always available to show us homes, really listened to what we wanted and needed in our new home. He was very knowledgeable about neighborhoods. He would always keep us in the loop about what was going on with both the buying and selling of our home. He is great to work with!!!

Positive: Professionalism, Quality, Responsiveness, Value It was a wonderful experience. He took care of all the details, answered all questions with immediacy, and could recommend contractors, inspectors, and lawyers. I had to start my work early in another state and Jill had to handle a lot of details. We are not experts in the process of listing and closing. The Bechtel group handled it.

Our Buyer Specialist at The Scott Bechtel Group knows her stuff! She helped us as second time home buyers through the process of buying a home in Champaign and we learned so much from her. She really takes the time, looks at all the details, is super fast in responding and answering questions and kept us informed every step of the way. See more Client Reviews at TheScottBechtelGroup.com and Zillow.com

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Start with a Buyer Specialist with The Scott Bechtel Group Your Buyer Specialist helps you define your expectations, wants & needs in your new home Obtain Pre-Approval From a Lender Begin Your Home Search (5-9 homes on average) Write an Offer to Purchase

Earnest Money* *Approximately 1% of offer or whatever is agreed to between buyer and seller

Buyer Specialist Negotiates on Your Behalf Offer is Accepted

Inspections*

Remove Contingencies

*Approx. $275 to $500 + Radon (cost is based on square footage of home) Formally Complete the Mortgage Application

Credit Report

Appraisal*

Verifications

*Approx. $300 to $500 (actual cost determined by lender) Secure Underwriting

Meet Conditions

Obtain Loan Approval

Property Insurance

Termite Inspection Completed Title Exam & Title Insurance Close on the Property

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The Scott Bechtel Group works with local Lenders who provide diverse loan products. Keller Williams founder, Gary Keller, founded Keller Mortgage and the ZeroPlus loan by Keller Mortgage - an exclusive offer for all Keller Williams Realty transactions to help buyers save thousands of dollars (see page 9). We encourage all buyers to be pre-approved prior to viewing homes so that when they find the perfect home, we are ready to submit a solid offer. In order to prepare for your lending appointment, take a look at the list of documents below which are commonly requested to determine your financial qualification.

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Gross Income Amount - including primary, second and part-time jobs, overtime, bonus and commission if applicable

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30 days’ pay stubs with year to date information for all jobs and each borrower

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Federal tax returns for the past two years (1040’s)

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W-2’s for the past two years

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Account statements from the past two months (Example: checking account, savings account, CDs, money market accounts, IRA 401K, etc.)

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If applicable, landlord name, phone number and address

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Any judicial decrees or court orders for obligation due to legal action such as child support, lawsuits and judgments

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If applicable, complete Bankruptcy papers including discharge papers – also provide documentation supporting circumstances leading to bankruptcy if able

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If applicable, credit explanation letter for any late payments, collections, judgments or other derogatory credit items

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Documentation for any large deposits outside payroll or gift fund deposits shown on asset statements

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Most recent account statements or other proof of payment for rent, utilities, auto insurance, and auto loans

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Current address and if you have lived there less than two years, a list of all residential/mailing addresses over the past two years

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Copy of Drivers License

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Copy of Visa or Residency Card (if applicable)

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Name, address, and phone numbers for all employers over the last two years

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Current monthly expenses including housing, credit card and loan payments, child support and other obligations

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Last 2 years’ complete federal tax returns (both personal and business returns)

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Year-to-Date Profit and Loss Statement

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List of all business debts

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Your Dream Home Is Waiting. As a KW agent, I have access to an unprecedented advantage: The ZeroPlus loan by Keller Mortgage. Offered exclusively on transactions completed with Keller Williams, this loan helps buyers save thousands of dollars. $250,000 Loan Keller Mortgage

Typical Lender

Keller Mortgage

Typical Lender

0%

$7,500 (1%)

Processing Fee

$0

$625

$0

$625

0%

$625

Underwriting Fee

$0

$875

$0

$875

0%

$875

Total Lending Fees

$0

$4,000

$0

$6,500

0%

$9,000

- $1,000* credit

NONE

NONE

- $1,000* credit

NONE

$5,000

$5,000 (1%)

Keller Mortgage

$0

Total Savings with Keller Mortgage

$0

Typical Lender

$750,000 Loan

Origination Fee

Closing Credit

$2,500 (1%)

$500,000 Loan

- $1,000* credit $7,500

$10,000

*To qualify for the $1,000 credit, the loan amount must be at least $150,000

Pre-approval is easy. Just ask for my free home search app! Tap the “Keller Mortgage” button on the home screen.

Certain officers, directors, and owners of Keller Williams Realty, Inc. have ownership interest in Keller Mortgage. Keller Mortgage, LLC is an affiliate of Keller Williams Realty, Inc. This is not a commitment to lend. Buyers are advised to obtain a Loan Estimate. Rates are subject to change and are dependent on credit and underwriting criteria. Not all borrowers will qualify. Limited to transactions when a Keller Williams agent is a party to the transaction. Borrower is responsible for any rate buy-down. VA Lender ID 560110-00-00; FHA Direct Endorsed Lender No. 241940009 & 241940011; Keller Mortgage is a licensed trade name of Keller Mortgage, LLC, 4725 Lakehurst Ct., Suite 400, Dublin, OH 43016; NMLS No. 140234. 1-888-766-2678. Full licensing information can be found at www.Kellermortgage.com; Equal Housing Lender.

Go to: http://app.kw.com/KW2I0RNOR

K W 2 (capital I) zero R N (capital O) R

or text Scott Bechtel at 217-377-6160 & ask for the App

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Once You Are Pre-Approved and an offer has been accepted, your lender will begin the underwriting process for your mortgage. It is important to understand that the lender will pull your credit report again prior to closing and any new debt could potentially make you ineligible for financing.

The Ten Commandments of Loan Pre-Appoval 1. Thou shall not change jobs, become self-employed or quit your job prior to closing. 2. Thou shall not buy a car, truck, van or motorcycle prior to closing. 3. Thou shall not use charge cards excessively or let your accounts fall behind prior to closing. 4. Thou shall not spend money you have set aside for closing prior to closing. 5. Thou shall not omit debts or liabilities from your loan application prior to closing. 6. Thou shall not buy furniture prior to closing. 7. Thou shall not originate any inquiries into your credit prior to closing. 8. Thou shall not make large deposits without first checking with your loan officer prior to closing. 9. Thou shall not change bank accounts. 10. Thou shall not co-sign a loan for anyone.

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What if I see an attractive home that is a For Sale By Owner? We can help you buy any home even if it is a For Sale By Owner. A Buyer Specialist, from the The Scott Bechtel Group, who is professional Realtor® is your best resource when buying a home.

Seller of the FSBO can use poorly written and executed contracts.

We utilize trusted attorneys and locally approved contracts to minimize risks to you as a buyer.

Example: Buyer signed a poorly written contract from the For Sale By Owner that did not have an inspection contingency and the sale fell through because of inspection issues. The buyer had a hard time getting out of the contract.

Seller of the FSBO may not be knowledgeable in selling a home.

We use state disclosures and are equipped to clearly explain the buying process and requirements.aple

Example: Buyer signed a contract to buy a For Sale By Owner. After having an inspection the Seller would not make the repairs that are normally expected, so the Buyer ended up having to pay for the repairs.

Seller of the FSBO may have Real Estate background and not looking out for your best interests.

We have over 30 years of experience in negotiating for our clients.

Example: The seller is and will always be looking out for their best interest. “Caveat Emptor” by definition means “Buyer Beware”. The Buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.

Many “For Sale by Owners” are open to the idea of paying a commission once they understand how valuable a Realtor® is to all parties. Many even advertise up front that they will pay a “co-op” commission. In almost every circumstance, we are able to negotiate an excellent purchase price for our client while including a reasonable commission paid by the seller. The key is to CALL US BEFORE CONTACTING THE SELLER of The For Sale By Owner, so that we can make the first contact to establish a professional relationship and strategy. In extreme, rare instances where a Seller of The For Sale By Owner refuses to pay any commission, we will still represent you with all aspects of the purchase for a modest fee. If the Seller becomes difficult to work with, we can assure you that the modest fee we charge usually turns out to be the best money you could have ever spent. The bottom line is that our sincere desire for you is for you to purchase the best home, in the best condition, at the best price.

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The advantages of having a Buyer Specialist help you purchase a new construction home are the same as those for purchasing any home. . . 

The builder has a professional representative watching out for his/her needs, and you need the same expert representation in contract negotiation and closing assistance.

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Building a new home is more difficult and time-consuming than just buying a home. We can professionally guide you through this process.

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We have extensive knowledge of the market.

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We will help you find the perfect Lot and Floor Plan.

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We have expertise in contract negotiation.

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We will provide closing assistance.

It is very important that your interests be professionally represented when you are entering into a contract for a semi-custom or build-to-suit home. These transactions are complex and the contract details must be exact in order to protect you and to ensure you get exactly the home you want.

The Builder expects to compensate your Buyer Specialist in the same manner as any other seller.

However the Builder requires that your Buyer Specialist accompany you on your FIRST VISIT to the Builder’s sales office or you must mention The Scott Bechtel Group will be representing you at the FIRST INTERACTION.

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Today’s internet-empowered consumer may think they have access to all the information they need to purchase a home on their own. Many buyers are not aware that they will get better results if they work directly with a Buyer Specialist from The Scott Bechtel Group. YOUR INTERESTS ARE PROFESSIONALLY REPRESENTED • Enlisting the services of a professional Buyer Specialist with The Scott Bechtel Group is similar to using an accountant to help you with your taxes, a doctor to help you with your health care, or a mechanic to help you with your car. If you had the time to devote to learning everything about these professions, you could do these services yourself. But who has the time? This is why you allow other professionals to help you in their specific areas of expertise. YOU GET A PERSONAL SPECIALIST WHO KNOWS YOUR NEEDS • Your Buyer Specialist gets to know your Real Estate needs and concerns. This type of relationship is built through open communication at all times. Your Buyer Specialist will save you a lot of time by providing you all the details about any home before you see it. In addition, they will listen to your feedback and concerns about each home. YOU GET A PERSONAL MARKET ANALYST • The data you find on the internet can be confusing and overwhelming. Your Buyer Specialist has access to up-to-date market data and can help you navigate your local market. They will utilizes this information to structure an attractive offer that has a higher probability of being accepted. YOU WILL QUICKLY AND CONVENIENTLY GET A GREAT HOME • The advantage to signing a Buyer Loyalty Guarantee with The Scott Bechtel Group is that you will have your own Buyer Specialist working to find and secure the ideal home for you. It is difficult to find a home that meets your needs, get a contract negotiated, and close the transaction without an experienced Buyer Specialist. You won’t need to spend endless evenings and weekends driving around looking for homes or trying to search computer networks by yourself. When you tour homes with your Buyer Specialist you will already know that the homes meet your criteria and are within your price range.

WHAT IS THE BUYER’S LOYALTY GUARANTEE? Entering into a Buyer Loyalty Guarantee has countless advantages. When you sign the agreement, you are simply agreeing to “hire” a personal representative who, by law, must represent your best interests to the best of his/her ability. With us, you get a Buyer Specialist devoted to protecting your needs and to helping you make one of the most important investment decisions of your life.

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What you need to bring when we go out to see houses •

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Your Checkbook

The Offer Process •

Determine Offer Once you have found the home you wish to purchase, we will help you determine the best price and terms to offer. It is important to remember, the more competition there is for the home, the higher the offer should be, sometimes even exceeding the asking price. Remember to be realistic. Make offers you want the other party to accept.

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Align your “Non-Negotiable” terms before you make the offer At this time, we will need the earnest money from you.

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Earnest Money and Other Expenses Some of your out of pocket expenses will include Earnest Money. The amount of your earnest money shows just how serious a buyer you are. Other expenses could be: Home inspection, Radon inspection, Lead Based Paint inspection, Well/Water inspection, Septic inspection, Mold inspection or Structural inspection.

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Your Buyer Specialist with The Scott Bechtel Group presents offer to Listing Agent It will either be accepted, countered or rejected. This is where we will shine for you. If accepted, congratulations. If countered, our negotiating strategies will get you the best price possible. We will not write an offer that we feel will be rejected.

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Once Accepted = Legal Contract The purchase agreement or contract constitutes your offer to buy and once accepted by the seller, becomes a valid legal contract. It is important to understand what is written on the contract offer.

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Send Contract to your Lender

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Work with your Lender and Submit any Documents they still need

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Send Contract to your Attorney

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Choose an Attorney to Represent You

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Contact Insurance Companies and Set Up Home Insurance

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Change all Utilities

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Forward your mail

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Look at our Up-to-Date List of Professionals to Help You with any Home Improvements for Your New Home: www.TheScottBechtelGroup.com, Select the Tab: The Scott Bechtel Group/Preferred Vendors

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Schedule Home Inspection

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Deposit Earnest Money

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Ensure Buyer’s and Seller’s Attorneys, Lenders are aligned with the next steps

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Review Inspection Report and any other Applicable Testing

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Negotiate Inspection Repairs on Your Behalf

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Ensure Negotiated Repairs are Completed by Closing

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Arrange Contractors for Bids on Repairs

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Reach Out to Me or My Team with All Questions or Concerns

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Schedule Termite Inspection

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Recommend Reliable and Knowledgeable Specialists as needed (see provided documents in front pocket of folder)

Attend Closing and Get Ready to Move into Your New Home

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Schedule Closing

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Advise on Questions and Concerns throughout Transaction

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Attend Closing with You

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The Scott Bechtel Group urges all buyers to work with a local Real Estate attorney to represent them in their Real Estate purchases. While the involvement of attorneys may not be common in other market areas, their involvement is extremely common - and critically important - in our East Central Illinois market. If you are from a market where attorneys are less commonly involved in overseeing Real Estate transactions, you should be aware that lenders and title companies in our local market, very specifically, will not engage in legal representation of buyers. While representatives of lenders and title companies may perform certain tasks that would otherwise be performed by a buyer’s attorney, they do so on their own behalf and not necessarily with the interests of the buyer in mind.

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Reviews title work to ensure that the title policy issued for the buyer’s benefit has no unusual exceptions to coverage that would be detrimental to the buyer’s interests

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Communicates with title company and seller’s attorney to resolve any title issues

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Independently calculates all credits and proration, typically totaling thousands of dollars, to ensure the buyer gets all entitled credits

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Consults with buyer to determine the most appropriate type of ownership and advises seller’s attorney as to the appropriate manner in which to prepare the deed

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Prepares or approves all buyer notices under the contract e.g. post-inspection notice of unacceptable deficiencies, extensions, etc.

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Guides buyer in legal matters relating to inspections, repairs, and credit issues that arise

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Works with buyer and buyer’s Realtor® to confirm provisions and timelines in contract are met

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Provides legal advice into inquiries or concerns by the buyer relating to the buyer’s purchase

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Attends the closing and assists the buyer with the closing documents, including mortgage documents, if applicable.

In addition to the list of tasks that will be performed, retaining legal counsel is also a critical risk mitigation measure. As diligently as our agents work to mitigate risks in connection with your real estate transaction problems can arise unexpectedly, sometimes at the closing table. There is no substitute for having an attorney already involved. “Enlisting the services of an attorney early, before problems arise and the Buyer feels that the attorney is finally needed, will save the Buyer money in the long run.“ Ask The Scott Bechtel Group for a list of extremely knowledgeable and fairly price local Real Estate Attorneys.

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How the Seller Sees the House

How the Buyer Sees the House

How the Inspector Sees the House

Inspections and potential repairs are one reason sales don’t close. Typically, as buyers you will have a certain number of days in which to inspect the property and accept or reject the property based on these mechanical and structural inspections. We highly recommend that you have a professional home inspector conduct a thorough inspection which includes appliances, plumbing, electrical, heating and air conditioning, ventilation, roof and attic, foundation and general structure. The inspection is not designed to criticize every minor problem or defect in the home. It is intended to report any major damage or serious problems that require repair—as well as to educate you as the buyer! Should serious problems be indicated, the inspector will recommend that other professionals inspect it as well. The seller may be willing to negotiate completion of repairs or provide a credit for completion of repairs after closing. A professional inspection will help you make a clear headed decision. In addition to the overall inspection, you may wish to have separate tests conducted for termites, mold, or the presence of radon gas. The termite inspection is typically the responsibility of the seller.

Home Warranty Plans Home warranty plans go a long way to alleviate some of the risks and concerns buyers have when purchasing a home. For a modest price, the seller can provide a one-year warranty covering specified heating, plumbing, electrical, water heater or appliance breakdowns. Buyers may also purchase a home warranty on their own behalf if it is not provided by the seller. Coverage under most plans commences at closing. The Scott Bechtel Group can provide you with a list of Home Warranty companies that you can make a selection.

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Insurance for your home has many names: homeowners insurance, hazard insurance, even buyer’s insurance. Just as there are many names for the insurance, each insurance company has different types of insurance policies. Each insurance company also has its own set of requirements, and not every insurance company values risks equally. Your home is probably your most valuable investment but it doesn’t need to cost a fortune to insure it. Consider these facts in order to get the best coverage for your insurance dollars: •

You are a statistic to an insurance company. An insurance company decides whether you can be insured, and how much your premium should be based on your “risk factors” - who you are, what you do for a living and how you live.

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Your home’s real value is a crucial number. Before you select a particular insurance policy, be sure you’ve correctly established your home’s real replacement cost.

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A basic policy may not protect you fully. It may not promise to completely replace your home. Be sure you understand what is included in the policy and ask about other available options.

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The way you live affects your premium. Insurance companies offer discounts to reward behavior that reduces their risk - security systems, wiring upgrades, even a new roof. Be sure to ask for discounts for the things you do. Check if your company gives you a discount for insuring your home and autos together. Americans waste some $300 million per year because the discounts aren’t requested.

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Insurance companies are different. Some will try to convince you that the insurance is a commodity item and that price is the only thing that matters. As with other important purchases, it does pay to shop around. Look at agent availability, the specifics of the policy and the confidence you have in the company.

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Price isn’t everything. A low price is no bargain if an insurer takes forever to service your claim. Check the insurance company’s record for claims service and financial security.

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Be prepared; be informed. Review your policy regularly to make sure it’s keeping pace with your lifestyle and times. If you need to file a claim, read your policy before you call.

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A valid government - issued picture ID

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Checkbook (just in case)

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Cashier’s Check or previously wired funds

The Closing Agent will look over the purchase contract and identify what payments are owed and by whom: make sure taxes, title costs, and all closing costs are paid: ensure that the buyer’s title is recorded: and ensure that you receive any monies due to you

Make sure you keep the following for tax purposes: •

Copies of all closing documents

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All home improvement receipts on the home you sold if applicable

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Know you can always contact The Scott Bechtel Group as we retain many of the documents for you

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Our Purpose is to Support Your Perfect Real Estate Transaction We want you to be happy with our services, so let us know if we are doing or not doing something right! Our main goal in this relationship is to knock your socks off with our Superior Service!! If you are pleased with the job we have done, Tell someone!! In fact, tell lots of people about

The Scott Bechtel Group We want to make lots of other people happy too!

The majority of our business comes from referrals and your referrals are the life blood of our business! We will also be asking you to write a review on Zillow, Facebook, Realtor.com and Yelp about our services.

Thank You in advance for writing the Review and for everyone you refer to us! Let us know if we can be of further service to you.

2441 Village Green Place

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Please remember to call and switch ALL utilities into your name effective the day of closing. Area Utility Resources Champaign/Savoy/Urbana Electric/Gas/Water/Trash/Sewer - http://champaignil.gov/public-works/find-a-service/utility-providers/ Internet/Cable/Telephone - https://broadbandnow.com/Illinois/Champaign Monticello All Utilities - http://www.cityofmonticello.net/index.aspx?NID=1017 St. Joseph All Utilities - http://stjosephillinois.org - Select “Useful Links” at bottom of home page Tolono Trash - http://www.chrisserviceco.com/ or http://www.pdcarea.com/ Tuscola All Utilities - http://tuscola.org/search?query=Water+and+Sewer Villa Grove All Utilities - https://villagrove.org/community-resources/ Paxton Internet/Cable/Phone - https://broadbandnow.com/Illinois/Paxton Electric /Gas - https://www.inmyarea.com/utilities/il/paxton Water/Sewer - Paxton Water Department 217-379-2425 Recycling - http://www.cityofpaxton.com/pages/recycle.aspx Loda All Utilities - http://www.villageofloda.com/ServiceUtilities.aspx Mahomet Electric/Gas - https://www.ameren.com/illinois Trash - http://areagarbageservice.com/ Water/Sewer - 217-586-4456 ext.110 Internet/Cable/Phone - http://www.mahomet-il.gov/index.asp - Select Residential Tab / Helpful Information Rantoul All Utilities - http://www.village.rantoul.il.us/352/Utilities Fisher All Utilities - http://www.fisher.il.us/our-community/utilities

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Acceptance

The date when both parties, seller and buyer, have agreed to and completed signing and/or initialing the contract.

Adjustable Rate Mortgage

A mortgage that permits the lender to adjust the mortgage’s interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.

Amortized Loan

A loan, which is paid in equal installments during its term.

APR-Annual Percentage Rate

A term used in the truth in lending act. It represents the relationship of the total finance charge (interest, discount points, origination fees, loan broker, commission, etc.) to the amount of the loan.

Appraisal

An estimate of real estate value, usually issued to standards of the FHA,VA and FHMA. Recent comparable sales in the neighborhood is the most important factor in determining value. This should be contrasted against the home inspection.

Appreciation

An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.

Assumable Mortgage

Purchaser takes ownership to real estate encumbered by an existing mortgage and assumed responsibility as the guarantor for the unpaid balance of the mortgage.

Bill of Sale

Document used to transfer title (ownership) of personal property.

Closing Statement

A financial statement rendered to the buyer and seller and the time of transfer of ownership, giving an account of all funds received or expended.

Cloud on Title

Any condition that affects the clear title to real property.

Comparable Sales

Sales that have similar characteristics as the subject property and are used for analysis in the appraisal process.

Contract

An agreement to do or not to do a certain thing.

Consideration

Anything of value to induce another to enter into a contract, ie money, services, a promise.

Deed

Written instrument, which when properly executed and delivered, conveys title to real property.

Discount Points

A loan fee charged by a lender of FHA, VA or conventional loans to increase the yield on investment. One point—1% of the loan amount.

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Document Preparation

Appropriate forms are prepared for conveyance and settlement

Easement

The right to use the land of another.

Earnest Money

An agreement to convey starts the process. Once you submit the loan application, it is usually subject to a credit check, an appraisal, and sometimes, a survey of the property.

Encumbrance

Anything that burdens (limits) the fee title to property, such as a lien, easement, or restriction of any land.

Equity

The value of real estate over and above the liens against it. It is obtained by subtracting the total liens from the value.

Escrow Payment

That portion of a mortgagor’s monthly payment held in trust by the lender to pay for taxes, hazard insurance, mortgage insurance, lease payments and other items as they become due.

Examination

Verification of the legal owner and debts owed.

Fannie Mae

Nickname for Federal National Mortgage Corporation (FNMA), a tax-paying corporation created by congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional home mortgages.

FHA

(Federal Housing Administration) An agency of the US Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

FHA Insured Mortgage

A mortgage under which the Federal Housing Administration insures loans made, according to its regulations.

Fixed Rate Mortgage

A loan that fixes the interest rate at a prescribed rate for the duration of the loan.

Foreclosure

Procedure whereby property pledges as security for a debt is sold to pay the debt in the event of default.

Freddie Mac

Nickname for Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation to support the secondary mortgage market. It purchases and sells residential conventional home mortgages.

Graduated Payment Mortgage Any loan where the borrower pays a portion of the interest due each month during the first few years of the loan. The payment increases gradually during the first few years to the amount necessary to fully amortize the loan during its life.

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Investor

The holder of a mortgage or the permanent lender for whom the mortgage banker services the loan. Any person or institution that invests in mortgages.

Lease Purchase Agreement

Buyer makes a deposit for future purchases of a property with the right to lease the property for the interim.

Loan to Value Ratio

(LTV) The ratio of the mortgage loan principal (amount borrowed) to the property’s appraised value (selling price).

Mortgage

A legal document that pledges a property to the lender as security for payment of a debt.

Mortgage Insurance Premium The amount paid by a mortgagor for mortgage insurance. This insurance protects the investor from possible loss in the event of a borrower’s default on a loan.

Mortgager

The borrower of money or the giver of the mortgage document.

Note

A written promise to pay a certain amount of money.

Origination Fee

A fee paid to the mortgagee for paying the mortgage before it becomes due. Also known as prepayment fee or reinvestment fee.

Private Mortgage Insurance

See Mortgage Insurance Premium

Promissory Note

A written contract containing a promise to pay a definite amount of money at a definite future time.

Realtor

A member of local and state real estate boards which are affiliated with the National Association of Realtors (NAR).

Rent With Option

A contract which gives one the right to lease property at a certain sum with the option to purchase at a future date.

Settlement

An Escrow Officer oversees the closing of the transaction: seller signs the deed, you sign a new mortgage, the old loan is paid off and the new loan is established. Seller, Realtors, attorneys, surveyors, title company, and other service providers for the parties are paid. Title insurance policies will then be issued to you and your lender.

Severality Ownership

Ownership by one person only. Sole ownership.

Survey

The process by which a parcel of land is measured and its area ascertained.

Tax Check

What taxes are owed on the property?

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Tenancy in Common

Ownership by two or more persons who hold an undivided interest without right of survivorship. (In event of the death of one owner, his/her share will pass to his/her heirs.)

Title Insurance

An insurance policy which protects the insured (purchaser or lender against loss arising from defects in the title).

Title Search

Copies of documents are gathered from various public records: deeds, deeds of trust, various assessments and matters of probate, heir ship, divorce, and bankruptcy are addressed.

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