Seller's Real Estate Glossary

Listing agreement
Document signed by the Seller and the brokerage outlining the brokerage agreement and commission to be paid at successful closing.

Curb appeal
How a buyer perceives the property from the outside/ at first glance. When selling your home, let us help you establish the best possible curb appeal.

Home inspection
Buyers will hire a home inspector to go through the property during attorney review process. The home inspector will check water pressure, electric outlets, windows, appliances, roof, drains etc and create a report. Your MetroPro agent will explain the report to you. Price for the home inspection usually range from $ 250 to $ 1500 depending on the size and kind of property

Appraisal
The appraiser is an independent professional who will conduct a value assessment for the buyer’s lender. Your MetroPro agent will be present for the appraisal and give the appraiser relevant comparables.

Attorney review
Both buyers and sellers will have attorneys look over the sales contract and make modifications during the attorney review period.

Closing cost
Seller’s closing costs consist of commissions paid for brokerage services that are shared by the Seller’s agent side and the buyer’s agent side. Also state and county transfer stamps, possibly taxes, title insurance, title fees and attorney costs.

Property taxes
Property taxes in Cook County are paid in arrears, so in 2011 you pay the taxes for the year 2010. Therefore, when a property is sold, the Seller usually gives the Buyer a credit for the taxes that the Seller owes for the time he/she owned the property. Since those exact taxes are often not known at the time of the closing, Seller often gives Buyer 105-110 % of the last ascertainable taxes.

Tax Exemptions:
There are several exemptions available for property taxes: Homeowners exemption, which is available to anyone who resides in a property as their primary residence and also senior citizen exemption.

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1613 East 55th Street,
Chicago, IL 60615
Tel: 773.667.1000
Fax: 773.667.0000
Email: thepros@metroprorealty.com