1.        Buyer applies for mortgage pre-approval from one or more mortgage lenders. 

  2.  Written offer (real estate contract) is prepared for the seller. The contract includes price, earnest money terms, mortgage contingency, date of mortgage commitment, and closing date. Buyer must sign to progress 

  3. Negotiate offer through a broker with the seller. Further negotiations might occur until a final, settled upon price is agreed to.

  4. Once purchase price is negotiated and final, buyer initials the final price, seller signs with written acceptance date. Buyer and seller retain separate attorneys and both attorneys information is written on contract.

  5. Buyer submits initial earnest money payable to listing agent's sponsoring broker within 24 hours of seller's acceptance of the contract.  

  6. Signed contract is provided to attorneys and mortgage lender.

  7. Buyer works with chosen mortgage lender. Re-documentation is required for mortgage commitment.

  8. Inspection is expected to be scheduled within five to 10 business days of contract acceptance date.

  9. Attorneys to negotiate and modify contract (other than price) within five to 10 business days. Attorneys may extend timeframe.

  10. Buyer, broker, and attorney review the inspection report and attorney is advised as to any repairs or credits requested by the buyer.

  11. Buyer's attorney and seller's attorney finalize negotiating contract including the negotiation of any inspection items.

  12. Buyer submits remaining earnest money—usually 5% of purchase price—to listing broker.

  13. Buyer submits completed sales packet to condominium management office.

  14. Wait on mortgage commitment letter from ck contract.  It is possible lender will extend the date if loan commitment is not ready.

  15. The buyer obtains homeowners insurance (plus $500k liability rider if a Lake Point Tower property) to submit to the condominium association.

  16. Three days prior to closing, the buyer's attorney will notify the buyer of closing costs and money needed to wire to close the sale.

  17. The day before or day of closing, buyer and broker do walk-through of property to make sure any negotiated inspection items are repaired and all appliances and HVAC units are in working order.

  18. Buyer registers with ComEd for the effective date of closing.

  19. Buyer registers with the building's cable company for internet service cable box(es).

  20. Closing occurs at a title company and buyer receives keys and security fobs from seller or seller's attorney.

  21. The Closing Settlement Sheet is provided to the condo office.  Security fobs are issued by the Lake Point Tower office to the buyer.  Buyer sets up assessment payment via direct deposit or U.S. mail.   


Residential Real Estate Sales


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