For our friends across the pond here are flats for sale in Chicago along with how buying a flat in Chicago compares with buying one in the U.K.
Here in Chicago flats have four types of ownership, but condominiums are the overwhelming form of ownership. Over 95% of Chicago’s flats for sale have a condo form of ownership. The rest have a co-op, fee simple or fee simple with homeowners association form of ownership. Thus, most of the time you will see flats for sale in Chicago referred to as condos for sale.
Almost all of the remaining 5% of flats are co-op apartments. For the differences between condos and co-ops in Chicago see Chicago co-op apartments vs. condos.
The flat buying process here in Illinois isn’t that different than in the U.K. Illinois is one of 3 states in the U.S. that requires real estate attorneys. So buyers moving here from other states often have more trouble adjusting to our process than buyers moving here from the U.K.
First, if you will be financing your purchase, you should get pre-approved for a mortgage by a mortgage consultant licensed here in Illinois. [continued below]
FLATS FOR SALE IN CHICAGO
Click below to see the flats for sale in Chicago in your desired price range.
|$3M & Above||$2M to $3M||$1.5M to $2M||$1M to $1.5M|
|$900K to $1M||$800K to $900K||$700K to $800K||$600K to $700K|
|$500K to $600K||$400K to $500K||$300K to $400K||$200K to $300K|
DOWNTOWN CHICAGO FLATS FOR SALE
Click below to see only the downtown Chicago flats for sale in your desired price range.
Second, you’ll work with one of our real estate agents to clarify your requirements, view qualifying flats online and then visit the flats. Here in the U.S. most real estate agents are members of the National Association of Realtors and as such, called Realtors.
Third, after you find a flat for sale in Chicago you’d like to purchase your Realtor will help you complete the paperwork to submit an offer. After an offer is accepted and the contract signed by both parties, your earnest money (a deposit that is typically 5% of the sale price) will typically be held by the seller’s broker. This deposit is earlier in the process here in Chicago than in the U.K.
Fourth, your Realtor will forward the contract to your real estate attorney who will work out more details with the seller’s attorney, negotiate any inspection issues and ensure that the flat has clear title. Your Realtor will also forward the signed contract to your mortgage lender who will order an appraisal of the flat. This is similar to a survey in the U.K. During this time you’ll also have the opportunity to have a licensed home inspector check the flat.
Fifth, both attorneys will handle the closing of the sale with the help of a title company that insures clear title to the property.