PAPERWORK TO SELL A HOUSE BY OWNER IN ILLINOIS In a typical real estate transaction, your agent will make sure you fill out all the necessary documents and forms. As a FSBO seller, you’ll have to navigate the paperwork by yourself. Here’s a quick breakdown of Illinois’ requirements.
2 FORMS OF ID In most cases, a valid passport, driver’s license, or another form of Illinois-issued ID.
CLOSE Closing is the final step in a real estate transaction. The title of the property is officially transferred from the seller to the buyer, and both parties pay their closing costs. Use a title company to facilitate a smooth closing. Title companies collect and distribute closing costs, collect signatures, ensure sellers have the right documents, and file them with relevant agencies. Title insurance protects homeowners from challenges to their legal ownership, such as unpaid property taxes, liens against the property, or clerical errors related to the property title. Typically, the seller covers the cost of an owner’s policy in Illinois, but in some cases, both parties negotiate who pays this closing cost.
COPY OF PURCHASE AND SALE AGREEMENT AND ADDENDUMS
There is high demand for modern, move-in-ready homes with open floor plans in Illinois. Talk about any unique architectural features that could set your home apart, like if it was built by a known architect, has original flooring or doors, or has any historical value. Also, point out what takes your house to the next level. For example, highlight upgrades you made like new windows that will save buyers hundreds in heating costs.
TITLE INSURANCE COST IN ILLINOIS The average rate for an owner’s title insurance policy in Illinois is 0.78%, and the average cost is $1,904 (based on a sale price of $244,494, the typical home value in Illinois).
CLOSING STATEMENT
A detailed list of all the costs associated with the sale and who pays them. This is often prepared by your escrow agent or title company.
SIGNED DEED
To legally transfer your property, you’ll need the deed that proves you’re the rightful owner. At closing, you’ll sign the deed over to the buyer.
BILL OF SALE
This is a receipt that includes both your information and the buyer’s. It will also list the final price of the home and what was included in the sale.
AFFIDAVIT OF TITLE
A notarized document that states you own the home, that there are no liens on the property, and that you are not simultaneously selling the home to someone else.
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