Did You Know?
Palos Heights is a city in Cook County, Illinois. The population was 12,515 at the 2010 census.
According to the 2010 census, Palos Heights has a total area of 3.878 square miles (10.04 km2), of which 3.78 square miles (9.79 km2) (or 97.47%) is land and 0.098 square miles (0.25 km2) (or 2.53%) is water.
Why Should You Choose IBA for Your Real Estate Education?
We have online classes to make sure you study in your busy schedule. The 60 hour online self study broker pre-licensing course lets you learn at your own pace and complete the work on your schedule. You can trust IBA Education to provide the best education.
We offer 100% Online Real Estate Courses and our courses are approved by IDFPR to be delivered in Palos Heights - 100% Guaranteed. You can check IBA's approval status at IDFPRBroker Course Package from $199. Complete your 75 Hours Pre-license courses Online with continued Instructor Assistance and support, 24-Hour Access to Courses, and superior customer service in Palos Heights.
Get licensed however you learn best. If you enjoy learning at home, and are based in Palos Heights, we have a format that suits you best. With a completely online option, you can complete your courses in the shortest possible time. Even though our classes are all online, we also offer a webinar method so you get the best of both options: Flexibility.Get your real estate license online with the Illinois Broker Academy! We're a fully-accredited school with some of the best online real estate classes in the industry.
What Types of Seller or Buyer Queries Do Palos Heights Licensed Brokers and Realtors Handle?
How to know if your deed is recorder?
Few people are aware that there could be a problem with their deed until they attempt to sell their property or refinance a mortgage. To find out earlier rather than later, contact your attorney or escrow agent in Palos Heights and ask for a copy of the recording page for your deed.
The recording page lists the date your deed was recorded and also includes the volume and page number where your deed can be found. You can also contact the county clerk's office yourself and ask how to view land records in your county. Many counties provide access to real property records online and free of charge.
What to do if your deed was not recorded?
If your deed has not been recorded, inform your attorney or title insurance company immediately. Request that it take action to have your deed recorded as soon as possible. You should also inform your mortgage lender, as it might be able to assist you with recording your deed.
It is relatively easy to confirm that your deed has been recorded. If there is a problem, discovering it before a problem has arisen could save you from significant expense and enormous inconvenience. Contact your attorney, title insurance agent, or real estate broker to learn more.
How a Sublease Works?
A subtenant is not a cotenant and does not have a direct relationship with your landlord. As their "landlord," you can (and should) require them to pay rent directly to you and evict them if they fail to follow through. This differs from a cotenant, who can be evicted only by your landlord. If you decide to evict your subtenant, you will need to follow the same procedures that would be required for a landlord. A month-to-month rental agreement may be better for a subtenant arrangement than a lease. Any agreement should clearly state the amount of the rent, the length of the tenancy, and any security deposit that may be required.
You should be aware that any benefits that you give your subtenant must fit within the overall rules that the landlord imposes for the property and the people who live there. Even though the subtenant did not sign your lease with the landlord, its terms apply to them as well.
You should make sure that you are confident about the subtenant's financial situation and ability to comply with the terms of the sublease and the landlord's rules. If they fail to pay rent or damage the property, you will be on the hook to the landlord for all of your own rent and the cost of any repairs. In extreme situations, such as criminal activity by your subtenant, the landlord may evict you in order to remove the subtenant. You also may face eviction if you get into a dispute with your subtenant. If they refuse to leave when you return, for example, it may be easier for the landlord to simply evict both of you.
Who holds title in mortgage?
In title theory states, a lender holds the actual legal title to a piece of real estate for the life of the loan while the borrower/mortgagor holds the equitable title. When the sale of the real estate goes through, the seller actually transfers the property to the lender. The lender then grants equitable title to the borrower. This means that the borrower can occupy and use the property, but the lender has legal ownership over it.
In title theory states, a lender can simply step in and take possession of the property if a borrower defaults on the loan. Since the lender is technically the property owner, the lender simply revokes the borrower's equitable title and takes the property.
What happens if your estate license lapse?
If you fail to renew your license before the expiration date, it is no longer considered active. An expired license in it itself is not causing for disciplinary action; however, keep in mind that once your license has expired, you are no longer legally able to perform the duties of a salesperson or broker.
Unfortunately, there is a penalty for renewing your license late'” the late fee total is 1.5x that of the on-time renewal. A salesperson's late renewal fee is $367 instead of the $245 on-time renewal price, and a broker's renewal fee is $450 versus the one-time cost of $300.
Note: If you successfully submit or send in all required materials and proof of CE completion on-time (before midnight on the day of expiration), you may continue to carry out the duties and responsibilities of a salesperson/broker past the expiration date while you wait to receive to renewed license certificate.
How much credit score I need to buy a home?
Most loan programs require a FICO score of 620 or better. Borrowers with higher credit scores represent less risk to the lender, often resulting in a lower down payment requirement and better interest rate. Conversely, home shoppers with lower credit scores may need to bring more money to the table (or accept a higher interest rate) to offset the lender's risk.
Should I order a home inspection?
Yes! Home inspections are required if you plan on financing your home with an FHA or VA loan. For other mortgage programs, inspections are not required. However, home inspections are highly recommended because they can reveal defects in the home that are not easily detected. Home inspections bring peace of mind to one of the biggest investments of a lifetime.
Before you buy a home, one of the things you should do is to have it checked out by a professional home inspector. Yes, we can hear your objection: "Buying a home is expensive enough as it is! Why would I choose to fork over hundreds more if I'm not required to?" In this article, we'll delve into what a home inspection can reveal and whether it's worth the investment.
The Home Inspection Contingency
Home inspections are used to provide an opportunity for a buyer to identify any major issues with a home prior to closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller. This contingency provides that if significant defects are revealed by a home inspection, you can back out of your purchase offer, free of penalty, within a certain timeframe. The potential problems a home can have must be pretty serious if they could allow you to walk away from such a significant contract.
In some situations, realtors are also known to include home inspection clauses in contracts, such as those for a newly built residence. In new home construction, inspections generally cover:
a.Foundations: Checking before the concrete is poured (once poured, there's very little that can be corrected).
b.Pre-drywall: Checking the structure and mechanics before the drywall is laid.
c.Full inspection: A full walk-through is performed of the completed home.