Discount MLS, Flat fee broker, Illinois Multiple Listing Service, Lake County,

Royal Realty
Home \| Contact Us \| Partners \| Site Map \| Program Options

Definitions

Commission: The amount paid at closing that is usually 4% to 6% of the purchase price. With Royal Realty you will be paying half of the realtors commission, potentially saving thousands of dollars.
Earnest Money: The money given to the seller by a potential buyer (usually held in escrow), with the signing of a sales contract, showing that the buyer is serious about buying the house.
Final Walk-Through: This usually occurs within 24 hours of your closing. This is the opportunity for the buyer to confirm that the home they are purchasing is in the same or agreed upon condition as when they initially made the purchase.
Flat Fee: Instead of paying 2% to 3% commission you pay a specific amount in advance and eliminate thousands of dollars in unnecessary expenses.
Lead Paint Statement: Every purchaser with any interest in residential property which was built prior to 1978 must be notified that such property may present exposure to lead for lead-based paint which may cause health risks. This is a State required form that we will provide to you with the purchase of any package. You should prepare this Lead Paint Disclosure and have it ready for prospective buyers.
Lock Box: A device that is placed on the exterior of your home (usually on your front door knob) that will allow realtors to enter your home after they have made an appointment, so that you don't have to be home. You get all phone calls, so you set the appointments. You have the lock box code to pass on to buyer's agents as you please. It is recommended that you keep a log of all information and call the agents office to verify validity prior to giving out a lock box code. It is recommended that you DO NOT give your code to anyone looking at your home unless they are a Real Estate Agent. You should be home for all prospective buyers that are not accompanied by an agent.
MLS: The Multiple Listing Service is a corporation owned and controlled by the local association of Realtors. To input listings you must be a licensed member of the local association of Realtors. The MLS is not available to the public, only MLS members can view the MLS Listings.
MLSNI: The Multiple Listing Service of Northern Illinois is the largest and most widely used database in Chicago and the surrounding suburbs.
Realtor: A designation for an agent or broker who is a member of the National Association of Realtors.
Sales Associate: A person with a real estate license that works with a specific real estate broker.
Selling Broker or Listing Broker: One who represents the interest of the seller and the real estate firm that he/she works for. This commission is 100% eliminated when you work with Royal Realty on a Flat Fee Basis.
Sellers Disclosure: This disclosure statement informs buyers of the condition of the property they are buying. We will provide you with the necessary Sellers Disclosure for you to prepare and have ready for prospective buyers. This is a State required form.

Commission: The amount paid at closing that is usually 4% to 6% of the purchase price. With Royal Realty you will be paying half of the realtors commission, potentially saving thousands of dollars.

Earnest Money: The money given to the seller by a potential buyer (usually held in escrow), with the signing of a sales contract, showing that the buyer is serious about buying the house.

Final Walk-Through: This usually occurs within 24 hours of your closing. This is the opportunity for the buyer to confirm that the home they are purchasing is in the same or agreed upon condition as when they initially made the purchase.

Flat Fee: Instead of paying 2% to 3% commission you pay a specific amount in advance and eliminate thousands of dollars in unnecessary expenses.

MLS: The Multiple Listing Service is a corporation owned and controlled by the local association of Realtors. To input listings you must be a licensed member of the local association of Realtors. The MLS is not available to the public, only MLS members can view the MLS Listings.

MLSNI: The Multiple Listing Service of Northern Illinois is the largest and most widely used database in Chicago and the surrounding suburbs.

Realtor: A designation for an agent or broker who is a member of the National Association of Realtors.

Sales Associate: A person with a real estate license that works with a specific real estate broker.

Selling Broker or Listing Broker: One who represents the interest of the seller and the real estate firm that he/she works for. This commission is 100% eliminated when you work with Royal Realty on a Flat Fee Basis.

Sellers Disclosure: This disclosure statement informs buyers of the condition of the property they are buying. We will provide you with the necessary Sellers Disclosure for you to prepare and have ready for prospective buyers. This is a State required form.