CHICAGO ASSOCIATION OF REALTORS® Residential Real Estate … · 2018-05-03 · Buyer Initials:...
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Page 1 of 4 Buyer Initials: _________ Buyer Initials: _________ Revised 09/2017 Seller Initials: _________ Seller Initials: _________ © 2017 – Chicago Association of REALTORS® - All Rights Reserved CHICAGO ASSOCIATION OF REALTORS® Residential Real Estate Purchase and Sale Contract (For use with Single Family Homes, Fee Simple Townhomes, or Shared Community Associations) This Contract is Intended to be a Binding Real Estate Contract 1. Contract. This Residential Real Estate Purchase and Sale Contract ("Contract") is made by and between 1 ___________________________________________________________("Buyer"), and ___________________________________________________________ ("Seller") 2 (Buyer and Seller collectively, ("Parties"), with respect to the purchase and sale of the real estate and improvements located at 3 ________________________________________________________________________________________________________________________________("Property"). 4 The Property P.I.N. # is ________________________________________________. Lot Size:______________________________. 5 Additional P.I.N. #(s) (if applicable) _____________________________________________________________________________. 6 2. Fixtures and Personal Property. At Closing (as defined in Paragraph 8 of this Contract), in addition to the Property, Seller shall transfer to Buyer by a Bill of Sale 7 all heating, cooling, electrical and plumbing systems, and the following checked and enumerated items (collectively, “Fixtures and Personal Property”), which Fixtures and 8 Personal Property are owned by Seller, and to Seller’s knowledge, are currently present on the Property and in operating condition as of the Acceptance Date: 9 o Refrigerator___ o Sump Pump___ o Central air conditioner__ o Fireplace screen o Built-in or attached 10 o Oven/Range___ o Smoke and carbon monoxide o Window air conditioner___ and equipment___ shelves or cabinets__ 11 o Microwave___ detectors__ o Electronic air filter___ o Fireplace gas log__ o Ceiling fan(s)___ 12 o Dishwasher___ o Intercom system___ o Central humidifier___ o Firewood___ o Radiator covers___ 13 o Garbage disposal__ o Security system___ (rented or owned) (check one) o Attached gas grill__ o All planted vegetation 14 o Trash compactor___ o Satellite Dish__ o Lighting fixtures___ o Existing storms o Outdoor play set/swings 15 o Washer__ o Attached TV(s)___ o Electronic garage door(s) and screens___ o Outdoor shed 16 o Dryer___ o TV Antenna___ with ___ remote unit(s) o Window treatments___ 17 o Water Softener___ o Multimedia equipment___ o Tacked down carpeting o Other Equipment ______________________________________ 18 Seller shall also transfers the following:____________________________________________________________________________________________________. 19 The following items are excluded: ________________________________________________________________________________________________________. 20 3. Purchase Price. The purchase price for the Property (including the Fixtures and Personal Property) is $__________________________ ("Purchase Price"). 21 4. Closing Cost Credit (Optional). Check if applicable o Seller agrees to credit to Buyer at Closing (check one) o $____________ OR o _____% of Purchase Price 22 (“Closing Cost Credit”), to be applied to prepaid expenses, closing costs or both as lender permits, and that such credit appears on the Master Statement or Closing 23 Disclosure. 24 5. Home Warranty (Optional). Check if applicable o Seller agrees to provide Buyer with a Home Warranty at Closing, at a cost of no less than: $____________. 25 6. Earnest Money. Upon the Parties execution and delivery of this Contract, Buyer shall deposit with __________________________________ ("Escrowee"), 26 earnest money in the amount of $__________________, in the form of _____________________________ within _____ Business Days after the Acceptance Date. The 27 earnest money shall be increased to (check one) o ______% [percent] of the Purchase Price, OR o a total of $_______________________________ ("Earnest Money") 28 within _____ Business Days after the conclusion of the Attorney Approval Period (as established in Paragraph 15 of this Contract). The Parties acknowledge and agree that 29 (i) the Parties shall execute all necessary documents with respect to the handling of the Earnest Money in form and content mutually agreed upon between the Parties 30 and (ii) unless otherwise agreed, Buyer shall pay all expenses incurred in opening an escrow account for the Earnest Money. 31 7. Mortgage Contingency. Parties agree that this Contract (check one) o [is] o [is not] subject to Paragraph 7, Mortgage Contingency. If [is not] is checked, 32 then this paragraph 7 does not apply. This Contract is contingent upon Buyer securing by ________________________ ("First Commitment Date") a written mortgage 33 commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan association, bank, or other authorized financial 34 institution, in the amount of (check one) o $________________ OR o ____% [percent] of the Purchase Price, the interest rate (or initial interest rate if an adjustable rate 35 mortgage) not to exceed _______% per year, amortized over ______ years, payable monthly, loan fee not to exceed _______%, plus appraisal and credit report fee, if any 36 ("Required Commitment"). Buyer shall pay for private mortgage insurance as required by the lending institution. If a FHA or VA mortgage is to be obtained, Rider 8 or 37 Rider 9 shall be attached to this Contract. (1) If Buyer is unable to obtain the Required Commitment by the First Commitment Date, Buyer shall so notify Seller in writing 38 on or before that Date. Thereafter, Seller may, within 30 Business Days after the First Commitment Date ("Second Commitment Date"), secure the Required Commitment 39 for Buyer upon the same terms, and may extend the Closing Date by 30 Business Days. The Required Commitment may be given by Seller or a third party. Buyer shall 40 furnish all requested credit information, sign customary documents relating to the application and securing of the Required Commitment, and pay one application fee as 41 directed by Seller. Should Seller choose not to secure the Required Commitment for Buyer, this Contract shall be null and void as of the First Commitment Date, and the 42 Earnest Money shall be returned to Buyer. (2) If Buyer notifies Seller on or before the First Commitment Date that Buyer has been unable to obtain the Required 43 Commitment, and neither Buyer nor Seller secures the Required Commitment on or before the Second Commitment Date, this Contract shall be null and void and the 44 Earnest Money shall be returned to Buyer. (3) If Buyer does not provide any notice to Seller by the First Commitment Date, Buyer shall be deemed to have waived this 45 contingency and this Contract shall remain in full force and effect. 46 8. Closing. Buyer shall deliver the balance of the Purchase Price (less the amount of the Earnest Money, Closing Cost Credit, plus or minus prorations and escrow 47 fees, if any) to Seller and Seller shall execute and deliver the Deed (as defined below) to Buyer ("Closing"). Closing shall occur on or prior to ________________________ 48 at a time and location mutually agreed upon by the Parties ("Closing Date"). Seller must provide Buyer with good and merchantable title prior to Closing. 49 9. Possession. Unless otherwise agreed to in Rider 22 Post-Closing Possession Rider, Seller agrees to deliver possession of the property at Closing. If Seller does 50 not surrender possession at Closing, Seller shall be considered in default of this Contract. 51
Transcript of CHICAGO ASSOCIATION OF REALTORS® Residential Real Estate … · 2018-05-03 · Buyer Initials:...
Page1of4BuyerInitials:_________BuyerInitials:_________Revised09/2017SellerInitials:_________SellerInitials:_________
©2017–ChicagoAssociationofREALTORS®-AllRightsReserved
CHICAGOASSOCIATIONOFREALTORS®ResidentialRealEstatePurchaseandSaleContract
(ForusewithSingleFamilyHomes,FeeSimpleTownhomes,orSharedCommunityAssociations)ThisContractisIntendedtobeaBindingRealEstateContract
1. Contract. This Residential Real Estate Purchase and Sale Contract ("Contract") is made by and between1
___________________________________________________________("Buyer"), and ___________________________________________________________ ("Seller")2
(Buyer and Seller collectively, ("Parties"), with respect to the purchase and sale of the real estate and improvements located at3
________________________________________________________________________________________________________________________________("Property").4
ThePropertyP.I.N.#is________________________________________________.LotSize:______________________________.5
AdditionalP.I.N.#(s)(ifapplicable)_____________________________________________________________________________.6
2. FixturesandPersonalProperty.AtClosing(asdefinedinParagraph8ofthisContract),inadditiontotheProperty,SellershalltransfertoBuyerbyaBillofSale7
allheating,cooling,electricalandplumbingsystems,andthefollowingcheckedandenumerateditems(collectively,“FixturesandPersonalProperty”),whichFixturesand8
PersonalPropertyareownedbySeller,andtoSeller’sknowledge,arecurrentlypresentonthePropertyandinoperatingconditionasoftheAcceptanceDate:9
oRefrigerator___ oSumpPump___ oCentralairconditioner__ oFireplacescreen oBuilt-inorattached10
oOven/Range___ oSmokeandcarbonmonoxide oWindowairconditioner___ andequipment___shelvesorcabinets__11
oMicrowave___ detectors__ oElectronicairfilter___ oFireplacegaslog__oCeilingfan(s)___12
oDishwasher___ oIntercomsystem___ oCentralhumidifier___ oFirewood___ oRadiatorcovers___13
oGarbagedisposal__oSecuritysystem___(�rentedor�owned)(checkone) oAttachedgasgrill__oAllplantedvegetation14
oTrashcompactor___oSatelliteDish__ oLightingfixtures___ oExistingstorms oOutdoorplayset/swings15
oWasher__ oAttachedTV(s)___ oElectronicgaragedoor(s) andscreens___ oOutdoorshed16
oDryer___ oTVAntenna___ with___remoteunit(s) oWindowtreatments___17
oWaterSoftener___oMultimediaequipment___ oTackeddowncarpeting oOtherEquipment______________________________________18
Sellershallalsotransfersthefollowing:____________________________________________________________________________________________________.19
Thefollowingitemsareexcluded:________________________________________________________________________________________________________.20
3. PurchasePrice.ThepurchasepricefortheProperty(includingtheFixturesandPersonalProperty)is$__________________________("PurchasePrice").21
4. ClosingCostCredit(Optional).CheckifapplicableoSelleragreestocredittoBuyeratClosing(checkone)o$____________ORo_____%ofPurchasePrice22
(“ClosingCostCredit”), tobeapplied toprepaidexpenses, closing costsorbothas lenderpermits, and that such credit appearson theMaster StatementorClosing23
Disclosure.24
5. HomeWarranty(Optional).CheckifapplicableoSelleragreestoprovideBuyerwithaHomeWarrantyatClosing,atacostofnolessthan:$____________.25
6. EarnestMoney. UponthePartiesexecutionanddeliveryofthisContract,Buyershalldepositwith__________________________________ ("Escrowee"),26
earnestmoneyintheamountof$__________________,intheformof_____________________________within_____BusinessDaysaftertheAcceptanceDate.The27
earnestmoneyshallbeincreasedto(checkone)o______%[percent]ofthePurchasePrice,ORoatotalof$_______________________________("EarnestMoney")28
within_____BusinessDaysaftertheconclusionoftheAttorneyApprovalPeriod(asestablishedinParagraph15ofthisContract).ThePartiesacknowledgeandagreethat29
(i)thePartiesshallexecuteallnecessarydocumentswithrespecttothehandlingoftheEarnestMoneyinformandcontentmutuallyagreeduponbetweentheParties30
and(ii)unlessotherwiseagreed,BuyershallpayallexpensesincurredinopeninganescrowaccountfortheEarnestMoney.31
7. MortgageContingency.PartiesagreethatthisContract(checkone)o[is]o[isnot]subjecttoParagraph7,MortgageContingency.If[isnot]ischecked,32
thenthisparagraph7doesnotapply.ThisContractiscontingentuponBuyersecuringby________________________("FirstCommitmentDate")awrittenmortgage33
commitmentforafixedrateoranadjustableratemortgagepermittedtobemadebyaU.S.orIllinoissavingsandloanassociation,bank,orotherauthorizedfinancial34
institution,intheamountof(checkone)o$________________ORo____%[percent]ofthePurchasePrice,theinterestrate(orinitialinterestrateifanadjustablerate35
mortgage)nottoexceed_______%peryear,amortizedover______years,payablemonthly,loanfeenottoexceed_______%,plusappraisalandcreditreportfee,ifany36
("RequiredCommitment").Buyershallpayforprivatemortgageinsuranceasrequiredbythelendinginstitution.IfaFHAorVAmortgageistobeobtained,Rider8or37
Rider9shallbeattachedtothisContract.(1)IfBuyerisunabletoobtaintheRequiredCommitmentbytheFirstCommitmentDate,BuyershallsonotifySellerinwriting38
onorbeforethatDate.Thereafter,Sellermay,within30BusinessDaysaftertheFirstCommitmentDate("SecondCommitmentDate"),securetheRequiredCommitment39
forBuyeruponthesameterms,andmayextendtheClosingDateby30BusinessDays.TheRequiredCommitmentmaybegivenbySellerorathirdparty.Buyershall40
furnishallrequestedcreditinformation,signcustomarydocumentsrelatingtotheapplicationandsecuringoftheRequiredCommitment,andpayoneapplicationfeeas41
directedbySeller.ShouldSellerchoosenottosecuretheRequiredCommitmentforBuyer,thisContractshallbenullandvoidasoftheFirstCommitmentDate,andthe42
EarnestMoney shall be returned to Buyer. (2) If Buyer notifies Seller on or before the First Commitment Date that Buyer has been unable to obtain the Required43
Commitment,andneitherBuyernorSellersecurestheRequiredCommitmentonorbeforetheSecondCommitmentDate,thisContractshallbenullandvoidandthe44
EarnestMoneyshallbereturnedtoBuyer.(3)IfBuyerdoesnotprovideanynoticetoSellerbytheFirstCommitmentDate,Buyershallbedeemedtohavewaivedthis45
contingencyandthisContractshallremaininfullforceandeffect.46
8. Closing.BuyershalldeliverthebalanceofthePurchasePrice(lesstheamountoftheEarnestMoney,ClosingCostCredit,plusorminusprorationsandescrow47
fees,ifany)toSellerandSellershallexecuteanddelivertheDeed(asdefinedbelow)toBuyer("Closing").Closingshalloccuronorpriorto________________________48
atatimeandlocationmutuallyagreeduponbytheParties("ClosingDate").SellermustprovideBuyerwithgoodandmerchantabletitlepriortoClosing.49
9. Possession.UnlessotherwiseagreedtoinRider22Post-ClosingPossessionRider,SelleragreestodeliverpossessionofthepropertyatClosing.IfSellerdoes50
notsurrenderpossessionatClosing,SellershallbeconsideredindefaultofthisContract.51
Page2of4BuyerInitials:_________BuyerInitials:_________Revised09/2017SellerInitials:_________SellerInitials:_________
©2017–ChicagoAssociationofREALTORS®-AllRightsReserved
10. Deed.AtClosing,SellershallexecuteanddelivertoBuyer,orcausetobeexecutedanddeliveredtoBuyer,arecordablewarrantydeed("Deed")withrelease52
ofhomesteadrights(orotherappropriatedeediftitleisintrustorinanestate),orArticlesofAgreement,ifapplicable,subjectonlytothefollowing,ifany:covenants,53
conditions,andrestrictionsofrecord;publicandutilityeasements;actsdonebyorsufferedthroughBuyer;allspecialgovernmentaltaxesorassessmentsconfirmedand54
unconfirmed;homeownersorcondominiumassociationdeclarationandbylaws,ifany;andgeneralrealestatetaxesnotyetdueandpayableatthetimeofClosing.55
11. RealEstateTaxes. Sellerrepresentsthatthetotal20____generalrealestatetaxesforthePropertyandallP.I.N.sreferencedparagraph1ofthisContract56
were$__________________. GeneralrealestatetaxesforthePropertyaresubjecttothefollowingexemptions(checkboxifapplicable):oHomeowner's.oSenior57
Citizen's.oSeniorFreeze.oHistoricalTaxFreeze.Generalrealestatetaxesshallbeproratedbasedon_________%ofthemostrecentascertainablefullyeartaxbill,58
unlessmutuallyagreedtootherwisebythePartiesinwritingpriortotheexpirationoftheAttorneyApprovalPeriod.59
12.HomeownersAssociation.PartiesagreethattheProperty(checkone)o[is]o[isnot]apartofahomeownersassociationandthateithertheIllinoisCommon60
InterestCommunityAssociationAct,IllinoisCondominiumPropertyAct,orotherapplicablestateassociationlawapplies(“GoverningLaw”).If[isnot]ischecked,then61
this paragraph 12, Homeowners Association, does not apply. Seller represents that as of the Acceptance Date, the regular monthly assessment pertaining to the62
Propertyis$_______________;aspecialassessment(checkone)o[has]ORo[hasnot]beenlevied.Theoriginalamountofthespecialassessmentpertainingtothe63
Propertywas$______________,andtheremainingamountdueatClosingwillbe$_____________and(checkone)o[shall]ORo[shallnot]beassumedbyBuyerat64
Closing.Buyeracknowledgesandagreesthat(i)therepresentationsinthisParagraphareprovidedasoftheAcceptanceDate;(ii)thisinformationmaychange,andthese65
feesmayincrease,priortoClosing.NotwithstandinganythingtothecontrarycontainedinthisParagraph12,SellershallnotifyBuyerofanyproposedspecialassessment,66
increase in any regular assessment, and amendments or revisions to any items stipulated by the resale disclosure provisions of the Governing Law ("Association67
Documents"), including but not limited to the declaration, bylaws, rules and regulations, and the prior and current years' operating budgets, between the Date of68
AcceptanceandClosing.SellershallnotifyBuyerwithin5BusinessDays(andinnoeventlaterthantheClosingDate)afterSellerreceivesnoticeofanyproposedspecial69
assessment, increase inany regularassessment, andamendmentsor revisions toanyof theAssociationDocuments. Seller shall furnishBuyera statement from the70
properassociationrepresentativecertifyingthatSelleriscurrentinpaymentofassessments,and,ifapplicable,proofofwaiverorterminationofanyrightoffirstrefusal71
orsimilaroptionscontainedinthebylawsoftheassociationforthetransferofownership.SellershalldelivertoBuyertheAssociationDocumentswithin______Business72
DaysoftheAcceptanceDate.IntheeventtheAssociationDocumentsdisclosethatthePropertyisinviolationofexistingrules,regulations,orotherrestrictionsorthat73
thetermsandconditionscontainedwithinthedocumentswouldunreasonablyrestrictBuyer'suseofthePropertyorwouldincreasethefinancialconsiderationswhich74
BuyerwouldhavetoextendinconnectionwithowningtheProperty,thenBuyermaydeclarethisContractnullandvoidbygivingSellerwrittennoticewithin5Business75
Daysafter the receiptof theAssociationDocuments, listing thosedeficiencieswhichareunacceptable toBuyer,and thereuponall EarnestMoneydeposited shallbe76
returnedtoBuyer.Ifwrittennoticeisnotservedwithinthetimespecified,Buyershallbedeemedtohavewaivedthiscontingency,andthisContractshallremaininfull77
forceandeffect.Selleragreestopayanyapplicableprocessing/move-out/transferringfeesasrequiredbytheassociation,andBuyeragreestopaythecreditreportand78
move-infeeifrequiredbytheassociation.Iftherightoffirstrefusalorsimilaroptionisexercised,thisContractshallbenullandvoidandtheEarnestMoneyshallbe79
returnedtoBuyer,butSellershallpaythecommissionpursuanttoParagraphUoftheGeneralProvisionsofthisContract.80
13. Disclosures. Buyer has received the following (check yes or no): (a) Illinois Residential Real PropertyDisclosureReport:o Yes/oNo; (b)HeatDisclosure81
(gas/electric):oYes/oNo;(c)LeadPaintDisclosureandPamphlet:oYes/oNo;and(d)RadonDisclosureandPamphlet:oYes/oNo.82
14. DualAgency.Licensee(checkone)o [is]o [isnot]actingasa“DesignatedAgent” forbothBuyerandSeller, (“DualAgency”). If [isnot] ischeckedthis83
paragraph14doesnotapply.ThePartiesconfirmthattheyhavepreviouslyconsentedandagreedtohave_____________________________________("Licensee")act84
asDual Agent in providing brokerage services on behalf of the Parties and specifically consent to Licensee acting asDual Agent on the transaction covered by this85
Contract.InitialbelowifBuyerandSellerconsenttoDualAgencyonthetransactioncoveredbythisContract.86
BuyerInitials:________BuyerInitials:__________SellerInitials:__________SellerInitials:__________87
15. AttorneyModification.Within____BusinessDaysaftertheAcceptanceDate("AttorneyApprovalPeriod"),theattorneysfortherespectiveParties,bynotice,88
may:(a)approvethisContractinitsentirety;or(b)proposemodificationstothisContract("ProposedModifications"),whichProposedModificationsshallnotinclude89
modificationstothePurchasePriceorbroker'scompensation.IfwrittenagreementisnotreachedbythePartieswithrespecttoresolutionoftheProposedModifications,90
then either Partymay terminate this Contract by serving notice, whereupon this Contract shall be null and void and the EarnestMoney returned to Buyer.Unless91
otherwisespecified,allnoticesshallbeprovidedinaccordancewithparagraphDoftheGeneralProvisions.IntheabsenceofdeliveryofProposedModificationsprior92
totheexpirationoftheAttorneyApprovalPeriod,theprovisionsofthisparagraphshallbedeemedwaivedbythePartiesandthisContractshallremaininfullforce93
andeffect.94
16. Inspection. Within ____ Business Days after the Acceptance Date ("Inspection Period"), Buyer may conduct, at Buyer's sole cost and expense (unless95
otherwiseprovidedby law)home,radon,environmental, lead-basedpaintand/or lead-basedpainthazards (unlessseparatelywaived),wood infestation,and/ormold96
inspectionsoftheProperty("Inspections")byoneormoreproperlylicensedorcertifiedinspectionpersonnel(each,an"Inspector").TheInspectionsshallincludeonly97
majorcomponentsof theProperty, including,without limitation,centralheating, central cooling,plumbing,well,andelectric systems, roofs,walls,windows,ceilings,98
floors,appliances,andfoundations.Amajorcomponentshallbedeemedtobeinoperatingconditionifitperformsthefunctionforwhichitisintended,regardlessof99
age,anddoesnotconstituteahealthorsafetythreat.BuyershallindemnifySellerfromandagainstanylossordamagetothePropertyorpersonalinjurycausedbythe100
Inspections,Buyer,orBuyer'sInspector.PriortoexpirationoftheInspectionPeriod,BuyershallnotifySellerorSeller'sattorneyinwriting("Buyer'sInspectionNotice")of101
anydefectsdisclosedbytheInspectionsthatareunacceptabletoBuyer,togetherwithacopyofthepertinentpagesoftherelevantInspectionsreport.Buyeragreesthat102
minor repairs andmaintenance collectively costing less than $250 shall not constitute defects covered by this Paragraph. If the Parties have not reachedwritten103
agreementresolvingtheinspectionissueswithintheInspectionPeriod,theneitherPartymayterminatethisContractbywrittennoticetotheotherParty.Intheeventof104
such notice, this Contract shall be null and void and the EarnestMoney shall be returned to Buyer. In the absence ofwritten notice prior to the expiration of the105
InspectionPeriod,thisprovisionshallbedeemedwaivedbyallParties,andthisContractshallbeinfullforceandeffect.106
Page3of4BuyerInitials:_________BuyerInitials:_________Revised09/2017SellerInitials:_________SellerInitials:_________
©2017–ChicagoAssociationofREALTORS®-AllRightsReserved
17. GeneralProvisions,RidersandAddendums. THISCONTRACTWILLBECOMEALEGALLYBINDINGCONTRACTWHENSIGNEDBYBUYERANDSELLERAND107
DELIVERED TO BUYER OR BUYER'S DESIGNATED AGENT. THIS CONTRACT INCLUDES THE GENERAL PROVISIONS ON THE LAST PAGE OF THIS CONTRACT AND THE108
FOLLOWINGRRIDERSANDADDENDUMS, IFANY, _________________________________________________________________________________________________109
___________________________________________________________________________________,WHICHAREATTACHEDTOANDMADEAPARTOFTHISCONTRACT.110
ThisContractshallbeofnoforceoreffectifnotacceptedbySelleronorbefore______________________________.111
OFFERDATE:____________________________.112
BUYER’SINFORMATION:113
Buyer’sSignature:_________________________________________________114
Buyer’sName(print):______________________________________________115
Buyer’sSignature:_________________________________________________116
Buyer’sName(print):______________________________________________117
Address:_________________________________________________________118
Phone1:________________________Phone2:________________________119
Email1:__________________________________________________________120
Email2:__________________________________________________________121
ACCEPTANCEDATE:____________________________(“AcceptanceDate”).
SELLER’SINFORMATION:
Seller’sSignature:_________________________________________________
Seller’sName(print):______________________________________________
Seller’sSignature:_________________________________________________
Seller’sName(print):______________________________________________
Address:_________________________________________________________
Phone1:________________________Phone2:________________________
Email1:__________________________________________________________
Email2:__________________________________________________________
Thenamesandaddressessetforthbelowareforinformationalpurposesonlyandsubjecttochange122
Buyer’sBroker’sInformation:123
DesignatedAgent:_________________________________________________124
AgentMLS#:________________AgentLicense#:_______________________125
Brokerage:_______________________________________________________126
BrokerageMLS#:______________BrokerageLicense#:__________________127
Address:_________________________________________________________128
AgentPhone:______________________AgentFax:______________________129
Email:___________________________________________________________130
Buyer’sAttorney’sInformation:131
AttorneyName:___________________________________________________132
Address:_________________________________________________________133
Phone:__________________________Fax:____________________________134
Email:___________________________________________________________135
Buyer’sLender’sInformation:136
Lender’sName:___________________________________________________137
CompanyName:__________________________________________________138
Address:_________________________________________________________139
Phone:__________________________Fax:____________________________140
Email:___________________________________________________________141
Seller’sBroker’sInformation:
DesignatedAgent:_________________________________________________
AgentMLS#:________________AgentLicense#:_______________________
Brokerage:_______________________________________________________
BrokerageMLS#:______________BrokerageLicense#:__________________
Address:_________________________________________________________
AgentPhone:______________________AgentFax:______________________
Email:___________________________________________________________
Seller’sAttorney’sInformation:
AttorneyName:___________________________________________________
Address:_________________________________________________________
Phone:__________________________Fax:____________________________
Email:___________________________________________________________
GENERALPROVISIONS142A. Prorations.Rent,interestonexistingmortgage,ifany,watertaxesandotheritemsshallbeproratedasoftheClosingDate.Securitydeposits,ifany,shallbepaid143toBuyer atClosing. Notwithstandinganything to the contrary contained inParagraph9of thisContract, if theProperty is improvedasof theClosingDate,but the last144availabletaxbillisonvacantland,Sellershallplaceinescrowanamountequalto2%ofthePurchasePriceandthePartiesshallreproratetaxeswithin30daysafterthebillon145
theimprovedpropertybecomesavailable.146B. UniformVendorandPurchaserRiskAct.TheprovisionsoftheUniformVendorandPurchaserRiskActoftheStateofIllinoisshallbeapplicabletothisContract.147C. Title. At least 5 BusinessDays prior to the ClosingDate, Seller shall deliver to Buyer or his agent evidence ofmerchantable title in the intended grantor by148deliveringaCommitment forTitle Insuranceofa title insurancecompanybearingadateonor subsequent to theAcceptanceDate, in theamountof thePurchasePrice,149subject tonootherexceptions than thosepreviously listedwithin thisContractand togeneralexceptions contained in the commitment. Delay indeliverybySellerofa150CommitmentforTitleInsuranceduetodelaybyBuyer'smortgageeinrecordingmortgageandbringingdowntitleshallnotbeadefaultofthisContract.EveryCommitment151forTitle Insurance furnishedbySellershallbeconclusiveevidenceof titleasshown. Ifevidenceof titledisclosesotherexceptions,Sellershallhave30daysafterSeller's152receiptofevidenceoftitletocuretheexceptionsandnotifyBuyeraccordingly.AstothoseexceptionsthatmayberemovedatClosingbypaymentofmoney,Sellermayhave153thoseexceptionsremovedatClosingbyusingtheproceedsofthesale.154D. Notice.AllnoticesrequiredbythisContractshallbeinwritingandshallbeserveduponthePartiesortheirattorneysattheaddressesprovidedinthisContract.155Themailingof noticeby registeredor certifiedmail, return receipt requested, shall be sufficient service.Noticesmay alsobe servedbypersonal deliveryor commercial156deliveryserviceorbytheuseofafacsimilemachine.Inaddition,facsimilesignaturesordigitalsignaturesshallbesufficientforpurposesofexecutingthisContractandshall157bedeemedoriginals.E-mailnoticesshallbedeemedvalidandreceivedbytheaddresseewhendeliveredbye-mailandopenedbytherecipient.EachPartyshallretainacopy158ofproofoffacsimiletransmissionandemailnoticeandprovidesuchproof,ifrequested.159E. DispositionofEarnestMoney.IntheeventofanydefaultbyeitherParty,EscroweemaynotdistributetheEarnestMoneywithoutthejointwrittendirectionof160Seller andBuyeror their authorizedagents. However, if Escroweehasnot received the jointwrittendirectionof both Seller andBuyeror their authorizedagents, then161EscroweemaygivewrittennoticetoSellerandBuyeroftheintendeddisbursementofEarnestMoney,indicatingthemannerinwhichEscroweeintendstodisburseinthe162absenceof anywrittenobjection. If neitherPartyobjects, inwriting, to theproposeddispositionof theEarnestMoneywithin30daysafter thedateof thenotice, then163EscroweeshallproceedtodispensetheEarnestMoneyaspreviouslynoticedbyEscrowee.IfeitherSellerorBuyerobjectsinwritingtotheintendeddispositionwithinthe30164
dayperiod,thentheEscroweemaydeposittheEarnestMoneywiththeClerkoftheCircuitCourtbythefilingofanactioninthenatureofanInterpleader.Escroweemay165withdrawfromtheEarnestMoneyallcosts,includingreasonableattorney'sfees,relatedtothefilingoftheInterpleader,andthePartiesshallindemnifyandholdEscrowee166harmless fromanyandallclaimsanddemands, includingthepaymentof reasonableattorneys' fees,costs,andexpensesarisingoutof thoseclaimsanddemands. In the167eventofdefaultbyBuyer,theEarnestMoney,lessexpensesandcommissionofthelistingbroker,shallbepaidtoSeller.IfSellerdefaults,theEarnestMoney,attheoptionof168Buyer,shallberefundedtoBuyer,butsuchrefundingshallnotreleaseSellerfromtheobligationsofthisContract.169F. OperationalSystems.Sellerrepresentsthattheheating,plumbing,electrical,centralcooling,ventilatingsystems,appliances,andfixturesonthePropertyarein170workingorderandwillbesoatthetimeofClosing. BuyershallhavetherighttoenterthePropertyduringthe48-hourperiod immediatelypriortoClosingsolelyforthe171purposeofverifyingthattheoperationalsystemsandappliancesservingthePropertyareinworkingorderandthatthePropertyisinsubstantiallythesamecondition,normal172wearandtearexcepted,asoftheAcceptanceDate.173G. InsulationandHeatDisclosureRequirements. IftheProperty isnewconstruction,BuyerandSellershallcomplywithall insulationdisclosurerequirementsas174providedbytheFederalTradeCommission,andRider13isattached. IftheProperty is locatedintheCityofChicago,SellerandBuyershallcomplywiththeprovisionsof175Chapter5-16-050oftheMunicipalCodeofChicagoconcerningheatingcostdisclosurefortheProperty.176H. CodeViolations. Sellerwarrantsthatnonoticefromanycity,village,orothergovernmentalauthorityofadwellingcodeviolationthatcurrentlyexistsonthe177Propertyhasbeen issuedand receivedby Selleror Seller's agent ("CodeViolationNotice"). If aCodeViolationNotice is receivedafter theAcceptanceDateandbefore178Closing,SellershallpromptlynotifyBuyeroftheCodeViolationNotice.179I. EscrowClosing. At thewritten request of Seller or Buyer receivedprior to thedelivery of theDeed, this sale shall be closed through an escrowwith a title180insurance company, in accordancewith the general provisionsof theusual formof deed andmoneyescrowagreement then furnished and in useby the title insurance181company,withsuchspecialprovisions inserted in theescrowagreementasmayberequiredtoconformwith thisContract. Uponthecreationofanescrow,paymentof182
PurchasePriceanddeliveryofdeedshallbemadethroughtheescrow,thisContractandtheEarnestMoneyshallbedepositedintheescrow,andtheBrokershallbemadea183partytotheescrowwithregardtocommissiondue.ThecostoftheescrowshallbedividedequallybetweenBuyerandSeller.184J. LegalDescriptionandSurvey.Atleast5BusinessDayspriortoClosing,SellershallprovideBuyerwithasurveybyalicensedlandsurveyordatednotmorethan185sixmonthspriortothedateofClosing,showingthepresentlocationofallimprovements.IfBuyerorBuyer’smortgageedesiresamorerecentorextensivesurvey,thesurvey186shallbeobtainedatBuyer’sexpense.ThePartiesmayamendthisContracttoattachacompleteandcorrectlegaldescriptionoftheProperty.187K. AffidavitofTitle;ALTA.SelleragreestofurnishtoBuyeranaffidavitoftitlesubjectonlytothoseitemssetforthinthisContract,andanALTAformifrequiredby188Buyer'smortgagee,orthetitleinsurancecompany,forextendedcoverage.189L. RESPA.BuyerandSellershallmakealldisclosuresanddoallthingsnecessarytocomplywiththeapplicableprovisionsoftheRealEstateSettlementProcedures190Actof1974,asamended.191M. TransferTaxes.Sellershallpaytheamountofanystamptaximposedbythestateandcountyonthetransferoftitle,andshallfurnishacompleteddeclaration192signedbySellerorSeller'sagentintheformrequiredbythestateandcounty,andshallfurnishanydeclarationsignedbySellerorSeller'sagentormeetotherrequirements193as established by any local ordinancewith regard to a transfer or transaction tax. Any real estate transfer tax required by local ordinance shall be paid by the person194designatedinthatordinance.195N. RemovalofPersonalProperty.SellershallremovefromthePropertybytheClosingDatealldebrisandSeller'spersonalpropertynotconveyedbyBillofSaleto196Buyer.197O. Surrender.SelleragreestosurrenderpossessionofthePropertyinbroom-cleanconditionandinthesameconditionasitwasontheAcceptanceDate,ordinary198wearandtearexcepted,subjecttoParagraphBoftheGeneralProvisionsofthisContract. TotheextentthatSellerfailstocomplywiththisparagraph,Sellershallnotbe199responsibleforthatportionofthetotalcostrelatedtothisviolationthatisbelow$250.00.200P. Time.TimeisoftheessenceforpurposesofthisContract.201
Q. Number.WhereverappropriatewithinthisContract,thesingularincludestheplural.202R. FloodPlainInsurance.IntheeventthePropertyisinafloodplainandfloodinsuranceisrequiredbyBuyer'slender,Buyershallpayforthatinsurance.203S. BusinessDaysandTime. BusinessDaysaredefinedasMondaythroughFriday,excludingFederalholidays.BusinessHoursaredefinedas8:00AMto6:00PM204ChicagoTime.205T. PatriotAct.SellerandBuyerrepresentandwarrantthattheyarenotacting,directlyorindirectly,fororonbehalfofanyperson,group,entity,ornationnamed206byExecutiveOrderortheUnitedStatesTreasuryDepartmentasaSpeciallyDesignatedNationalandBlockedPerson,orotherbannedorblockedperson,entity,nationor207transactionpursuanttoanylaw,order,ruleorregulationwhichisenforcedoradministeredbytheOfficeofForeignAssetsControl("OFAC"),andthattheyarenotengagedin208thistransactiondirectlyorindirectlyonbehalfof,orfacilitatingthistransactiondirectlyorindirectlyonbehalfof,anysuchperson,group,entity,ornation.EachPartyshall209defend,indemnify,andholdharmlesstheotherPartyfromandagainstanyandallclaims,damages,losses,risks,liabilities,andexpenses(includingreasonableattorneys’fees210andcosts)arisingfromorrelatedtoanybreachoftheforegoingrepresentationandwarranty.211U. Brokers. The real estate brokers named in this Contract shall be compensated in accordance with their agreements with their clients and/or any offer of212compensationmadebythelistingbrokerinamultiplelistingserviceinwhichthelistingandcooperatingbrokerbothparticipate.213V. ExecutedContract.ThelistingbrokershallholdthefullyexecutedcopyofthisContract.214
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