Bar Association Real Estate Contract Form – Fill Out and Use This PDF

Bar Association Real Estate Contract Form PDF Details

The Bar Association Real Estate Contract is the standard form for residential real estate transactions in the Chicago metropolitan area and suburban Illinois. The Southwest Bar Association and the South Suburban Bar Association developed this form to give buyers and sellers a reliable, legally sound starting point for any property sale.

What the Form Covers

This contract addresses every stage of a property sale. Key sections include:

• Property description - Full address, legal description, lot dimensions, and any fixtures or personal property included in the sale
• Purchase price and earnest money deposit - The agreed sale price and the deposit the buyer must provide at contract signing
• Financing terms - Conventional loan, FHA (with Riders attached), or VA (with Riders attached) options
• Closing date - The scheduled date when the deed transfers and the sale becomes final
• Possession terms - When the buyer is entitled to physical access to the property after closing
• Title evidence - The seller's obligation to deliver clear title documentation and title insurance
• Inspections and contingencies - Provisions for termite inspection, well and septic testing, flood plain disclosure, and general property inspection periods
• Attorney review period - A set window for each party's attorney to review, approve, or propose changes to the contract terms
• Commission and closing cost credits - Optional provisions for real estate agent fees and credits applied at closing
• Prorations - Allocation of property taxes, HOA dues, and utility costs between buyer and seller at the closing date

Eligible Property Types

The form applies to several residential property types:

• Single-family homes
• Condominiums
• Townhouses
• Multi-family residential units (up to four units)
• Vacant lots and unimproved land

For transactions in other states, you may need a state-specific contract. The Arkansas Residential Real Estate Contract and the North Carolina Real Estate Contract each follow their own state requirements. The real estate purchase agreement template is a more general option when a bar association form is not required.

Built-In Protections

Several provisions in the contract protect both parties:

• Strict alteration rules - No changes may be made to the printed text except by handwritten note, underlining, or bold italic text. This preserves the legal integrity of the signed document.
• Earnest money deposit terms - The form specifies the conditions under which the earnest money is returned to the buyer or retained by the seller if the deal does not close
• Water and sewer disclosures - Properties on private wells or septic systems must disclose this fact, and a well and septic test period is built into the contract
• Default and performance clause - Describes each party's legal options and remedies if the other fails to complete the transaction
• Flood plain disclosure - The buyer has the right to investigate whether the property falls within a designated flood zone before closing

These provisions reduce the chance of post-closing disputes. They also help both parties understand their obligations clearly before any money changes hands.

Buyers and sellers in the Chicago area often compare this form with the Chicago Association contract form, which follows Cook County and surrounding area standards. Both forms serve the same purpose but use different bar association formats and terminology.