CHICAGO ASSOCIATION OF REALTORS/MLS
APARTMENTS/INVESTMENTS REAL ESTATE SALE CONTRACT
1This Contract is made between ______________________________________________ ("Buyer") and _______________________________________________ ("Seller") (collectively,
2"Parties"), to convey the property known as _________________________________________________________________________ ("Property"), together with all improvements.
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(Address) |
(City) |
(ST) |
(Zip) |
(Unit No.) |
4A fully executed original of this Contract shall be held by Listing Broker. The date of the offer of this Contract is _________________, 200__.
51. Fixtures and Personal Property. In addition to the Property, Seller shall transfer to Buyer by a Bill of Sale, all heating, cooling, electrical, and plumbing
6systems, together with the following checked items:
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� T.V. Antenna___ |
� Washer ___ |
� Central air conditioner___ |
� Water softener___ |
� Wall to wall carpeting___ |
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� Refrigerator___ |
� Dryer___ |
� Window air conditioner___ |
� Fireplace gas log___ |
� Existing storms & screens__ |
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� Oven/Range___ |
� Attached book cases and cabinets___ |
� Electronic air filter___ |
� Firewood___ |
� Radiator covers___ |
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� Microwave___ |
� Smoke and carbon monoxide detectors___ |
� Central humidifier___ |
� Lighting Fixtures___ |
� All planted vegetation___ |
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� Dishwasher___ |
� Garbage disposal___ |
� Fireplace screen and equipment__ |
� Sump pump___ |
� Trash compactor___ |
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� Outdoor shed___ |
� Built-in or attached shelving___ |
� Home warranty (as attached)___ |
� Security system___ |
� Window treatments___ |
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� Ceiling fan___ |
� Electronic garage door(s) with ____ remote unit(s)___ |
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14Seller also transfers the following:__________________________________. The following items are specifically excluded:________________________________________________.
15 2. Purchase Price. The purchase price for the Property and the items identified in Paragraph 1 is $_______________________________ ("Purchase Price").
163. Earnest Money. Upon Buyer's execution of this Contract, Buyer shall deposit with ______________________________ ("Escrowee"), initial earnest money in the
17amount of $__________________, in the form of ________________________________ ("Initial Earnest Money"). The Initial Earnest Money shall be returned and this
18Contract shall be of no force or effect if this Contract is not accepted by Seller on or before _____________, 200___. The Initial Earnest Money shall be increased to 10% of
19the Purchase Price ("Final Earnest Money") within ________ business days after the expiration of the Attorney Approval Period (See Paragraph 12 of this Contract) (the
20Initial and Final Earnest Money are collectively referred to as the "Earnest Money"). Buyer and Seller shall execute all mutually agreed and necessary documents with
21regard to the Earnest Money. Except as otherwise agreed, Buyer shall pay all expenses with regard to the Earnest Money.
224. Payment of Balance; Mortgage Contingency. (a) In addition to the Final Earnest Money, the balance of the Purchase Price shall be paid at closing, plus or
23minus prorations, by cash, cashier's check, certified check, wire transfer of funds, or other payment mutually agreed by the Parties. (b) This Contract is contingent upon
24Buyer securing by _____________, 200___ ("First Commitment Date") a written commitment ("Required Commitment") for a fixed rate or an adjustable rate mortgage
25permitted to be made by a U.S. or Illinois savings and loan association or bank for $_____________________, the interest rate (or initial interest rate if an adjustable rate
26mortgage) not to exceed ______% per year, amortized over ____ years, payable monthly, loan fee not to exceed _______%, plus appraisal and credit report fee, if any
27("Required Mortgage"). If the Required Mortgage has a balloon payment, it shall be due no sooner than ____ years. Buyer shall pay for private mortgage insurance as
28required by the lending institution. If a FHA or VA mortgage is to be obtained, Rider 8, Rider 9, or the HUD Rider shall be attached to this Contract. (1) If Buyer is
29unable to obtain the Required Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on or before that Date. Seller may, within 30 business
30days after the First Commitment Date ("Second Commitment Date"), secure the Required Commitment for Buyer upon the same terms, and may extend the closing date
31by 30 business days. The Required Commitment may be given by Seller or a third party. Buyer shall furnish all requested credit information, sign customary documents
32relating to the application and securing of the Required Commitment, and pay one application fee as directed by Seller. Should Seller choose not to secure the Required
33Commitment for Buyer, this Contract shall be null and void as of the First Commitment Date, and the Earnest Money shall be returned to Buyer. (2) If Buyer notifies
34Seller on or before the First Commitment Date that Buyer has been unable to obtain the Required Commitment, and neither Buyer nor Seller secures the Required
35Commitment on or before the Second Commitment Date, this Contract shall be null and void and the Earnest Money shall be returned to Buyer. (3) If Buyer does not
36provide any notice to Seller by the First Commitment Date, Buyer shall be deemed to have waived this contingency and this Contract shall remain in full force and effect.
375. Deed; Real Estate Taxes. At closing, Seller shall execute and deliver to Buyer, or cause to be executed and delivered to Buyer, a recordable Warranty Deed with
38release of homestead rights (or other appropriate deed if title is in trust or in an estate), or Articles of Agreement, if applicable, subject only to the following, if any:
39covenants, conditions, and restrictions of record; public and utility easements; existing leases and tenancies; special governmental taxes or assessments for improvements
40not yet completed; unconfirmed special governmental taxes or assessments; general real estate taxes for the year 200___ and subsequent years; the mortgage or trust deed
41referred to in Paragraph C of the General Provisions of this Contract and/or Rider 7, if applicable. Seller represents that the 200___ general real estate taxes are
42$_________________. General real estate taxes shall be prorated as mutually agreed by the Parties prior to the expiration of the Attorney Approval Period.
436. Leases. Seller shall present to Buyer a complete copy of all existing leases affecting the Property and a rent roll within three business days of the Acceptance Date.
44Seller represents and warrants that (a) existing leases, if any, will be assigned to Buyer at closing and (b) the present monthly gross rental income is $__________________.
457. Closing. Closing or escrow payout shall be on _____________, 200___ (except as provided in Paragraph 4(b) of this Contract), provided title has been shown to be
46good or is accepted by Buyer, at a time and location mutually agreed upon by the Parties.
47 8. |
Possession. (a) Seller agrees to surrender possession of the Property on or before _______________, 200__ ("Possession Date"), provided the transaction has closed. |
48(b) If the Possession Date is not the date of closing, then, at closing, Seller shall pay to Buyer $__________ per day for use and occupancy commencing the first day after
49closing up to and including the Possession Date or on a monthly basis, whichever period is shorter ("Use/Occupancy Payments"). Buyer shall refund any part of
50Use/Occupancy Payments for use and occupancy beyond the date possession is actually surrendered. Additionally, Seller shall deposit with Escrowee a sum equal to 2% of
51the Purchase Price ("Possession Escrow") to guarantee possession on or before the Possession Date, which sum shall be held from the net proceeds at closing on
52Escrowee's form of receipt. If Seller does not surrender the Property on the Possession Date, Seller shall pay to Buyer, in addition to the Use/Occupancy Payments, the
53sum of 10% of the original amount of the Possession Escrow per day up to and including the day possession is surrendered to Buyer plus any unpaid Use/Occupancy
54Payments to the date possession is surrendered, these amounts to be paid out of the Possession Escrow and the balance, if any, to be returned to Seller. Acceptance of
55payments by Buyer shall not limit Buyer's other legal remedies. Seller and Buyer hereby acknowledge that Escrowee shall not distribute the Possession Escrow without
56the joint written direction of Seller and Buyer. If either Party objects to disposition of the Possession Escrow, then Escrowee may deposit the Possession Escrow with the
57Clerk of the Circuit Court by the filing of an action in the nature of an Interpleader. Escrowee shall be reimbursed from the Possession Escrow for all costs, including
58reasonable attorneys' fees, related to the filing of the Interpleader, and the Parties shall indemnify and hold Escrowee harmless from any and all claims and demands,
59including the payment of reasonable attorneys' fees, costs, and expenses.
609. Disclosures. Buyer has received the Heat Disclosure � Yes/ � No; Lead Paint Disclosure � Yes/ � No; Zoning Certification � Yes/ � No.
6110. Dual Agency. The Parties consent to _________________________ ("Licensee") to act as Dual Agent in providing brokerage services on their behalf and specifically
62 consent to Licensee acting as Dual Agent on the transaction covered by this Contract. |
______________Seller(s) Initials |
_______________ Buyer(s) initials |
6311. Attorney Modification. Within _____ business days after the Acceptance Date ("Attorney Approval Period"), the Parties' respective attorneys may make
64modifications to this Contract ("Proposed Modifications") on matters other than the Purchase Price, broker's compensation, and dates, that are mutually acceptable to
65the Parties. If, within the Attorney Approval Period, the Parties cannot reach agreement regarding the Proposed Modifications, then either Party may terminate this
66Contract by written notice to the other Party. In that event, this Contract shall be null and void, and the Earnest Money shall be refunded to Buyer upon joint written
67direction of the Parties to Escrowee. IN THE ABSENCE OF DELIVERY OF PROPOSED MODIFICATIONS PRIOR TO THE EXPIRATION OF THE ATTORNEY
68APPROVAL PERIOD, THIS PROVISION SHALL BE DEEMED WAIVED BY ALL PARTIES, AND THIS CONTRACT SHALL BE IN FULL FORCE AND EFFECT.
EQUAL HOUSING
OPPORTUNITY
105GENERAL PROVISIONS
106A. Prorations. Rent, interest on existing mortgage, if any, water taxes and other items shall be prorated to date of closing. If the Property is improved, but the
107last available tax bill is on vacant land, the Parties shall reprorate taxes when the bill on improved property is available. Security deposits, if any, shall be paid to Buyer at
108closing.
109B. Uniform Vendor and Purchaser Risk Act The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this
110Contract.
111C. Title. At least five days prior to the closing date, Seller shall deliver to Buyer or his agent evidence of merchantable title in the intended grantor by delivering
112a Commitment for Title Insurance of a title insurance company bearing a date on or subsequent to the Acceptance Date, in the amount of the Purchase Price, subject to no
113other exceptions than those previously listed within this Contract and to general exceptions contained in the commitment. Delay in delivery by Seller of a Commitment for
114Title Insurance due to delay by Buyer's mortgagee in recording mortgage and bringing down title shall not be a default of this Contract. Every Commitment for Title
115Insurance furnished by Seller shall be conclusive evidence of title as shown. If evidence of title discloses other exceptions, Seller shall have 30 days after Seller's receipt of
116evidence of title to cure the exceptions and notify Buyer accordingly. As to those exceptions that may be removed at closing by payment of money, Seller may have those
117exceptions removed at closing by using the proceeds of the sale.
118D. Notice. All notices required by this Contract shall be in writing and shall be served upon the Parties or their attorneys at the addresses provided in this
119Contract. The mailing of notice by registered or certified mail, return receipt requested, shall be sufficient service when the notice is mailed. Notices may also be served
120by personal delivery or commercial delivery service, by mail-o-gram, telegram, or by the use of a facsimile machine with proof of transmission and a copy of the notice with
121proof of transmission being sent by regular mail on the date of transmission. In addition, facsimile signatures shall be sufficient for purposes of executing, negotiating,
122and finalizing this Contract. E-mail notices shall be deemed valid and received by the addressee when delivered by e-mail and opened by the recipient, provided that a
123copy of the e-mail notice is also sent by regular mail to the recipient on the date of transmission.
124E. Disposition of Earnest Money. In the event of default by Buyer, the Earnest Money, less expenses and commission of the Listing Broker, shall be paid to
125Seller. If Seller defaults, the Earnest Money, at the option of Buyer, shall be refunded to Buyer, but such refunding shall not release Seller from the obligations of this
126Contract. In the event of any default, Escrowee shall give written notice to Seller and Buyer indicating Escrowee's intended disposition of the Earnest Money and request
127Seller's and Buyer's written consent to the Escrowee's intended disposition of the Earnest Money within 30 days after the notice. However, Seller and Buyer acknowledge
128that if Escrowee is a licensed real estate broker, Escrowee may not distribute the Earnest Money without the joint written direction of Seller and Buyer or their authorized
129agents. If Escrowee is not a licensed real estate broker, Seller and Buyer agree that if neither Party objects, in writing, to the proposed disposition of the Earnest Money
130within 30 days after the date of the notice, then Escrowee shall proceed to dispose the Earnest Money as previously noticed by Escrowee. If either Seller or Buyer objects
131to the intended disposition within the 30 day period, or if Escrowee is a licensed real estate broker and does not receive the joint written direction of Seller and Buyer
132authorizing distribution of the Earnest Money, then the Escrowee may deposit the Earnest Money with the Clerk of the Circuit Court by the filing of an action in the
133nature of an Interpleader. Escrowee may be reimbursed from the Earnest Money for all costs, including reasonable attorney's fees, related to the filing of the Interpleader
134and the Parties indemnify and hold Escrowee harmless from any and all claims and demands, including the payment of reasonable attorneys' fees, costs, and expenses
135arising out of those claims and demands.
136F. Operational Systems. Seller represents that the heating, plumbing, electrical, central cooling, ventilating systems, appliances, and fixtures on the Property
137are in working order and will be so at the time of closing and that the roof is free of leaks and will be so at the time of closing. Buyer shall have the right to inspect the
138Property during the 48-hour period immediately prior to closing to verify that they are in working order and that the Property is in substantially the same condition,
139normal wear and tear excepted, as of the Acceptance Date.
140G. Insulation Disclosure Requirements. If the Property is new construction, Buyer and Seller shall comply with all insulation disclosure requirements as
141provided by the Federal Trade Commission, and Rider 13 is attached.
142H. Code Violations. Seller warrants that no notice from any city, village, or other governmental authority of a dwelling code violation that currently exists on
143the Property has been issued and received by Seller or Seller's agent ("Code Violation Notice"). If a Code Violation Notice is received after the Acceptance Date and
144before closing, Seller shall promptly notify Buyer of the Notice.
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I. |
Heating Cost Disclosure. If the Property is located in the City of Chicago, Seller and Buyer shall comply with provisions of Chapter 5-16-010 of the Chicago |
146Code of Ordinances concerning Heating Cost Disclosure for the Property.
147J. Escrow Closing. At the written request of Seller or Buyer received prior to the delivery of the deed under this Contract, this sale shall be closed through an
148escrow with a title insurance company, in accordance with the general provisions of the usual form of deed and money escrow agreement then furnished and in use by the
149title insurance company, with such special provisions inserted in the escrow agreement as may be required to conform with this Contract. Upon the creation of an escrow,
150payment of Purchase Price and delivery of deed shall be made through the escrow, this Contract and the Earnest Money shall be deposited in the escrow, and the Broker
151shall be made a party to the escrow with regard to commission due. The cost of the escrow shall be divided equally between Buyer and Seller.
152K. Survey. Prior to closing, Seller shall provide Buyer with a survey by a licensed land surveyor dated not more than six months prior to the date of closing,
153showing the present location of all improvements. If Buyer or Buyer's mortgagee desires a more recent or extensive survey, the survey shall be obtained at Buyer's
154expense.
155L. Affidavit of Title; ALTA. Seller agrees to furnish to Buyer an affidavit of title subject only to those items set forth in this Contract, and an ALTA form if
156required by Buyer's mortgagee, or the title insurance company, for extended coverage.
157M. Legal Description. The Parties may amend this Contract to attach a complete and correct legal description of the Property.
158N. RESPA. Buyer and Seller shall make all disclosures and do all things necessary to comply with the applicable provisions of the Real Estate Settlement
159Procedures Act of 1974, as amended.
160O. Transfer Taxes. Seller shall pay the amount of any stamp tax imposed by the state and county on the transfer of title, and shall furnish a completed
161declaration signed by Seller or Seller's agent in the form required by the state and county, and shall furnish any declaration signed by Seller or Seller's agent or meet other
162requirements as established by any local ordinance with regard to a transfer or transaction tax. Any real estate transfer tax required by local ordinance shall be paid by
163the person designated in that ordinance.
164P. Removal of Personal Property. Seller shall remove from the Property by the Possession Date all debris and Seller's personal property not conveyed by Bill
165of Sale to Buyer.
166Q. Surrender. Seller agrees to surrender possession of the Property in the same condition as it is on the Acceptance Date, ordinary wear and tear excepted, subject to
167Paragraph B of the General Provisions of this Contract. To the extent that Seller fails to comply with this Provision, Seller shall not be responsible for that portion of the total cost
168related to this violation that is below $250.00.
169R. Time. Time is of the essence for purposes of this Contract.
170S. Number. Wherever appropriate within this Contract, the singular includes the plural.
171T. Flood Plain Insurance. In the event the Property is in a flood plain and flood insurance is required by Buyer's lender, Buyer shall pay for that insurance.
172U. Business Days and Time. Any reference in this Contract to “day” or “days” shall mean business days, and not calendar days. Business days are Monday, Tuesday,
173Wednesday, Thursday, and Friday, excluding all official federal and state holidays.
174V. Patriot Act. Seller and Buyer represent and warrant that they are not acting, directly or indirectly, for or on behalf of any person, group, entity, or nation named by
175Executive Order or the United States Treasury Department as a Specially Designated National and Blocked Person, or other banned or blocked person, entity, nation or transaction
176pursuant to any law, order, rule or regulation which is enforced or administered by the Office of Foreign Assets Control ("OFAC"), and that they are not engaged in this transaction
177directly or indirectly on behalf of, or facilitating this transaction directly or indirectly on behalf of, any such person, group, entity, or nation. Each Party shall defend, indemnify, and
178hold harmless the other Party from and against any and all claims, damages, losses, risks, liabilities, and expenses (including reasonable attorneys’ fees and costs) arising from or
179related to any breach of the foregoing representation and warranty.
180W. Brokers. The Real Estate Brokers named in this Contract shall be compensated in accordance with their agreements with their clients and/or any offer of compensation
181made by the Listing Broker in a multiple listing service in which the listing and Cooperating Broker both participate.
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