Chicago Association Contract Form – Fill Out and Use This PDF

Chicago Association Contract Form PDF Details

The CAR residential real estate sale contract, issued by the Chicago Association of Realtors, governs the purchase and transfer of property throughout the Chicago metropolitan area. It creates a legally binding purchase agreement between buyer and seller that specifies every material term of the real estate transaction.

What the Contract Covers

This real estate contract form addresses all the core components of a standard property sale:

• Parties and property: Full identification of buyer and seller, plus the legal description and address of the property being sold
• Purchase price: The agreed total price and the method of payment, including cash, conventional loan, FHA, or VA financing
• Earnest money deposit: The good-faith deposit amount held in escrow by the listing broker or a title company until closing
• Financing contingency: Loan type, amount, interest rate cap, and the approval period during which the buyer must secure mortgage financing
• Inspection rights: Buyer's right to hire a licensed inspector and negotiate repair credits or a purchase price adjustment based on the findings
• Closing and possession date: The scheduled date for completing the transaction and the date the buyer takes possession of the property
• Fixtures and personal property: An explicit list of items that transfer with the sale and any items the seller retains
• Seller disclosures: Required disclosures under Illinois law covering the known condition of structural elements, plumbing, electrical systems, and environmental hazards

Attorney Review Period

Illinois provides a brief review window after both parties sign the purchase agreement. During this period, a licensed real estate attorney may review the contract, propose modifications, or withdraw a party from the agreement. Most Chicago-area real estate agents recommend consulting an attorney before this window expires. The contract form includes a space to note the names of both the buyer's attorney and the seller's attorney.

Earnest Money and the Escrow Process

Earnest money deposits in the Chicago area typically range from 1 to 5 percent of the purchase price, though the exact amount is negotiable. The deposit is held in escrow and applied toward the purchase price at closing. If the sale falls through because of a failed financing contingency or an unsatisfactory inspection report, the contract language governs whether the buyer may recover the deposit or whether the seller may retain it as liquidated damages.