Condominium Sale Contract Form PDF Details

Buying or selling a condominium involves a series of carefully negotiated steps, and the Chicago Association of REALTORS® Condominium Real Estate Purchase and Sale Contract (revised January 2012) provides the legal framework for completing that process. This contract applies to condominium townhomes and commercial condominiums in addition to standard condo units. Below is a detailed look at what this agreement covers and what both parties need to understand before signing.

Key Provisions of the Condominium Sale Contract

The contract begins by identifying the property, including its address, unit number, and any parking space assignment. It then establishes the agreed purchase price along with the amount of earnest money the buyer will deposit to demonstrate a serious intent to purchase. The earnest money is held in escrow until closing and is credited toward the final purchase price.

The mortgage contingency section is one of the most important clauses for buyers. It specifies a deadline by which the buyer must secure financing. If the buyer cannot obtain a mortgage commitment within that period, the contract can be terminated and the earnest money returned. The contingency amount and interest rate terms are negotiated between buyer and seller at the time of signing.

Fixtures and personal property included in the sale are listed explicitly. This prevents disputes later about items such as appliances, light fixtures, or storage units that are part of the deal.

Buyer Rights and Obligations

The buyer has the right to conduct a property inspection within a defined number of business days after the contract is accepted. If defects are discovered, the buyer may request repairs, a price reduction, or cancellation depending on what the inspection reveals. The inspection clause protects buyers from purchasing a unit with hidden problems.

The buyer is also responsible for meeting all mortgage approval conditions on time and for making sure sufficient funds are available for the down payment and closing costs. Failure to meet these obligations can result in forfeiture of the earnest money.

Seller Responsibilities Under the Contract

The seller agrees to deliver possession of the unit on a specified date, typically the date of closing. Before that date, the seller must complete any agreed repairs and must provide all legally required disclosures about the condition of the property.

Real estate taxes, homeowner association fees, and utility charges are prorated as of the closing date so that each party pays only for the period they own the property. The seller is responsible for delivering a clear title and executing the deed at closing.

Homeowner association (HOA) disclosures are particularly important in condo transactions. The seller must provide the buyer with current HOA financial statements, rules, and any pending special assessments. Buyers who are unaware of significant assessments can face unexpected costs after closing.

The Closing Process

At closing, the seller delivers the deed and all keys, and the buyer pays the remaining purchase price. Both parties sign the necessary transfer documents, and the deed is recorded with the county. The contract specifies the location and date of closing, and both parties must appear in person or through a legal representative.

The contract also includes an attorney modification period, typically five business days after acceptance, during which either party's attorney may propose changes to protect their client's interests. This period allows for legal review without invalidating the agreement as a whole.

Dual Agency and Related Considerations

When a single real estate agent or brokerage represents both buyer and seller, a dual agency situation exists. The contract requires both parties to confirm in writing that they understand and consent to this arrangement. Dual agency is legal in Illinois but requires full disclosure and written consent.

For buyers and sellers in Illinois, the Chicago Association of REALTORS® condominium contract is one of the most widely used forms in the Chicago metropolitan area. If you are working on a real estate transaction outside Illinois or need a different version, you may also find the real estate purchase agreement templates useful for your situation.

Contract TermWhat It Covers
Purchase PriceThe total agreed amount the buyer will pay for the condo unit
Earnest MoneyA good-faith deposit held in escrow until closing
Mortgage ContingencyA clause allowing the buyer to exit if financing cannot be secured
Inspection PeriodThe number of days the buyer has to inspect the property
Possession DateThe date the seller transfers the unit to the buyer
Attorney ModificationA review window in which attorneys may propose contract changes
HOA DisclosureDocumentation of association fees, rules, and pending assessments
Proration DateThe date used to split taxes and HOA fees between buyer and seller

QuestionAnswer
Form NameCondominium Sale Contract Form
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other nameschicago real association form, realtors purchase made search, contract realtors sale, chicago association condominium

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1. The contract includes essential fields you will need to fill in. Make sure the following are completed:

Filling in part 1 of chicago real association form

2. Once your initial fields are complete, fill in Earnest Money Upon Buyers, Mortgage Contingency This, and Possession Seller agrees to. Double-check each entry before moving on.

chicago real association form writing process outlined (portion 2)

3. Review the Closing Buyer shall deliver the, Deed At Closing Seller shall, Real Estate Taxes Seller, and Homeowners Association Seller fields. Fill in each with accurate details.

chicago real association form conclusion process outlined (portion 3)

4. Complete all remaining fields including Homeowners Association Seller, Disclosures Buyer has received, Dual Agency The Parties confirm, Attorney Modification Within, Inspection Within business days, and General Provisions Riders and.

Part number 4 of submitting chicago real association form

5. Finalize the form by completing the signature and contact fields: OFFER DATE, BUYERS INFORMATION, Buyers Signature, Buyers Names print, Address, City, Office Phone, Fax, Email Address, State, Zip, Home Phone, Cell Phone, and The names and addresses set forth.

Step number 5 in completing chicago real association form

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Related Condominium and Real Estate Forms

Depending on your transaction, you may need additional forms to complete the condo purchase or sale process. The following forms are commonly used alongside a condominium sale contract:

Common Questions About Condominium Sale Contracts

What is included in a condominium sale contract?

A condo sale contract typically covers the purchase price, earnest money amount, financing terms, inspection rights, possession date, HOA disclosures, and all closing details. The Chicago Association of REALTORS® version also includes provisions for dual agency disclosure and an attorney modification period.

How long does the attorney modification period last?

Under the Chicago Association of REALTORS® contract, the attorney modification period is typically five business days after both parties have signed the agreement. During this window, each party's attorney may propose changes to the contract terms. If no modifications are submitted within this period, the contract proceeds as signed.

What happens if the buyer cannot get a mortgage?

If the buyer cannot obtain mortgage approval before the contingency deadline, the buyer may terminate the agreement and receive a full refund of the earnest money. The seller is then free to relist the property. Both parties should understand the deadline carefully because missing it can result in the contingency being waived.

Who holds the earnest money?

The earnest money is typically held in escrow by the listing broker, a title company, or an attorney until closing. At closing, it is credited toward the buyer's purchase price. If the deal falls through due to a contingency failure, the escrow agent returns the funds to the buyer according to the contract terms.

Are HOA fees prorated at closing?

Yes. Under the standard condo sale contract, HOA fees and real estate taxes are prorated as of the closing date. The seller pays for the period of ownership up to and including closing day, and the buyer takes over from that point forward. Buyers should request a copy of the HOA's current fee schedule and any pending special assessments before signing.

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