Condominium Sale Contract Form – Fill Out and Use This PDF

CHICAGO ASSOCIATION OF REALTORS®

CONDOMINIUM REAL ESTATE PURCHASE AND SALE CONTRACT

(including condominium townhomes and commercial condominiums)

Rev. 01/2012

11. Contract. This Condominium Real Estate Purchase and Sale Contract ("Contract") is made by and between _________________________________

2 _____________________________________________________________ ("Buyer") and ________________________________________________________________

3 ("Seller") (collectively, "Parties"), with respect to the purchase and sale of the real estate and improvements located at

4_______________________________________________________________________________________________________________________________ ("Property").

5

(address)

(unit #)

(city)

(state)

(zip)

6The Property P.I.N. # is _____________________________________________. Approximate square feet of Property(excluding parking):__________________.

7 The Property includes parking space number(s) ______________________________, which is (check all that apply) ____ deeded; ____ limited common 8 element; ___ assigned; ___ indoor; ____ outdoor. If deeded, the parking P.I.N. # is:_______________________________________________________________.

92. Fixtures and Personal Property. At Closing (as defined in Paragraph 7 of this Contract), in addition to the Property, Seller shall transfer to

10 Buyer by a Bill of Sale, all heating, cooling, electrical and plumbing systems, together with the following checked and enumerated items ("Fixtures

11 and Personal Property"):

12	 Refrigerator___	 Sump Pump___	 Central air conditioner__	 Fireplace screen	 Built-in or attached
13	 Oven/Range___	 Smoke and carbon monoxide	 Window air conditioner__	and equipment___	shelves or cabinets__
14	 Microwave___	detectors__	 Electronic air filter___	 Fireplace gas log__	 Ceiling fan___
15	 Dishwasher___	 Intercom system___	 Central humidifier___	 Firewood___	 Radiator covers___
16	 Garbage disposal__	 Security system___ (rented or owned) (STRIKE ONE)		 Attached gas grill__  All planted vegetation_
17	 Trash compactor___  Satellite Dish__		 Lighting fixtures___	 Existing storms	 Outdoor play set/swings
18	 Washer__	 Attached TV(s)___	 Electronic garage door(s)	and screens___	 Outdoor shed
19	 Dryer___	 TV Antenna__	with ___ remote unit(s)__	 Window treatments___

20 Water Softener__  LCD/plasma/multimedia equipment__  Tacked down carpeting__  Home

21

 Stereo speakers/surround sound ___

 Other Equipment ___

warranty (as attached)____

22Seller also transfers the following:__________________________________. The following items are excluded:__________________________________________.

233. Purchase Price. The purchase price for the Property is $__________________________ (including the parking space, if any, Fixtures and Personal

24Property) ("Purchase Price").

254. Earnest Money. Upon Buyer's execution of this Contract, Buyer shall deposit with ____________________________________________________

26("Escrowee"), initial earnest money in the amount of $__________________, in the form of ___________________________________ ("Initial Earnest

27Money"). The Initial Earnest Money shall be returned and this Contract shall be of no force or effect if this Contract is not accepted by Seller on or

28before ________________________, 20___. The Initial Earnest Money shall be increased to (strike one) 10% of the Purchase Price OR ______% [percent]

29of the Purchase Price ("Final Earnest Money") within ________ business days after the expiration of the Attorney Approval Period (as established in

30Paragraph 13 of this Contract) (the Initial and Final Earnest Money are together referred to as the "Earnest Money"). The Parties acknowledge and

31agree that (i) the Parties shall execute all necessary documents with respect to the Earnest Money in form and content mutually agreed upon between

32the parties and (ii) except as otherwise agreed, Buyer shall pay all expenses incurred in opening an escrow account for the Earnest Money.

335. Mortgage Contingency. This Contract is contingent upon Buyer securing by ________________________, 20____ ("First Commitment Date") a

34firm written mortgage commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan

35association, bank, or other authorized financial institution, in the amount of (strike one) $________________ OR ____% [percent] of the Purchase Price,

36the interest rate (or initial interest rate if an adjustable rate mortgage) not to exceed _______% per year, amortized over ______ years, payable monthly,

37loan fee not to exceed _______%, plus appraisal and credit report fee, if any ("Required Commitment"). If the mortgage secured by the Required

38Commitment has a balloon payment, it shall be due no sooner than ______ years. Buyer shall pay for private mortgage insurance as required by the

39lending 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

40Buyer is unable to obtain the Required Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on or before that Date.

41Thereafter, Seller may, within 30 business days after the First Commitment Date ("Second Commitment Date"), secure the Required Commitment

42for 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

43party. Buyer shall furnish all requested credit information, sign customary documents relating to the application and securing of the Required

44Commitment, and pay one application fee as directed by Seller. Should Seller choose not to secure the Required Commitment for Buyer, this Contract

45shall be null and void as of the First Commitment Date, and the Earnest Money shall be returned to Buyer. (2) If Buyer notifies Seller on or before the

46First Commitment Date that Buyer has been unable to obtain the Required Commitment, and neither Buyer nor Seller secures the Required

47Commitment 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

48Buyer does not provide any notice to Seller by the First Commitment Date, Buyer shall be deemed to have waived this contingency and this Contract

49shall remain in full force and effect.

506. Possession. Seller agrees to surrender possession of the Property on or before the Closing Date (as defined in Paragraph 7 below). If possession

51is not delivered on or prior to the Closing Date, then, Seller shall pay to Buyer at Closing $________________ per day ("Use/Occupancy Payments") for

52Seller's use and occupancy of the Property for each day after the Closing Date through and including the date Seller plans to deliver possession to

53Buyer ("Possession Date"). If Seller delivers possession of the Property to Buyer prior to the Possession Date, Buyer shall refund the portion of

54Use/Occupancy Payments which extend beyond the date possession is actually surrendered. Additionally, Seller shall deposit with Escrowee a sum

55equal to 2% of the Purchase Price ("Possession Escrow") to guarantee possession on or before the Possession Date, which sum shall be held from the

56net proceeds at Closing on Escrowee's form of receipt. If Seller does not surrender the Property on the Possession Date, Seller shall pay to Buyer, in

57addition to all Use/Occupancy Payments, the sum of 10% of the original amount of the Possession Escrow per day up to and including the day

58possession is surrendered to Buyer plus any unpaid Use/Occupancy Payments up to and including the date possession is surrendered, these amounts to

59be paid out of the Possession Escrow and the balance, if any, to be returned to Seller. Acceptance of payments by Buyer shall not limit Buyer's other

60legal remedies. Seller and Buyer hereby acknowledge that Escrowee shall not distribute the Possession Escrow without the joint written direction of

61Seller and Buyer. If either Party objects to disposition of the Possession Escrow, then Escrowee may deposit the Possession Escrow with the Clerk of

62the 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,

63including reasonable attorneys' fees, related to the filing of the Interpleader, and the Parties shall indemnify and hold Escrowee harmless from any and

64all claims and demands, including the payment of reasonable attorneys' fees, costs, and expenses.

Buyer Initials:____________ Buyer Initials:____________	Seller Initials:____________ Seller Initials:_____________
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657. Closing. Buyer shall deliver the balance of the Purchase Price (less the amount of the Final Earnest money, plus or minus prorations and escrow

66fees, if any) to Seller and Seller shall execute and deliver the Deed (as defined below) to Buyer at "Closing". Closing shall occur on or prior to

67__________________, 20_____ at a time and location mutually agreed upon by the Parties ("Closing Date"). Seller must provide Buyer with good and

68merchantable title prior to Closing.

698. Deed. At Closing, Seller shall execute and deliver to Buyer, or cause to be executed and delivered to Buyer, a recordable warranty deed ("Deed")

70with release 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

71following, if any: covenants, conditions, and restrictions of record; public and utility easements; acts done by or suffered through Buyer; all special

72governmental taxes or assessments confirmed and unconfirmed; condominium declaration and bylaws, if any; and general real estate taxes not yet due

73and payable at the time of Closing.

749. Real Estate Taxes. Seller represents that the 20_____ general real estate taxes were $_________________. General real estate taxes for the

75Property are subject to the following exemptions (check box if applicable):  Homeowner's.  Senior Citizen's.  Senior Freeze. General real estate

76taxes shall be prorated based on (i) _________% of the most recent ascertainable full year tax bill, or (ii) mutually agreed by the Parties in writing prior

77to the expiration of the Attorney Approval Period.

7810. Homeowners Association. Seller represents that as of the Acceptance Date (as set forth following Paragraph 15 of this Contract), the regular

79monthly assessment pertaining to the Property is $_______________; a special assessment (STRIKE ONE) has / has not been levied. The original amount of

80the special assessment pertaining to the Property was $______________, and the remaining amount due at Closing will be $_____________ and (STRIKE

81ONE) shall / shall not be assumed by Buyer at Closing. Buyer acknowledges and agrees that (i) the representations in this Paragraph are provided as of

82the Acceptance Date; (ii) this information may change, and these fees may increase, prior to Closing; and (iii) Seller is under no obligation to notify

83Buyer of any changes to this information, and, should changes occur, this Contract shall remain in full force and effect. Notwithstanding anything to

84the contrary contained in this Paragraph 10, Seller shall disclose to Buyer any new assessment that is actually approved and levied prior to Closing

85within 5 days after Seller receives notice of the new assessments (and in no event later than the Closing Date). Seller shall furnish Buyer a statement

86from the proper representative certifying that Seller is current in payment of assessments, and, if applicable, proof of waiver or termination of any

87right of first refusal or similar options contained in the bylaws of the Association for the transfer of ownership. Seller shall deliver to Buyer the items

88stipulated by the Illinois Condominium Property Act (765 ILCS 605/1 et seq.) ("ICPA Documents"), including but not limited to the declaration,

89bylaws, rules and regulations, and the prior and current years' operating budgets within ______ business days of the Acceptance Date. In the event the

90ICPA Documents disclose that the Property is in violation of existing rules, regulations, or other restrictions or that the terms and conditions contained

91within the documents would unreasonably restrict Buyer's use of the Property or would increase the financial considerations which Buyer would have

92to extend in connection with owning the Property, then Buyer may declare this Contract null and void by giving Seller written notice within 5 business

93days after the receipt of the ICPA Documents, listing those deficiencies which are unacceptable to Buyer, and thereupon all earnest money deposited

94shall be returned to Buyer. If written notice is not served within the time specified, Buyer shall be deemed to have waived this contingency, and this

95Contract shall remain in full force and effect. Seller agrees to pay any applicable processing/moveout/transferring fees as required by the Association,

96and Buyer agrees to pay the credit report and move-in fee if required by the Association. If the right of first refusal or similar option is exercised, this

97Contract shall be null and void and the Earnest Money shall be returned to Buyer, but Seller shall pay the commission pursuant to Paragraph U of the

98General Provisions of this Contract.

9911. Disclosures. Buyer has received the following (check yes or no): (a) Illinois Residential Real Property Disclosure Report:  Yes/ No; (b) Heat

100Disclosure:  Yes/ No; (c) Lead Paint Disclosure and Pamphlet:  Yes/ No; and (d) Radon Disclosure and Pamphlet:  Yes/ No.

10112. Dual Agency. The Parties confirm that they have previously consented to ___________________________________ ("Licensee") to act as Dual

102Agent in providing brokerage services on behalf of the Parties and specifically consent to Licensee acting as Dual Agent on the transaction covered by

103this Contract.

104 Buyer Initials:__________ Buyer Initials:___________ Seller Initials:____________ Seller Initials:____________

10513. Attorney Modification. Within ____ business days after the Acceptance Date ("Attorney Approval Period"), the Parties' respective attorneys

106may propose written modifications to this Contract ("Proposed Modifications") on matters other than the Purchase Price, broker's compensation and

107dates. Any Proposed Modifications that are set forth in writing and accepted by the other party shall become terms of this Contract as if originally set

108forth in this Contract. If, within the Attorney Approval Period, the Parties cannot reach agreement regarding the Proposed Modifications, then, at any

109time after the Attorney Approval Period, either Party may terminate this Contract by written notice to the other Party. In that event, this Contract

110shall be null and void and the Earnest Money shall be returned to Buyer. IN THE ABSENCE OF DELIVERY OF PROPOSED MODIFICATIONS

111PRIOR TO THE EXPIRATION OF THE ATTORNEY APPROVAL PERIOD, THIS PROVISION SHALL BE DEEMED WAIVED BY ALL PARTIES,

112AND THIS CONTRACT SHALL BE IN FULL FORCE AND EFFECT.

11314. Inspection. Within ____ business days after the Acceptance Date ("Inspection Period"), Buyer may conduct, at Buyer's sole cost and expense

114(unless otherwise provided by law) home, radon, environmental, lead-based paint and/or lead-based paint hazards (unless separately waived), wood

115infestation, and/or mold inspections of the Property ("Inspections") by one or more properly licensed or certified inspection personnel (each, an

116"Inspector"). The Inspections shall include only major components of the Property, including, without limitation, central heating, central cooling,

117plumbing, well, and electric systems, roofs, walls, windows, ceilings, floors, appliances, and foundations. A major component shall be deemed to be in

118operating condition if it performs the function for which it is intended, regardless of age, and does not constitute a health or safety threat. Buyer shall

119indemnify Seller from and against any loss or damage to the Property or personal injury caused by the Inspections, Buyer, or Buyer's Inspector. Prior

120to expiration of the Inspection Period, Buyer shall notify Seller or Seller's attorney in writing ("Buyer's Inspection Notice") of any defects disclosed by

121the Inspections that are unacceptable to Buyer, together with a copy of the pertinent pages of the relevant Inspections report. Buyer agrees that minor

122repairs and maintenance costing less than $250 shall not constitute defects covered by this Paragraph. If the Parties have not reached written

123agreement resolving the inspection issues within the Inspection Period, then either Party may terminate this Contract by written notice to the other

124Party. In the event of such notice, this Contract shall be null and void and the Earnest Money shall be returned to Buyer. IN THE ABSENCE OF

125WRITTEN NOTICE PRIOR TO EXPIRATION OF THE INSPECTION PERIOD, THIS PROVISION SHALL BE DEEMED WAIVED BY ALL

126PARTIES, AND THIS CONTRACT SHALL BE IN FULL FORCE AND EFFECT.

12715. General Provisions, Riders and Addendums. THIS CONTRACT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED

128BY BUYER AND SELLER AND DELIVERED TO BUYER OR BUYER'S DESIGNATED AGENT. THIS CONTRACT INCLUDES THE

129GENERAL PROVISIONS ON THE LAST PAGE OF THIS CONTRACT AND RIDERS _________________________________________ (LIST RIDER NUMBERS

130HERE) AND ADDENDUM _________________________________ (LIST ADDENDUM NUMBERS HERE) ATTACHED TO AND MADE A PART OF THIS

131CONTRACT.

Buyer Initials:____________ Buyer Initials:____________	Seller Initials:____________ Seller Initials:_____________
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169GENERAL PROVISIONS

170A. Prorations. Rent, interest on existing mortgage, if any, water taxes and other items shall be prorated as of the Closing Date. Security deposits, if any, shall

171be paid to Buyer at Closing. Notwithstanding anything to the contrary contained in this Paragraph 9 of this Contract, if the Property is improved as of the Closing Date,

172but the last available tax bill is on vacant land, Seller shall place in escrow an amount equal to 2% of the Purchase Price and the Parties shall reprorate taxes within 30

173days after the bill on the improved property becomes available.

174B. 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

175Contract.

176C. Title. At least 5 days prior to the Closing Date, Seller shall deliver to Buyer or his agent evidence of merchantable title in the intended grantor by delivering

177a 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

178no other exceptions than those previously listed within this Contract and to general exceptions contained in the commitment. Delay in delivery by Seller of a

179Commitment for Title Insurance due to delay by Buyer's mortgagee in recording mortgage and bringing down title shall not be a default of this Contract. Every

180Commitment for Title Insurance furnished by Seller shall be conclusive evidence of title as shown. If evidence of title discloses other exceptions, Seller shall have 30

181days after Seller's receipt of evidence of title to cure the exceptions and notify Buyer accordingly. As to those exceptions that may be removed at Closing by payment of

182money, Seller may have those exceptions removed at Closing by using the proceeds of the sale.

183D. 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

184Contract. 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

185by 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

186with proof of transmission being sent by regular mail on the date of transmission In addition, facsimile signatures or digital signatures shall be sufficient for purposes of

187executing this Contract and shall be deemed originals. E-mail notices shall be deemed valid and received by the addressee when delivered by e-mail and opened by the

188recipient, provided that a copy of the e-mail notice is also sent by regular mail to the recipient on the date of transmission.

189E. 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

190Seller. 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

191Contract. 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

192request Seller'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

193acknowledge and agree that if Escrowee is a licensed real estate broker, Escrowee may not distribute the Earnest Money without the joint written direction of Seller and

194Buyer or their authorized agents. If Escrowee is not a licensed real estate broker, Seller and Buyer agree that if neither Party objects, in writing, to the proposed

195disposition of the Earnest Money within 30 days after the date of the notice, then Escrowee shall proceed to dispense the Earnest Money as previously noticed by

196Escrowee. If either Seller or Buyer objects to the intended disposition within the 30 day period, or if Escrowee is a licensed real estate broker and does not receive the

197joint written direction of Seller and Buyer authorizing distribution of the Earnest Money, then the Escrowee may deposit the Earnest Money with the Clerk of the

198Circuit Court by the filing of an action in the nature of an Interpleader. Escrowee may be reimbursed from the Earnest Money for all costs, including reasonable

199attorney's fees, related to the filing of the Interpleader and the Parties indemnify and hold Escrowee harmless from any and all claims and demands, including the

200payment of reasonable attorneys' fees, costs, and expenses arising out of those claims and demands.

201F. Operational Systems. Seller represents that the heating, plumbing, electrical, central cooling, ventilating systems, appliances, and fixtures on the

202Property are in working order and will be so at the time of Closing. Buyer shall have the right to enter the Property during the 48-hour period immediately prior to

203Closing solely for the purpose of verifying that the operational systems and appliances serving the Property are in working order and that the Property is in

204substantially the same condition, normal wear and tear excepted, as of the Acceptance Date.

205G. Insulation and Heat Disclosure Requirements. If the Property is new construction, Buyer and Seller shall comply with all insulation disclosure

206requirements as provided by the Federal Trade Commission, and Rider 13 is attached. If the Property is located in the City of Chicago, Seller and Buyer shall comply

207with the provisions of Chapter 5-16-010 of the Chicago Code of Ordinances concerning Heating Cost Disclosure for the Property.

208H. Code Violations. Seller warrants that no notice from any city, village, or other governmental authority of a dwelling code violation that currently exists on

209the 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

210before Closing, Seller shall promptly notify Buyer of the Notice.

211I. 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

212escrow 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

213the title 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

214escrow, payment 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

215the Broker shall 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.

216J. Legal Description and Survey. At least 5 days prior to Closing, Seller shall provide Buyer with the legal description of the Property as set forth in the

217recorded declaration of condominium. If Buyer or Buyer's mortgagee desires a more recent or extensive survey, the survey shall be obtained at Buyer's expense. The

218Parties may amend this Contract to attach a complete and correct legal description of the Property.

219K. 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

220required by Buyer's mortgagee, or the title insurance company, for extended coverage.

221L. RESPA. Buyer and Seller shall make all disclosures and do all things necessary to comply with the applicable provisions of the Real Estate Settlement

222Procedures Act of 1974, as amended.

223M. 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

224declaration 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

225other requirements 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

226paid by the person designated in that ordinance.

227N. Removal of Personal Property. Seller shall remove from the Property by the Possession Date all debris and Seller's personal property not conveyed by

228Bill of Sale to Buyer.

229O. 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,

230subject to Paragraph 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

231portion of the total cost related to this violation that is below $250.00.

232P. Time. Time is of the essence for purposes of this Contract.

233Q. Number. Wherever appropriate within this Contract, the singular includes the plural.

234R. 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.

235S. Business Days and Time. Any reference in this Contract to “day” or “days” shall mean business days, not calendar days, including Monday, Tuesday,

236Wednesday, Thursday, and Friday, and excluding all official federal and state holidays.

237T. 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

238named by Executive Order or the United States Treasury Department as a Specially Designated National and Blocked Person, or other banned or blocked person, entity,

239nation or transaction pursuant to any law, order, rule or regulation which is enforced or administered by the Office of Foreign Assets Control ("OFAC"), and that they

240are not engaged in this transaction directly or indirectly on behalf of, or facilitating this transaction directly or indirectly on behalf of, any such person, group, entity, or

241nation. Each Party shall defend, indemnify, and hold harmless the other Party from and against any and all claims, damages, losses, risks, liabilities, and expenses

242(including reasonable attorneys’ fees and costs) arising from or related to any breach of the foregoing representation and warranty.

243U. 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

244compensation made by the listing broker in a multiple listing service in which the listing and cooperating broker both participate.

245V. Original Executed Contract. The listing broker shall hold the original fully executed copy of this Contract. #2004361_V6

Buyer Initials:____________ Buyer Initials:____________	Seller Initials:____________ Seller Initials:_____________
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