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RESIDENTIAL REAL ESTATE CONTRACT(PAGE 1 OF 4)
1. THE PARTIES: Buyer and Seller are hereinafter referred to as the “Parties.”
2. THE REAL ESTATE: Real Estate shall be defined to include the real estate and all improvements thereon. Seller agrees to convey to Buyer or to Buyer’s designated
grantee, the Real Estate with the approximate lot size or acreage of ____________________________________________________________________________________
commonly known as:_________________________________________________________________________________________________________________________
County Unit # (if applicable) Permanent Index Number(s) of Real Estate
3. FIXTURES AND PERSONAL PROPERTY:All of the fixtures and personal property stated herein are owned by Seller and to Seller’s knowledge are in operating
condition on the Date of Acceptance, unless otherwise stated herein. Seller agrees to transfer to Buyer all fixtures, all heating, electrical and plumbing systems together with the
following items of personal property by Bill of Sale: [Check or enumerate applicable items]
__ Refrigerator__ All Tacked Down Carpeting__ Fireplace Screen(s)/Door(s)/Grate(s)__ Central Air Conditioning
__ Oven/Range/Stove__ All Window Treatments & Hardware__ Fireplace Gas Logs__ Electronic or Media Air Filter
__ Microwave__ Built-in or Attached Shelving__ Existing Storms & Screens__ Central Humidifier
__ Washer__ Window Air Conditioner(s)__ Electronic Garage Door Opener(s)__ Attached Gas Grill
__ Dryer__ All Planted Vegetation with ________ Transmitter(s)__ Light fixtures, as they exist
__ Satellite dish and system__ Invisible fence system__ Home Warranty $______________
Other items included: _______________________________________________________________________________________________________________________
Items NOT included: _______________________________________________________________________________________________________________________
Seller warrants to Buyer that all fixtures, systems and personal property included in this Contract shall be in operating condition at possession, except:__________________
_______________________________________________________________________________________________. A system or item shall be deemed to be in operating
condition if it performs the function for which it is intended, regardless of age, and does not constitute a threat to health or safety.
4. PURCHASE PRICE: Purchase price of $________________________________________________________________ shall be paid as follows:
Initial earnest money of $ ___________________________ by (check), (cash), or (note due on ________________________, ______) to be increased to a total of
$_______________________ by ______________________, ________. The earnest money and the original of this Contract shall be held by the Listing Company, as
“Escrowee”, in trust for the mutual benefit of the Parties. The balance of the Purchase Price, as adjusted by prorations, shall be paid at closing by wire transfer of funds, by
certified, cashier’s, mortgage lender’s or title company’s check (provided that the title company’s check is guaranteed by a licensed title insurance company).
5. ACCEPTANCE: Earnest money shall be returned and this offer shall be void if not accepted on or before __________________________________________________.
6. MORTGAGE CONTINGENCY:This Contract is contingent upon Buyer obtaining an unconditional written mortgage commitment (except for matters of title and survey
or matters totally within Buyer’s control) on or before _________________________________, _________ for a ________________________________(type) loan of
$________________________________________ or such lesser amount as Buyer elects to take, plus private mortgage insurance (PMI), if required. The interest rate (initial
rate, if applicable) shall not exceed _________% per annum, amortized over not less than ___________ years. Buyer shall pay loan origination fee and/or discount points not
to exceed ________% of the loan amount. Seller shall pay loan origination fee and/or discount points not to exceed _______% of the loan amount. Those fees/points committed
to by Buyer shall be applied first. Buyer shall pay the cost of application, usual and customary processing fees and closing costs charged by lender. (If FHA/VA, refer to
Paragraph #38 for additional provisions.) Buyer [check one]l will l will not lock in the interest rate at the time of loan application. Buyer shall make written loan
application within seven (7) calendar days after the Date of Acceptance. FAILURE TO DO SO SHALL CONSTITUTE AN ACT OF DEFAULT UNDER THIS CON-
TRACT. If Buyer, having applied for the loan specified above, is unable to obtain a loan commitment and serves written notice to Seller within the time specified, this Contract
shall be null and void and earnest money refunded to Buyer upon written direction of the Parties to Escrowee. IFWRITTEN NOTICE IS NOT SERVED WITHIN THE
TIME SPECIFIED, BUYER SHALL BE DEEMED TO HAVE WAIVED THIS CONTINGENCYAND THIS CONTRACT SHALL REMAIN IN FULL FORCE
AND EFFECT. UNLESS OTHERWISE PROVIDED HEREIN, THIS CONTRACT SHALL NOT BE CONTINGENT UPON THE SALE AND/OR CLOSING OF
BUYERS’ EXISTING REAL ESTATE. A CONDITION IN THE MORTGAGE COMMITMENT REQUIRING SALE AND/OR CLOSING OF EXISTING REAL
ESTATE SHALL NOT RENDER THE MORTGAGE COMMITMENT CONDITIONAL FOR THE PURPOSE OFTHIS PARAGRAPH. IF SELLER AT SELLER’S
OPTION AND EXPENSE, WITHIN THIRTY (30) DAYS AFTER BUYER’S NOTICE, PROCURES FOR BUYER SUCH COMMMITMENT OR NOTIFIES
BUYER THAT SELLER WILLACCEPTA PURCHASE MONEY MORTGAGE UPON THE SAME TERMS, THE CONTRACT SHALL REMAIN IN FULL
FORCE AND EFFECT. IN SUCH EVENT, SELLER SHALL NOTIFY BUYER WITHIN FIVE (5) BUSINESS DAYS AFTER BUYER’S NOTICE OF SELLER’S
ELECTION TO PROVIDE OR OBTAIN SUCH FINANCING, AND BUYER SHALL FURNISH TO SELLER OR LENDER ALL REQUESTED INFORMATION
AND SHALL SIGN ALLPAPERS NECESSARY TO OBTAIN THE MORTGAGE COMMITMENTAND TO CLOSE THE LOAN.
7. CLOSING: Closing or escrow payout shall be on _________________________, ________, or at such time as mutually agreed upon, by the Parties, in writing. This sale
shall be closed at the title company escrow office situated geographically nearest the Real Estate, or as shall be agreed mutually by the Parties.
8. POSSESSION: Possession shall be deemed to have been delivered when Seller has vacated premises and delivered keys to premises to Buyer or to Listing Office.
Seller shall deliver possession to Buyer [check only one]:
l (a) at the time of closing; OR
[Do not complete the following option (b) unless possession is not to be delivered at closing.]
l(b) by 11:59 P.M. on _____________________, ________, provided sale has been closed. In the event possession is not to be delivered at closing, Seller agrees to pay
at closing the sum of $ _____________________ per day to Buyer for use and occupancy from and including the day after closing to and including the possession date
specified above, regardless of whether possession is delivered prior to the possession date. (See Paragraph #18)
9. RESIDENTIAL REAL ESTATE AND LEAD-BASED PAINT DISCLOSURES: If applicable, prior to signing this Contract, Buyer [check one]l has l has not
received a completed Illinois Residential Real Property Disclosure Report; [check one]l has l has not received the EPA Pamphlet, ”Protect Your Family From Lead in Your
Home”; [check one] l has l has not received a Lead-Based Paint Disclosure.
10. PRORATIONS: Proratable items shall include, without limitation, rents and deposits (if any) from tenants, utilities, water and sewer, homeowner’s or condominium
association fees. Seller represents that as of the Date of Acceptance Homeowner Association/Condominium fees are $__________________ per ______________. Seller
agrees to pay prior to or at closing any special assessments (governmental or association) confirmed prior to Date of Acceptance. The general Real Estate taxes shall be
prorated as of the date of closing based on __________________% of the most recent ascertainable full year tax bill. All prorations shall be final as of closing, except as
provided in paragraph 19.
11. OTHER PROVISIONS: This Contract is subject to the GENERAL CONDITIONS and those OPTIONAL PROVISIONS selected for use and initialed by the Parties
which are contained on the succeeding pages and the following attachments, if any:_______________________________________________________________________.
THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BYALLPARTIES AND DELIVERED