The Illinois Realtor Contract form is a legal document used in real estate transactions to outline the terms of a property sale between a buyer and a seller. This form specifies details such as the purchase price, property description, and the responsibilities of both parties. To begin your real estate journey, fill out the form by clicking the button below.
The Illinois Realtor Contract form is a crucial document for anyone involved in real estate transactions within the state. This form outlines the agreement between the buyer and seller regarding the sale of property, ensuring that both parties understand their rights and responsibilities. It includes essential details such as the purchase price, property description, and terms of sale. The contract specifies how the seller will convey title to the buyer, including any existing liens or encumbrances on the property. It also addresses earnest money, which is a deposit made by the buyer to demonstrate their commitment to the purchase. The timeline for closing the sale is clearly stated, along with the obligations of both parties, such as the seller’s duty to provide a current plat of survey and title insurance. Additionally, the contract includes provisions for handling any potential issues that may arise, such as title defects or zoning violations. By clearly outlining these aspects, the Illinois Realtor Contract form serves as a foundation for a smooth transaction, protecting the interests of both the buyer and seller.
CHICAGO TITLE INSURANCE COMPANY
REAL ESTATE SALE CONTRACT
ILLINOIS FORM B *
1._______________________________________________________________________________________________(Purchaser) agrees to purchase at a price of $ __________________________________ on the terms set forth herein, the following described real estate in ___________________ County, Illinois:
commonly known as _____________________________________________________________________, and with approximate
lot dimensions of ______________ x ______________, together with the following property presently located thereon:
2.(Seller) agrees to sell the real estate and the property described above, if any, at the price and terms set forth herein, and to convey or cause to be conveyed to Purchaser or nominee title thereto by a recordable ____________________________ deed, with release of homestead tights, if any, and a proper bill of sale, subject only to: (a) covenants, conditions and restrictions of record; (b) private, public and utility easements and roads and highways, if any; (c) party wall rights and agreements, or any; (d) existing leases and tenancies (as listed in Schedule A attached); (e) special taxes or assessments for improvements not yet completed, (f) installments not due at the date hereof of any special tax or assessment for improvements heretofore completed; (g) mortgage or trust deed specified below, if any; (h) general taxes for the year _______________ and subsequent years including taxes which may accrue by reason of new of additional improvements during the year(s) ______________; and to
3.Purchaser has paid $ _____________________ as earnest money to be applied on the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus or minus prorations, at the time of closing as follows: (strike language and subparagraphs not applicable)
(a)The payment of $ __________________
(b)The payment of $ _______________________________________ and the balance payable as follows:
to be evidenced by the note of Purchaser (grantee), providing for full prepayment privileges without penalty, which shall be secured by a part-purchase money mortgage (trust deed), the latter instrument and the note to be in the form hereto attached as Schedule B, or, in the absence of this attachment, the forms prepared by _____________________________________________ and identified as
Nos. _______________,** and by a security agreement (as to which Purchaser will execute or cause to be executed such financing
statements as may be required under the Uniform Commercial Code in order to make the lien created thereunder effective), and an assignment of rents, said security agreement and assignment of rents to be in the forms appended hereto as Schedules C and D. Purchaser shall furnish to Seller an American Land Title Association loan policy insuring the mortgage (trust deed) issued by the Chicago Title Insurance Company.
(**If a Schedule B is not attached and the blanks are not filled in, the note shall be secured by a trust deed, and the note and trust deed shall be in the forms used by The Chicago Trust Company.)
(c).The acceptance of the title to the real estate by Purchaser subject to a mortgage or trust deed of record securing a principal indebtedness (which the Purchaser [does] [does not] agree to assume) aggregating $ ____________________ bearing interest at the rate of __________% a year, and the payment of a sum which represents the difference between the amount due on the indebtedness at the time of closing and the balance of the purchase price.
4.Seller, at his own expense, agrees to furnish Purchaser a current plat of survey of the above real estate made, and so certified by the surveyor as having been made, in compliance with the Illinois Land Survey Standards.
5.The time of closing shall be on ____________________________ or on the date, if any, to which such time is extended by reason of paragraphs 2 or 10 of the Conditions and Stipulations hereafter becoming operative (whichever date is later), unless subsequently mutually agreed otherwise, at the office of ________________________________________________________ or of the mortgage lender, if any, provided title is shown to be good or is accepted by Purchaser.
6.Seller agrees to pay a broker's commission to _______________________________________________________________ in the amount set forth in the broker's listing contract or as follows:
7.The earnest money shall be held by ________________________________________________________________ for the mutual benefit of the parties.
8.Seller warrants that Seller, its beneficiaries or agents of Seller or of its beneficiaries have received no notices from any city, village or other governmental authority of zoning, building, fire or health code violations in respect to the real estate that have not been heretofore corrected.
9.A duplicate original of this contract, duly executed by the Seller and his spouse, if any, shall be delivered to the Purchaser within
____________ days from the date hereof, otherwise, at the Purchaser's option, this contract shall become null and void and the earnest money shall be refunded to the Purchaser.
This contract is subject to the Conditions and Stipulations set forth on the following pages, which Conditions and Stipulations are made a part of this contract.
Dated:
Purchaser:Address:
Seller:Address:
*Form normally used for sale of property improved with multi-family structures of five or more units or of commercial or industrial properties.
ADV. VI.O R2/95 K3773
CONDITIONS AND STIPULATIONS
1.Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time of closing, the plat of survey (If one is required to be delivered under the terms of this contract) and a title commitment for an owner's title insurance policy issued by the Chicago Title Insurance Company in the amount of the purchase price, covering title to the real estate on or after the date hereof, showing title in the intended grantor subject only to (a) the general exceptions contained in the policy, (b) the title exceptions set forth above, and (c) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid upon the delivery of the deed (all of which are herein referred to as the permitted exceptions). The title commitment shall be conclusive evidence of good title as therein shown as to all matters insured by the policy, subject only to the exceptions as therein stated. Seller also shall furnish Purchaser an affidavit of title in customary form covering the date of closing and showing title in Seller subject only to the permitted exceptions in foregoing items (b) and (c) and unpermitted exceptions or defects in the title disclosed by the survey, if any, as to which the title insurer commits to extend insurance in the manner specified in paragraph 2 below.
2.If the title commitment or plat of survey (if one is required to be delivered under the terms of this contract) discloses either unpermitted exceptions or survey matters that render the title unmarketable (herein referred to as "survey defects"), Seller shall have
30days from the date of delivery thereof to have the exceptions removed from the commitment or to correct such survey defects or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions or survey defects, and, in such event, the time of closing shall be 35 days after delivery of the commitment or the time expressly specified in paragraph 5 on the second page hereof, whichever is later. If Seller fails to have the exceptions removed or correct any survey defects, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions or survey defects within the specified time, Purchaser may terminate this contract or may elect, upon notice to Seller within 10 days after the expiration of the 30-day period, to take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect, this contract shall become null and void without further action of the parties.
3.Rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, general taxes, accrued interest on mortgage indebtedness, if any, and other similar items shall be adjusted ratably as of the time of closing. The amount of the current general taxes not then ascertainable shall be adjusted on the basis of (a), (b), or (c) below (Strike subparagraphs not applicable):
(a) ___________% of the most recent ascertainable taxes;
(b)The most recent ascertainable taxes and subsequent readjustment thereof pursuant to the terms of reproration letter attached hereto and incorporated herein by reference.
(c)[Other] _________________________________________________________________________________________________
The amount of any general taxes which may accrue by reason of new or additional improvements shall be adjusted as follows:
All prorations are final unless otherwise provided herein. Existing leases and assignable insurance policies, if any, shall then be assigned to Purchaser. Seller shall pay the amount of any stamp tax imposed by State law on the transfer of the title, and shall furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller's agent in the form required pursuant to the Real Estate Transfer Tax Act of the State of Illinois and shall furnish any declaration signed by the Seller or the Seller's agent or meet other requirements as established by any local ordinance with regard to a transfer or transaction tax; such tax required by local ordinance shall be paid by the party upon whom such ordinance places 'responsibility therefor. If such ordinance does not so place responsibility, the tax shall be paid by the (Purchaser) (Seller). (Strike one.)
4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract.
5.If this contract is terminated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the termination is caused by the Purchaser's fault, then upon notice to the Purchaser, the earnest money shall be forfeited to the Seller and applied first to the payment of Seller's expenses and then to payment of broker's commission; the balance, If any, to be retained by the Seller as liquidated damages.
6.At the election of Seller or Purchaser upon notice to the other party not less than 5 days prior to the time of closing, this sale shall be closed through an escrow with Chicago Title and Trust Company, in accordance with the general provisions of the usual form of Deed and Money Escrow Agreement then in use by Chicago Title and Trust Company, with such special provisions inserted in the escrow agreement as may be required to conform with this contract. Upon the creation of such an escrow, anything herein to the contrary notwithstanding, payment of purchase price and delivery of deed shall be made through the escrow and this contract and the earnest money shall be deposited in the escrow. The cost of the escrow shall be divided equally between Seller and Purchaser. (Strike paragraph if inapplicable.)
7.Time is of the essence of this contract.
8.All notices herein required shall be in writing and shall be served on the parties at the addresses following their signatures. The mailing of a notice by registered or certified mail, return receipt requested, shall be sufficient service.
9.Alternative 1:
Seller represents that he is not a "foreign person" as defined in Section 1445 of the Internal Revenue Code and is therefore
exempt from the withholding requirements of said Section. Seller will furnish Purchaser at closing the Exemption Certification set forth in said Section.
Alternative 2:
Purchaser represents that the transaction is exempt from the withholding requirements of Section 1445 of the Internal Revenue Code because Purchaser intends to use the subject real estate as a qualifying residence under said Section and the sales price does not exceed $300,000.
Alternative 3:
With respect to Section 1445 of the Internal Revenue Code, the parties agree as follows:
(Strike two of the three alternatives.)
10.(A) Purchaser and Seller agree that the disclosure requirements of the Illinois Responsible Property Transfer Act (do) (do not) apply to the transfer contemplated by this contract. (If requirements do not apply, strike (B) and (C) below.)
(B) Seller agrees to execute and deliver to Purchaser and each mortgage lender of Purchaser such disclosure documents as may be required by the Illinois Responsible Property Transfer Act.
(C) Purchaser agrees to notify Seller in writing of the name and post office address of each mortgage lender who has issued a commitment to finance the purchase hereunder, or any part thereof; such notice shall be furnished within 10 days after issuance of any such commitment, but in no event less than 40 days prior to delivery of the deed hereunder unless waived by such lender or lenders. Purchaser further agrees to place of record, simultaneously with the deed recorded pursuant to this contract, any disclosure statement furnished to Purchaser pursuant to paragraph 10(B) and, within 30 days after delivery of the deed hereunder, to file a true and correct copy of said disclosure document with the Illinois Environmental Protection Agency.
Filling out the Illinois Realtor Contract form requires careful attention to detail. This step-by-step guide will help ensure that all necessary information is accurately provided. After completing the form, both parties will need to review it and sign to finalize the agreement.
The Illinois Realtor Contract form is a legal document used in real estate transactions within Illinois. It outlines the terms and conditions under which a buyer (the Purchaser) agrees to purchase property from a seller (the Seller). This form is commonly utilized for the sale of residential, commercial, and industrial properties, ensuring that both parties understand their rights and obligations throughout the transaction.
To complete the Illinois Realtor Contract form, several key pieces of information must be provided:
All of this information helps clarify the agreement and ensures that both parties are on the same page.
Earnest money is a deposit made by the Purchaser to demonstrate their commitment to the transaction. This money is typically held in escrow and is applied toward the purchase price at closing. If the transaction proceeds smoothly, the earnest money is credited to the Purchaser. However, if the Purchaser backs out of the deal without a valid reason, the Seller may keep the earnest money as compensation for their time and effort.
Closing is the final step in the real estate transaction. During this process, the Purchaser pays the remaining balance of the purchase price, and the Seller transfers ownership of the property through a deed. Both parties will review and sign various documents, including the title insurance policy and any necessary disclosures. Once everything is signed and funds are exchanged, the transaction is complete, and the Purchaser officially becomes the new owner of the property.
The Seller has several obligations under the Illinois Realtor Contract form. These include:
These obligations are crucial for protecting the Purchaser's interests and ensuring a smooth transaction.
If title issues arise during the transaction, the Seller typically has a specified period to resolve these problems. The Purchaser can either wait for the Seller to correct the issues or choose to proceed with the transaction as it stands, potentially negotiating a deduction from the purchase price. If the issues cannot be resolved, the Purchaser may have the right to terminate the contract without penalty.
Yes, the Illinois Realtor Contract form includes provisions for termination. If the Purchaser wishes to terminate the contract without fault, they can typically receive their earnest money back. However, if the termination is due to the Purchaser's actions, the Seller may retain the earnest money as liquidated damages. Understanding these terms is essential for both parties.
Disclosure requirements may vary depending on the specifics of the transaction. The Seller may need to provide certain documents regarding the property's condition and any known issues. Additionally, the Purchaser may need to inform the Seller of any financing arrangements. These disclosures help ensure transparency and protect both parties throughout the transaction.
Failing to fill in the purchaser's name correctly can lead to legal complications. Ensure the name matches the identification documents.
Not specifying the purchase price accurately may cause misunderstandings. Double-check the figures before submission.
Leaving out the property address or providing incorrect details can delay the process. Verify the address with local records.
Omitting earnest money details can complicate the agreement. Clearly state the amount and how it will be held.
Not addressing existing leases can lead to disputes later. List all current leases in Schedule A to avoid issues.
Failing to include the closing date can create uncertainty. Specify a clear date and consider any potential extensions.
Neglecting to review broker commission details can result in unexpected costs. Ensure the agreement aligns with the listing contract.
Not providing a current plat of survey can cause title issues. Ensure the survey is completed and certified as required.
Ignoring disclosure requirements under the Illinois Responsible Property Transfer Act can lead to legal penalties. Confirm whether these apply to your transaction.
The Illinois Realtor Contract form is a crucial document in real estate transactions, particularly for the purchase and sale of properties. Alongside this contract, several other forms and documents are commonly used to ensure a smooth process. Below is a list of these important documents, each serving a specific purpose in the transaction.
These documents work together with the Illinois Realtor Contract form to facilitate the legal transfer of property ownership. Understanding each document's role can help both buyers and sellers navigate the complexities of real estate transactions with greater confidence.
The Illinois Realtor Contract form shares similarities with the Purchase Agreement, a common document used in real estate transactions. Both documents outline the terms of the sale, including the purchase price, property description, and the obligations of both the buyer and seller. In both cases, earnest money is typically required, which shows the buyer's commitment to the purchase. Additionally, both agreements detail the conditions under which the sale can be completed or terminated, ensuring that both parties understand their rights and responsibilities.
Another document that resembles the Illinois Realtor Contract is the Listing Agreement. This document is used by real estate agents to formalize the relationship between the seller and the agent. Like the Realtor Contract, it specifies key details such as the property address, listing price, and the duration of the agreement. Both documents also address the commission structure for the agent, ensuring that all parties are clear on compensation and expectations throughout the selling process.
The Lease Agreement is another document that has similarities with the Illinois Realtor Contract. While the Realtor Contract pertains to the sale of property, the Lease Agreement governs the rental of a property. Both documents require clear definitions of the parties involved, the property in question, and the terms of the transaction. They also outline the responsibilities of each party, such as maintenance obligations and payment timelines, ensuring that both landlords and tenants understand their roles.
The Option to Purchase Agreement also shares characteristics with the Illinois Realtor Contract. This document allows a potential buyer to secure the right to purchase a property at a later date, under specific conditions. Like the Realtor Contract, it includes details about the purchase price and terms of payment. Both documents protect the interests of the buyer and seller, ensuring that all necessary conditions are met before the final transaction takes place.
The Seller Financing Agreement is another document that is similar to the Illinois Realtor Contract. This agreement outlines the terms under which the seller provides financing to the buyer. Both documents detail the purchase price and payment terms, including interest rates and repayment schedules. The Seller Financing Agreement also includes provisions for what happens in the event of default, similar to the conditions outlined in the Realtor Contract regarding earnest money and closing procedures.
The Real Estate Purchase and Sale Agreement shares many similarities with the Illinois Realtor Contract. Both documents outline the specifics of the sale, including the property description, purchase price, and terms of closing. They also address contingencies, such as inspections or financing, that must be satisfied before the sale can proceed. Both agreements are designed to protect the interests of both the buyer and seller, ensuring a smooth transaction process.
The Title Insurance Commitment is another document that complements the Illinois Realtor Contract. While the Realtor Contract outlines the sale terms, the Title Insurance Commitment ensures that the buyer receives clear title to the property. Both documents work together to provide assurance that the property is free from liens or encumbrances. They also specify the responsibilities of the seller in providing necessary documentation to facilitate a smooth transfer of ownership.
The Closing Disclosure is similar to the Illinois Realtor Contract in that it provides a detailed account of the financial aspects of the transaction. This document outlines all costs associated with the sale, including closing costs, taxes, and any fees. Both documents require transparency regarding financial obligations, ensuring that the buyer and seller are fully informed about the financial implications of the transaction before closing.
The Real Estate Transfer Declaration is another document that parallels the Illinois Realtor Contract. This declaration is required in many jurisdictions to report the sale of property for tax purposes. Like the Realtor Contract, it includes information about the buyer, seller, and property details. Both documents ensure compliance with local regulations and provide necessary information to local authorities regarding the transfer of ownership.
Lastly, the Affidavit of Title is similar to the Illinois Realtor Contract as it provides assurances regarding the ownership of the property. This document is often required at closing to confirm that the seller has the right to sell the property and that there are no undisclosed liens or claims. Both documents aim to protect the buyer's interests by ensuring that the title is clear and that the seller is legally able to complete the transaction.
When filling out the Illinois Realtor Contract form, it is essential to follow certain guidelines to ensure accuracy and compliance. Here’s a list of things you should and shouldn’t do:
This form is actually used for various types of properties, including multi-family structures with five or more units, commercial, and industrial properties.
Earnest money can be refunded if the contract is terminated without the Purchaser's fault. This is an important protection for buyers.
Closing costs are typically shared between the seller and purchaser, unless otherwise specified in the contract.
A survey is only required if specified in the contract. If it is not required, the seller is not obligated to provide one.
The buyer has the option to assume a mortgage, but this is not mandatory. The contract allows for negotiation on this point.
While the seller must disclose any known issues, they are not necessarily required to fix everything before closing. The buyer can negotiate repairs as part of the contract.
This contract is legally binding once signed by both parties. It outlines the rights and responsibilities of both the seller and the buyer.
Understand the Basics: The Illinois Realtor Contract form is essential for real estate transactions in Illinois. It outlines the agreement between the seller and the purchaser, detailing the terms of sale, property description, and payment structure.
Earnest Money Matters: The contract requires the purchaser to pay earnest money, which shows their commitment to the purchase. This amount will be applied to the total purchase price at closing.
Title and Survey Requirements: Sellers must provide a current plat of survey and a title commitment. These documents help ensure that the property title is clear and marketable, free from significant defects.
Closing Timeline: The closing date is crucial and should be clearly stated in the contract. It can be extended under certain conditions, so both parties should be aware of their obligations regarding timing.
Broker's Commission: If a broker is involved, the contract specifies the commission details. Understanding these terms helps avoid confusion about financial responsibilities during the sale.