REAL ESTATE SALES CONTRACT 1. This Real Estate Sales Contract (“Contract”) is entered into on the Effective Date, as herein defined, between ______________________ (“Seller”) and ________________________________ (“Buyer”). 2. THE PROPERTY: Seller agrees to cause to convey to Buyer, the real property commonly known as ____________________________________________________________________(“Property”) Address City State Zip 3. FIXTURE AND PERSONAL PROPERTY: At Closing, as herein defined, Seller agrees to transfer to Buyer all fixtures and heating, electrical, plumbing and well systems on the Property on the date the Property is conveyed to Buyer. 4. PURCHASE PRICE: Purchase price of $_________________ (“Purchase Price”) shall be paid as follows: Initial earnest money of $_________________ (“Earnest Money”) shall be due contemporaneous with the tender of this Contract executed by Buyer (“Date of Offer”). The Earnest Money shall be held by Nationwide Realty ,in trust for the mutual benefit of the Parties (“Escrowee”) subject to the Late Charge as set forth in paragraph 17, below, and the provisions set forth in paragraph 18, below. The balance of the Purchase Price, shall be paid at Closing by wire transfer of funds, or by certified, or cashier’s check. 5. “AS-IS” CONDITION: This Contract is for the sale and purchase of the Property in its “As-Is” condition as of the Closing Date or, if applicable, the Late Closing Date. Buyer acknowledges that no representations, warranties or guarantees with respect to the condition of or title to the Property have been made by Seller or Seller’s Agent. Buyer assumes all of the risk of loss relative to the condition of the Property up to and until the Closing Date or, if applicable, the Late Closing Date. 6. If this property is currently in loss mitigation (short sale) negotiations, then this contract is contingent upon Bank short sale approval, or court confirmation before or after closing date below. 7. CLOSING: Closing shall be on _______________, 20___ (“Closing Date”), or at such time as mutually agreed upon by the Parties in writing (“Late Closing Date”). Seller shall be under no obligation to agree to a Late Closing Date if one is so requested by Buyer. Closing shall take place on the Closing Date or, if applicable, the Late Closing Date at the title company office chosen by Seller’s attorney in Seller’s attorney’s sole discretion (“Title Company”). 8. POSSESSION: Seller shall deliver possession of the Property to Buyer at the time of Closing subject to existing leases, tenancies and occupancies, if any. 9. RESIDENTIAL REAL ESTATE AND LEAD-BASED PAINT DISCLOSURES: If applicable, prior to signing this Contract, Buyer has received a completed Illinois Residential Real Property Disclosure Report; has received the EPA Pamphlet, “Protect Your Family From Lead in Your Home”, and has received a Lead-Based Paint Disclosure. 10. PRORATIONS: No real estate tax proration or credit will be given to Buyer by Seller. If the Property is subject to condominium or townhouse association fees (“Assessments”), Buyer agrees to close subject to and be responsible for any and all outstanding Assessments. Buyer agrees
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be responsible for any pending special assessments (governmental or association) or special assessments levied or confirmed prior to or after the Effective Date. 11. PROFESSIONAL INSPECTION: The purchase of this Property is not contingent upon an inspection of the Property. Buyer acknowledges that Buyer was given the opportunity to inspect the Property prior to execution of this Contract and is satisfied with the condition of Property. Buyer acknowledges that no representation, warranty or guarantee with respect to the condition of or title to the Property has been made by Seller or Seller’s Agent. 12. ATTORNEY REVIEW: THE PURCHASE OF THIS PROPERTY IS NOT CONTINGENT UPON BUYER’S ATTORNEY(S) REVIEWING THIS CONTRACT. PRIOR TO EXECUTING THIS CONTRACT, BUYER ACKNOWLEDGES THAT BUYER WAS GIVEN THE OPPORTUNITY AND ENCOURAGED TO CONSULT WITH AN ATTORNEY RELATIVE TO THE DUTIES, OBLIGATIONS AND RISKS ASSOCIATED WITH EXECUTING THE CONTRACT. 13. PLAT OF SURVEY: Seller shall not provide a survey to Buyer. In the event that Buyer requires a survey for any reason, Buyer shall be solely responsible for obtaining and paying for the same. 14. NOTICE: All notices required shall be in writing and shall be served by one Party or his attorney to the other Party or his attorney. Notice to any one of a multiple person Party shall be sufficient notice to all. Notice shall be given in the following manner: (a) By personal delivery of such notice; or (b) By mailing of such notice to the addresses recited herein by regular mail and by certified mail, return receipt requested. Except as otherwise provided herein, notice served by certified mail shall be effective on the date of mailing; or (c) By sending facsimile transmission. Notice shall be effective as of date and time of facsimile transmission, provided that the notice transmitted shall be sent on business days during business hours (8:00 A.M. to 6:00 P.M. Chicago time). In the event fax notice is transmitted during non-business hours, the effective date and time of notice is the first hour of the first business day after transmission. 15. THE DEED: Seller shall convey or cause to be conveyed to Buyer, title to the Property by quit claim deed (or the appropriate trustee’s deed if title is in trust or in an estate) (“Deed”), with all real estate transfer stamps including municipal, county and state to be paid by Buyer. Buyer is solely responsible for obtaining any and all transfer stamps and complying with all requirements imposed by the applicable municipality, county or state in order to obtain said transfer stamps. Seller agrees to cooperate reasonably with Buyer in Buyer’s attempts to satisfy said governmental requirements. Title when conveyed will be subject to: general real estate taxes; covenants, conditions, and restrictions or record, building lines and easements, zoning restrictions and requirements; existing leases, tenancies and occupancies; any and all building code violations and building court litigation; and any and all matters of record or not of record encumbering the Property. 16. TITLE: Seller will deliver or cause to be delivered to Buyer or to Buyer’s attorney at or prior to Closing, a title commitment for an ALTA title insurance policy in the amount of the Purchase Price by Title Company (“Title Commitment”). At Closing, Buyer agrees to be solely responsible for any and all owners or lenders title policy premiums, recording charges, transfer
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stamps, title company charges, endorsement and any and all closing costs. The Title Commitment may, but need not, indicate Seller in title to the Property. 17. PERFORMANCE: Time is of the essence in this Contract. In the event the closing does not occur on the Closing Date, Buyer agrees to a late charge of Fifty and 00/100 Dollars ($50.00) per day (“Late Charge”), for each day Buyer fails to close after the Closing Date, notwithstanding any agreement to extend the Closing Date. At any time after the Closing Date, if Closing has not occurred, Seller may direct the Escrowee to release from the Earnest Money to the Seller an amount equal to the Late Charge multiplied by the number of days after the Closing Date. Buyer hereby authorizes Escrowee to make such a distribution without any additional authorization or instruction to the Escrowee by Buyer or its representative. The Buyer hereby forever releases, holds harmless and indemnifies each of the Escrowee and Seller from any and all liabilities, losses, claims, damages, expenses, debts, suits or causes of action relative to the payment to the Seller of the Late Charge from the Earnest Money escrow, including reimbursement of their respective attorneys fees and court costs expended with respect thereto. 18. DEFAULT: In the event of default by Seller, the Earnest Money shall be reimbursed to Buyer as Buyer’s sole and exclusive remedy and Seller may, in its sole discretion, terminate the Contract. In the event of default by Buyer, the Seller may pursue any and all remedies Seller may have at law or in equity and, in the event Seller declares Buyer to be in default, Seller, without waiving any other remedy available to Seller, may demand that Escrowee pay the Earnest Money to Seller. Buyer hereby waives any objection and specifically authorizes said payment of Earnest Money to Seller and Escrowee shall be authorized to make said payment without any further authorization or instructions from Buyer or Buyer’s representation. The Buyer shall hereby forever release, hold harmless and indemnify each of Seller and Escrowee from any and all liabilities, losses, claims, damages, expenses, debts, suits or causes of action relative to the payment to Seller of the Earnest Money, including reimbursement of their respective attorneys fees and court costs expended with respect thereto. The Seller shall be entitled to collect its reasonable attorney fees and costs from the Buyer incurred as a result of Buyer’s default, including but not limited to the fees and costs incurred by Seller in the event litigation is initiated by the Seller. Seller shall be entitled to an award of said fees and costs regardless of the outcome of said litigation. 19. LITIGATION: At any time relevant hereto, in the event that the Property is or becomes subject to or the subject of any litigation, including but not limited to those involving housing, zoning or building code issues, lead paint violations and/or complaints seeking to demolish the Property, etc. (“Litigation”), Buyer agrees that Buyer shall purchase the Property and take title subject to the Litigation, and Buyer agrees to pay all fines and court costs heretofore levied or levied in the future in the Litigation (“Fines”), including but not limited to any fines and court costs levied against Seller, and Buyer agrees to indemnify and hold harmless Seller from the Fines, including reimbursement to Seller of Seller’s reasonable attorney’s fees and court costs spent as a result of the Litigation. The existence of the Litigation shall not be a valid reason for Buyer to cancel this Contract pursuant to the terms hereof. 20. GOVERNMENTAL COMPLIANCE: Parties agree to comply with the reporting requirements of the applicable sections of the Internal Revenue Code and the Real Estate Settlement Procedures Act of 1974, as amended. 21. ESCROW CLOSING: This sale shall be closed through an escrow with the Title Company. The costs of the escrow shall be paid by Buyer.
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22. FLOOD INSURANCE: If required to do so, Buyer shall obtain flood insurance at Buyer’s expense. 23. FACSIMILE: Facsimile signatures shall be sufficient for purposes of executing, negotiating, and finalizing this Contract. 24. BUSINESS DAYS: Business days are defined as Monday through Friday, excluding Federal holidays. 25. CONDOMINIUMS: (If applicable) The Parties agree that the terms contained in this paragraph, which may be contrary to other terms of this Contract, shall supersede any conflicting terms. (a) In addition to the items in paragraph 15, which the Property shall be conveyed subject to, title shall also be conveyed subject to the terms, provisions, covenants and conditions of the Declaration of Condominium and all amendments; public and utility easements including any easements established by or implied from the Declaration of Condominium or amendments thereto; party wall rights and agreements; limitations and conditions imposed by the Condominium Property Act; installments due after the date of Closing of general assessments established pursuant to the Declaration of Condominium. (b) Buyer shall be responsible for all regular assessments and special assessments due and levied prior to Closing or subsequent thereto. (c) Buyer has, within three (3) business days after the Effective Date of this Contract, the right to demand from Seller items as stipulated by the Illinois Condominium Property Act. The Contract is subject to the condition that Seller be able to procure and provide to Buyer, a release or waiver of any option of first refusal or other preemptive rights of purchase created by the Declaration of Condominium within the time established by the Declaration. In the event the Condominium Association requires personal appearance of Buyer and/or additional documentation, Buyer agrees to comply with same. 26. CHOICE OF LAW/VENUE: All terms and provisions of this Contract shall be governed by the laws of the State of Illinois. The venue for any litigation filed pertaining to the Contract shall only be in the Circuit Court of Cook County, Illinois. 27. SEVERABILITY: If any provision or clause of this Contract or the application thereof to either party is held to be invalid by a court of competent jurisdiction, such provision shall be severed herefrom and such invalidity shall not affect any other provision of this Contract, the balance of which shall remain in and have its intended full force and effect; provided, however, if such provision may be modified so as to be valid as a matter of law, such provision shall be deemed to have been modified so as to be enforceable to the maximum extent permitted by law. 28. ACKNOWLEDGEMENT OF FINANCIAL INTEREST: Buyer acknowledges that it has been advised that the Seller or Seller’s assignee is an Illinois real estate licensee and may have a financial interest in Escrowee. ________ Buyer Initial________ Buyer Initial________ Seller Initial ________ Seller Initial Address__________________________City______________State_________Zip_______
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29. CANCELLATION OF PRIOR REAL ESTATE CONTRACT: In the event Seller has entered into a prior real estate contract, this Contract shall be subject to written cancellation of the prior contract. 30. CONFIRMATION OF DUAL AGENCY: ______________________ is the Listing Broker for the Property and the commission to be paid to the Listing Broker shall be in accordance with the written listing agreement between the Listing Broker and Seller. The Parties confirm that they have previously consented to Listing Broker acting as a Dual Agent in providing brokerage services on their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the transaction referred to in this Contract. 31. CANCELLATION BY SELLER: This contract is a legally binding agreement when signed by both Seller and Buyer(s) or their legal representative. Seller has the unilateral right to cancel this contract within 48 hours. ________ Buyer Initial________ Buyer Initial________ Seller Initial ________ Seller Initial Address___________________________City________________State_________Zip_______ The remainder of this page has been intentionally left blank.
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THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND DELIVERED __________________________________20______ ______________________________20______ Date of Offer EFFECTIVE DATE EFFECTIVE DATE __________________________________________ ______________________________________ Buyer Signature Seller Signature __________________________________________ ______________________________________ Buyer Signature Seller Signature __________________________________________ Print Buyer(s) Name(s) Print Seller(s) Signature(s) ____________________________________________________________________________________ Address Address __________________________________________ _______________________________________ City State Zip City State Zip __________________________________________ _______________________________________ Phone Number(s) Email Phone Number(s) Email FOR INFORMATION ONLY __________________________________________ _______________________________________ Selling Office MLS# Listing Office MLS# __________________________________________ _______________________________________ Selling Agent MLS# Email Listing Agent MLS# Email __________________________________________ _______________________________________ Address City ST Zip Address City ST Zip __________________________________________ _______________________________________ Phone No. Fax No. Phone No. Fax No. __________________________________________ _______________________________________ Buyer’s Attorney Email Seller’s Attorney Email _______________________________________ ____________________________________________ Address Address __________________________________________ _______________________________________ Phone No. Fax No. Phone No. Fax No. ___________ Buyer Initial___________Buyer Initial_________Seller Initial ________ Seller Initial Address_________________________________City__________________State______ Zip_______
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