Sample Real Estate Contract
Legal Rethink Media, LLC
State of Illinois
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ILLINOIS REAL ESTATE CONTRACT
THIS CONTRACT, made this ___ day of ___________, 20___, by and between
_______________, (hereinafter designated as "Seller"), and ______________ (hereinafter
designated as "Buyer").
IN CONSIDERATION, of the covenants and agreements contained herein, the parties
hereto mutually agree as follows:
1. Real Property. The Seller agrees to sell and convey to the Buyer and the Buyer
agrees to buy the following described real property AS IS which is located in County,
State of Illinois , to wit:
[ENTER LEGAL DESCRIPTION]
Subject, however, to any recorded restrictions, easements, and any existing tenancies,
leases and zoning laws.
2. Purchase Price. The purchase price is _________ ($_____), which the Buyer
agrees to pay as follows:
3. Closing. The closing shall occur at ____on the _____ day of _________, 200__,
except that such closing date shall be extended if the Seller is correcting any title defects to the
premises in accordance with Paragraph 5. At such closing, Seller shall deliver to Buyer a general
warranty deed which is properly executed and which conveys the above-described real property
free and clear of all liens and encumbrances, except those restrictions set forth in Paragraph 2,
and which conveys marketable fee simple title to Buyer, and the title insurance policy, if any,
and Buyer shall deliver to Seller such cash payments and all other documents required to be
furnished under Paragraph 3 in order for Buyer to satisfy Buyer's obligations hereunder.
Possession of such real property shall be delivered to the Buyer immediately following the
closing and delivery of such Deed.
4. Property Taxes. Seller represents and warrants that all taxes and special
assessments due and payable shall be paid from the proceeds of the sale as hereinafter provided.
All real estate taxes shall be prorated as of the Closing Date, unless otherwise agreed. General
taxes shall be prorated for the calendar year on the basis of taxes for the previous year if taxes for
the current year are unknown unless the previous year's assessed valuation was based on a lesser-
improved property, in which case the taxes shall be determined from the assessed valuation and
the officially-established mill levy prevailing at closing. Buyer acknowledges that the mill levy,
classification, assessed valuation, and/or taxes may change from year to year during Buyer's
ownership, and that periodic reappraisal, required by law, may result in a change in taxes.
5. Title Policy. The Seller shall cause to be furnished to Buyer at least three days
prior to closing a title insurance company's written commitment "title binder" to issue after
closing a title insurance policy in an amount equal to the full purchase price naming Buyer as the
insured. The Seller shall be responsible to use diligence to resolve any title defects at Seller's
expense. Should the Seller be unable to furnish marketable title subject to the foregoing
exceptions, and should this Contract be terminated due to same, all parties shall be released from
any further liability thereunder.
6. Warranty Deed. On or before the Closing Date, Seller shall execute and deliver
a warranty deed and all other documents and funds reasonably necessary to complete the closing.
The warranty deed shall convey to Buyer a marketable fee simple title to the property free and
clear of all liens and encumbrances except as provided in this Contract.
7. Mechanic’s Liens. Seller represents and warrants that there are no unpaid bills
for labor or material that might form the basis of a mechanic's lien against said premises, and that
there are no unpaid (whether recorded or not) chattel mortgages, conditional sales Contracts,
financing statements, or security agreements affecting any fixture, portion of the premises or
item of personal property covered by this Contract. Any existing liens upon the premises which
the Seller is required to remove under this Contract may be paid and discharged from the sale
proceeds at the closing of the sale. Seller shall indemnify and hold Buyer harmless from any
obligation for payment of any amounts by reason of any mechanic's lien which may be filed for
labor performed or materials furnished prior to closing of this Contract.
8. No Brokers or Agents. It is hereby agreed and acknowledged by the parties
hereto that neither the listing nor the selling brokers, or their agents, employees, or associates
have made, on their own behalf, any representations or warranties, expressed or implied with
respect to any element of the subject Property. Any representations made herein have been made
by the listing/selling brokers based on information supplied by sources believed to be reliable,
and brokers and their associates have not assumed any responsibility, directly or indirectly, with
respect to any representation or warranties which have been made, if any. It is emphasized that
if the parties hereto feel representations have been made that are not set forth specifically in the
printed form of this Contract, they must be set forth specifically and in writing herein to be
effective or enforceable.
9. Miscellaneous. This Contract constitutes the entire agreement between the
parties and supersedes any previously executed contracts, representations, verbal or written, to
buy and/or sell the Property and cannot be changed except by their written agreement. Neither
this Contract, nor any interest herein, shall be transferred or assigned by Buyer without the prior
written consent of Seller. This Contract shall be fully binding upon the parties, their heirs,
executors, administrators, successors and assigns except as limited herein. No assignment shall
serve to release or relieve the party assigning from any responsibilities or obligations hereunder.
This Contract and its validity, construction and performance shall be governed by the laws of
IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and
year first above written.