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Chicago Association Realtors Residential Real Estate Purchase & Sale Contract 2012-2025 free printable template
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CHICAGO ASSOCIATION OF REALTORS RESIDENTIAL REAL ESTATE PURCHASE AND SALE CONTRACT single family home/fee simple townhome Rev. 01/2012 1. Contract. This Residential Real Estate Purchase and Sale Contract Contract is made by and between Buyer and Seller collectively Parties with respect to the purchase and sale of the real estate and improvements located at Property. 2. Fixtures and Personal Property. At Closing as defined in Paragraph 7 of this Contract in addition to the Property Seller shall...transfer to Buyer by a Bill of Sale all heating cooling electrical and plumbing systems together with the following checked and enumerated items Fixtures and Personal Property Refrigerator Sump Pump Central air conditioner Fireplace screen Built-in or attached Oven/Range Smoke and carbon monoxide Window air conditioner and equipment shelves or cabinets Microwave detectors Electronic air filter Fireplace gas log Ceiling fan Dishwasher Intercom system Central humidifier Firewood ...Radiator covers Garbage disposal Security system rented or owned strike one Attached gas grill All planted vegetation Trash compactor Satellite Dish Lighting fixtures Existing storms Outdoor play set/swings Washer Attached TV s Electronic garage door s and screens Outdoor shed Dryer TV Antenna with remote unit s Window treatments Water Softener LCD/plasma/multimedia equipment Tacked down carpeting Home Stereo speakers/surround sound Other Equipment warranty as attached Seller...also transfers the following. The following items are excluded. 3. Purchase Price. The purchase price for the Property including the Fixtures and Personal Property is 4. Earnest Money. Upon Buyer s execution of this Contract Buyer shall deposit with Escrowee initial earnest money in the amount of in the form of Initial Earnest Money. 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 before 20. The Initial...Earnest Money shall be increased to strike one 10 of the Purchase Price OR percent of the Purchase Price Final Earnest Money within business days after the expiration of the Attorney Approval Period as established in Paragraph 13 of this Contract the Initial and Final Earnest Money are together referred to as the Earnest Money. The Parties acknowledge and agree that i the Parties shall execute all necessary documents with respect to the Earnest Money in form and content mutually agreed upon...between the parties and ii except as otherwise agreed Buyer shall pay all expenses incurred in opening an escrow account for the Earnest Money. 5. Mortgage Contingency. This Contract is contingent upon Buyer securing by 20 First Commitment Date a firm 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 association bank or other authorized financial institution in the amount of strike one OR percent of the...Purchase Price the interest rate or initial interest rate if an adjustable rate mortgage not to exceed per year amortized over years payable monthly loan fee not to exceed plus appraisal and credit report fee if any Required Commitment.
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Understanding the Chicago Association Realtors Residential Form
Overview of the Chicago Association Realtors Residential Form
The Chicago Association Realtors Residential Form is a standard document used in real estate transactions, specifically for buying and selling residential properties in Chicago. This form outlines the essential terms and conditions agreed upon by the buyer and seller, ensuring clarity and mutual understanding in the transaction process.
Key Features of the Form
This form includes several critical components. It specifies the purchase price, earnest money deposits, and the included fixtures and personal property, such as appliances and furniture. Additionally, it details contingencies, closing details, and any disclosures required under local real estate laws. These features contribute to a comprehensive understanding of the obligations each party assumes.
When to Use the Residential Form
Utilizing the Chicago Association Realtors Residential Form is essential when engaging in a real estate transaction within Chicago. It is appropriate at the onset of negotiations, ensuring that both buyer and seller have written documentation to refer to, which helps in minimizing misunderstandings as the process unfolds.
Best Practices for Accurate Completion
To ensure the successful and accurate completion of the form, parties should carefully read through each section and fill it out in its entirety. Providing accurate information regarding the property and all relevant details, such as dates and transaction terms, is crucial. It may also be beneficial to consult with a real estate professional familiar with local regulations to confirm that all legal requirements are met.
Common Errors and Troubleshooting
Common mistakes when filling out the residential form include incomplete information, unclear terms, and failure to include necessary addendums. To overcome these issues, users are encouraged to double-check all entries, ensuring that all boxes are filled out correctly and that there are no ambiguous terms, which can lead to further complications down the line.
Security and Compliance Considerations
When working with the Chicago Association Realtors Residential Form, maintaining security and compliance with federal and state regulations is paramount. Users should ensure that the data is stored securely and that electronic signatures comply with the Electronic Signatures in Global and National Commerce Act (ESIGN). Keeping personal information confidential and ensuring proper handling of documents is vital throughout the transaction process.
Who Needs the Chicago Association Realtors Residential Form
The primary users of the Chicago Association Realtors Residential Form include buyers and sellers participating in the residential real estate market. Additionally, real estate agents and attorneys may utilize the form to facilitate transactions, ensuring that all legal and procedural requirements are met.
Frequently Asked Questions about fillable residential purchase fillable form
What is the purpose of the Chicago Association Realtors Residential Form?
The form serves to document the terms and conditions of a residential property transaction, outlining the responsibilities of the buyer and seller.
Who should fill out the form?
Both buyers and sellers should actively participate in filling out the form to ensure accuracy and mutual consent.
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People Also Ask about chicago real estate purchase
What is an as is contract Illinois?
An "as-is" contract basically means that the seller is not going to make any repairs if you discover something. If your general inspection uncovers other larger potential issues, you can hire additional inspections. Remember too that radon tests are often separate and independent from your general home inspection.
How do you fill out a contract to purchase?
How to draft a purchase agreement Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
How do I write a letter of intent for a real estate purchase?
How to Write an LOI in Commercial Real Estate Structure it like a letter. Write the opening paragraph. State the parties involved. Draft a property description. Outline the terms of the offer. Include disclaimers. Conclude with a closing statement.
What is the as is clause in Illinois real estate?
Key Takeaways. Illinois still requires the seller to disclose material defects even if the house is being sold “as-is.” However, an “as-is” sale indicates that, while the seller is disclosing defects, they will not be fixing, remodeling, or remediating the defects as part of the negotiation process.
Can you sell a house as is in Illinois?
Yes, you can sell your house as-is in Illinois. You should go over this section with your lawyer to ensure that any special circumstances in your transaction are reflected in the contract. Illinois real estate contract mentions the provision of the buyer accepting the house as is.
What is an as is real estate contract Illinois?
An “as is” sale means that the property is being sold with all faults, whether known or unknown by the seller at the time of the sale. In this form of transaction, the purchaser is accepting all the risk, which is typically reflected in the price.
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