Michael E. Byczek

Real Estate Sales Contract

Residential or commercial contracts customized for the type of transaction. This is an example of a nine-page residential contract to buy or sell real estate with fill-in-the-blanks.

1. Parties

Provide the names, addresses, phone numbers, and e-mail addresses of one or two buyers and sellers.

2. Real Estate

Provide the PIN, address, unit, city, county, lot dimensions, number of parking spaces, and whether numbered spots. A space is provided to hand write the legal description, since this is not usually available when an offer and/or acceptance is made. Also states what items are part of the real estate (i.e. window fixtures).

3. Purchase Price

Provide the purchase price, amount of earnest money, date the earnest money was deposited, and balance of the purchase price. Seller holds the earnest money, which is returned if contract is terminated without fault of Buyer.

4. Mortgage and other contingencies

There is an option that the contract is not subject to a mortgage contingency. To do so, don't enter any information on this screen. If you provide a loan amount, the contract is automatically updated to include the contingency. Provide the loan amount, how many days allowed to obtain, maximum interest rate, fees, and duration. All fees paid by the Buyer. Five days to submit application. Not contingent on the Buyer selling or closing on other real estate.

5. Closing

Provide location and date. The location can be anything you want (i.e. "The Buyer's Attorney's Office" or "Bank XYZ at 123 Main Street").

6. Deed and title

Mostly standard conditions regarding a general warranty deed and ALTA title insurance policy. Seller is responsible for all taxes on the property for the entire duration of ownership.

7. Possession

Seller transfers possession at closing without option for holdover penalty.

8. Broker Commission

This contract is intended for those who sell their property without a real estate professional. Therefore, Seller offers to pay either a flat fee or percentage of the selling price as a finder's fee to the buyer's agent, if any.

9. Proration

Real estate taxes are prorated for the current year, but the Seller is not obligated to deposit any amount into escrow. Instead, there is a contractual duty to pay the taxes when the actual amount is due. Buyer shall provide a copy of the bill and the amount shall be prorated at that time.

10. Real estate transfer tax

Seller pays the Illinois state tax and other requirements to transfer title. The parties pay their respective obligations. If a law does not impose which party, the Seller pays that tax.

11. Statutory and other disclosures

Buyer must receive the actual disclosures, Radon, and lead-paint material prior to signing the contract.

12. Professional inspections

Standard provisions.

13. Homeowner and flood insurance

Standard provisions

14. Plat of survey

Standard provisions

15. Condominium obligations

Standard provisions

16. Attorney review

The parties have five days to seek review of the contract.

17. Notice

Any communication is effective when reliably sent to the other party.

18. Copy of the contract

It is advised that two copies be prepared for each party at the same time. Otherwise, the seller must provide the buyer with a completed copy within two days of acceptance.

19. Performance

Seller has five days to accept the Buyer's offer.

Seller's Package

All documents you need to sell your home in a sales transaction.

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