The Illinois Realtor Contract form is a legally binding document that outlines the terms and conditions for the sale of real estate in Illinois. This form is typically used by realtors and their clients to facilitate property transactions, ensuring that both parties understand their rights and obligations. If you're ready to begin the process of buying or selling property in Illinois, fill out the form by clicking the button below.
The Illinois Realtor Contract form serves as a comprehensive document that outlines the essential terms and conditions for real estate transactions in the state. This form is typically utilized for the sale of properties, especially those improved with multi-family structures or commercial and industrial properties. It begins with the identification of the purchaser and seller, specifying the agreed-upon purchase price and the property details, including its location and dimensions. The seller commits to transferring the title to the purchaser through a recordable deed, while the contract addresses various encumbrances and conditions that may affect the title. A crucial aspect is the earnest money deposit made by the purchaser, which demonstrates their commitment to the transaction. The contract also outlines the responsibilities of both parties concerning closing procedures, including the provision of a current plat of survey and title insurance. Additionally, it stipulates the handling of broker commissions, potential zoning or code violations, and the timeline for delivering the executed contract. The form includes conditions and stipulations that govern the transaction, ensuring that both parties understand their rights and obligations. By clearly defining these aspects, the Illinois Realtor Contract form aims to facilitate a smooth and transparent real estate transaction process.
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Misconception 1: The Illinois Realtor Contract form is only for residential properties.
This is not true. While many people associate real estate contracts with residential transactions, the Illinois Realtor Contract form is designed for various types of properties, including commercial and multi-family structures. It is important to understand that this form can accommodate different real estate scenarios.
Misconception 2: Once the contract is signed, it cannot be changed.
Many believe that a signed contract is set in stone. However, amendments can be made if both parties agree. Changes may be necessary due to unforeseen circumstances or negotiations. It's always wise to communicate openly about any desired changes.
Misconception 3: The earnest money is non-refundable under all circumstances.
This is a common misunderstanding. While earnest money is typically held as a good faith deposit, it can be refunded if the contract is terminated without the Purchaser's fault. Understanding the specific terms of the contract can clarify when and how the earnest money can be returned.
Misconception 4: The seller is responsible for all closing costs.
This misconception overlooks the fact that closing costs can be negotiated between the buyer and seller. Depending on the agreement, either party may be responsible for certain fees. It’s essential to discuss these costs upfront to avoid surprises at closing.
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.
When filling out the Illinois Realtor Contract form, there are important actions to take and avoid to ensure a smooth transaction. Here’s a list of ten things you should and shouldn't do:
By following these guidelines, you can help facilitate a successful real estate transaction in Illinois.
Filling out the Illinois Realtor Contract form is an essential step in the process of purchasing or selling real estate. This form outlines the terms of the transaction and ensures both parties are clear on their obligations. Follow these steps carefully to complete the form accurately.
Once the form is completed, both parties should review it for accuracy before signing. This step is crucial to ensure that all terms are agreed upon and understood. After signing, the next steps will involve preparing for closing, including any necessary inspections or financing arrangements.