Real Estate Sales Contract Cic Chicago

Summary

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REAL ESTATE SALES CONTRACT
1. ________________________ (Purchaser) agrees to purchase at a price of
$____________ upon the terms set forth herein, the Real Estate located in Cook County,
Illinois and commonly known as ______________________, Chicago, Illinois

2. Community Initiatives, Inc. (Seller) agrees to sell the Real Estate and the personal
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 Warranty Deed for the
Seller’s interest, if any, in any personal property located on the Real Estate, subject only
to: (a) easements, building lines, conditions, agreements, covenants and restrictions of
record, if any; (b) existing leases and tenancies, if any; (c) unpaid general Real Estate
taxes for the year 2019 and subsequent years; (d) building violations, fines, and building
violation suits, if any; (e) encroachments, if any; and, (f) such other matters as to which
title insurer commits to insure Purchaser against loss or damage

3. Purchaser has paid $ _________ as earnest money, by certified or cashier’s check, 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:
(a) The payment of $__________________

(b) This contract is subject to the condition that Purchaser be able to procure within
_______ days after execution of this Contract a firm commitment for a loan to be secured
by a mortgage on the Real Estate in the amount of $_____________, or such lesser sum
as Purchaser accepts, with interest not to exceed ___% per annum. If, after making
every reasonable effort, Purchaser is unable to procure such commitment within the time
specified herein and so notifies Seller thereof in writing within that time, this contract shall
become null and void and all earnest money shall be returned to Purchaser

4. The closing shall be on or before 90 days after execution of this Contract or on the
date as extended by paragraph 8, at the Loop office of First American Title Insurance
Company

5. The earnest money shall be held by Sellers Attorney for the mutual benefit of the
parties

6. Seller shall deliver to Purchaser, at Purchaser’s expense, not less than 5 days prior to
the time of closing, 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 or its
nominee, or the foreclosed owner, subject only to (a) the general exceptions contained in
the policy (b) the title exceptions set forth in paragraph 2 above, and (c) title exceptions
pertaining to any interests in the Real Estate that will be waived by the title insurer upon
delivery of the Deed and 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
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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

7. If the title commitment discloses unpermitted exceptions, Seller shall have 30 days
from the date of delivery thereof to have the exceptions removed from the commitment or
to have the title insurer commit to insure against loss or damage that may be occasioned
by such exceptions, and, in such event, the time of closing shall be 35 days after delivery
of the commitment or the time specified in paragraph 4 therein, whichever is later. If
Seller fails to have the unpermitted exceptions removed, or in the alternative, to obtain the
commitment for title insurance specified above as to such unpermitted exceptions no later
than Closing, this contract shall become null and void without further action of the parties

8. Rents and security deposits actually received by Seller shall be adjusted ratably as of
the time of closing. Real Estate taxes shall be prorated based upon 100% of the last
ascertainable tax bill

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 Seller's agent in the form required pursuant to the Real Estate Transfer Tax Act of the
State of Illinois. Any 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

9. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois
shall be applicable to this contract

10. If this contract is terminated without Purchaser’s fault, the earnest money shall be
returned to the Purchaser, as Purchaser’s sole remedy, and Purchaser shall have no
action against Seller for damages or specific performance; but if the termination is
caused by Purchaser’s fault, the earnest money shall be forfeited to Seller as liquidated
damages, as Seller’s sole remedy

11. 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 the 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 paid by the Purchaser

12. Time is of the essence of this contract

13. All notices herein required shall be in writing and shall be served on the parties at the
addresses following their signatures, or to their attorneys listed on page 5 herein. The
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mailing of a notice by registered or certified mail, return receipt requested, or the
transmission via facsimile machine, or the hand delivery of a notice to any party shall be
sufficient service

14. Seller represents that it 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 the Exemption Certification at the closing

15. Acknowledgement of Condition. Purchaser further represents and warrants to
Seller that: (a) Purchaser is an experienced and sophisticated purchaser and operator
of properties such as the Real Estate; (b) Purchaser is (or prior to closing, will be)
specifically familiar with the Real Estate; (c) Purchaser has (or prior to closing, will
have) inspected and examined all aspects of the Real Estate and its current condition
which it believes are relevant to Purchaser’s decision to purchase the Real Estate; (d)
Purchaser, as of the date of this contract, has (or prior to closing will have) satisfied
itself as to all matters relating to the Real Estate; and (e) in purchasing the Real Estate
pursuant to this Contract, Purchaser is relying solely on its own investigation and
inspection of the Real Estate, and that the Real Estate will be conveyed to and
accepted by Purchaser at closing in its AS IS, WHERE IS condition. Seller has not
made any representation or warranty, express or implied, written or oral, concerning the
Real Estate or any use to which the Real Estate may or may not be put. In purchasing
the Real Estate, Purchaser is not relying upon any representation made by any agent of
Seller. Purchaser agrees that, from and after closing, Purchaser shall conclusively be
deemed to have accepted the Real Estate in its then existing condition, “AS IS,” without
warranty of any kind, and with all faults, defects, and problems of any kind or nature
whatsoever that may then exist, whether the same are of a legal nature, a physical
nature or otherwise, including, without limitation, any faults and/or problems that could
have been discovered by Purchaser prior to entering into this Contract, whether or not
the same had actually been discovered, or arising in any manner from any matter
covered by the Contract or from the Real Estate, in general, whether related to the
valuation or the Real Estate; to any defect, error or omission in any improvement
thereon; or to any other condition (including, without limitation, any environmental
condition) affecting the Real Estate, or otherwise. The foregoing release specifically
includes any claim under any Environmental Laws. This paragraph shall survive the
closing of this transaction

16. Possession of the Real Estate and Property shall be delivered to the Purchaser on
the closing date, subject to existing leases and tenancies

17. In the event the improvements on the Real Estate are improved with residential
dwellings built prior to 1978, the Purchaser hereby acknowledges that:
(A) the Purchaser has received the following Lead Warning Statement, and
understands its contents:
LEAD WARNING STATEMENTS
"Every purchaser of any interest in residential real property
on which a residential dwelling was built prior to 1978 is
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notified that such property may present exposure to lead
from lead-based paint that may place young children at risk
of developing lead poisoning. Lead poisoning in young
children may produce permanent neurological damage,
including learning disabilities, reduced intelligence quotient,
behavioral problems, and impaired memory. Lead
poisoning also poses a particular risk to pregnant women

The seller of any interest in residential real property is
required to provide the buyer with any information on lead-
based paint hazards from risk assessments or inspections in
the seller's possession and notify the buyer of any known
lead-based paint hazards. A risk assessment or inspection
for possible lead-based paint hazards is recommended prior
to purchase."
(B) The Purchaser has received a Lead Hazard Information pamphlet; and
(C) Purchaser hereby waives any rights and/or remedies against the Seller
provided to him as a Purchaser in said act, including the Purchaser's ten day opportunity
to conduct a risk assessment or inspection for the presence of lead-based paint hazards

18. (A) Purchaser warrants and represents he was not shown the Real Estate by any
broker; this paragraph shall survive the closing

(B) Purchaser warrants and represents it was not shown the Real Estate by any
broker other than __________________. Upon consummation of this sale, Seller shall
pay ______________________ the sum of $_______________, being the amount of the
full brokers commission due said broker as a result of this sale; this paragraph shall
survive the closing

19. Within ______ days after execution of this Contract by the Seller and the
Purchaser, Purchaser (and/or its agents consultants and engineers) may conduct, at
Purchaser’s sole cost and expense, a due diligence examination and inspection of the
Real Estate. The Purchaser’s due diligence examination and inspection may include
the Real Estate’s title, leases and tenancies, physical and structural condition or such
other matters as the Purchaser shall determine in its sole discretion. The Purchaser
shall indemnify the Seller from and against any loss or damage to the Real Estate or
personal injury caused by the due diligence examination and inspection by the
Purchaser or its agents. Prior to the expiration of said ______ days, Purchaser shall
notify Seller in writing that the due diligence examination and inspection are
unacceptable to the Purchaser, and in the event of such notice, this Contract shall be
null and void and the Deposit shall be returned to Purchaser. In the absence of written
notice prior to the expiration of said days, this Contract provision shall be deemed
waived by the Purchaser, and this Contract shall be in full force and effect

20. Within ______ business days after execution of this Contract by the Purchaser and
Seller, the parties respective attorneys may propose written modifications to this
Contract on matters other than the Purchase Price, broker’s compensation and dates

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Any proposed modifications that are set forth in writing and accepted by the other party
shall become terms of this Contract as if originally set forth in this Contract. If, within
the stated attorney approval period, the parties cannot reach agreement regarding the
proposed modifications, then, at any time thereafter, either party may terminate this
Contract by written notice to the other party. In that event, this Contract shall be null
and void and the Earnest Money shall be returned to Purchaser. In the absence of
delivery of proposed modifications prior to the expiration of the attorney approval
period, this provision shall be deemed waived by all parties, and this Contract shall be
in full force and effect

21. Prior to, or at, Closing, the Purchaser shall execute and deliver to Seller a
Regulatory Agreement (“RA”), in form and substance set forth in Exhibit “A” attached
hereto and made a part hereof, for recording at the Closing; said RA shall run with and
bind the Property as provided in the RA

22. The Seller shall not, at its expense, provide to Purchaser: (a) any title insurance
coverage over the general exceptions in the title commitment/policy; (b) any
endorsements, or title insurance coverage, over encroachments, building lines, or other
similar title exceptions contained in the title commitment/policy; or (c) a survey

Dated: ______________________________, 2019
Purchaser: __________________________ (Address)
____________________
____________________
____________________
By: ___________________________ Attn: ________________
Dated: ______________________________, 2019
Seller: COMMUNITY INITIATIVES, INC. (Address)
222 S. Riverside Plaza,
Ste. 380
Chicago, Illinois 60606
By:___________________________ Attn: Laura Armgardt
Attorney for Seller: Attorney for Purchaser:
Martin F. Hauselman __________________________
Hauselman, Rappin & Olswang, Ltd. __________________________
29 E. Madison Street, Ste. 950 __________________________
Chicago, Illinois 60602 __________________________
Telephone: (312) 372-2020 __________________________
Fax No: (312) 372-0404 __________________________
Email: [email protected]
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Real Estate. The Purchaser’s due diligence examination and inspection may include the Real Estate’s title, leases and tenancies, physical and structural condition or such other matters as …

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Frequently Asked Questions

Are there real estate sales contracts available in the us?

There are real estate sales contracts available at U.S. Legal Forms that have been created with state-specific provisions. A real estate sales contract is also referred to as a real estate purchase agreement, real estate purchase contract, or a home sale contract.

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Use CIC’s innovative product for portfolios of 1-4 unit buildings with at least 9 units total. Make your equity go further in high cost markets with CIC’s low-cost mezzanine debt product. Low-cost construction loans for local owner-developers to rehab or build new homes in Woodlawn.