The Chicago Illinois Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement is a legal document that outlines the terms and conditions of the sale and purchase of a residential property in Chicago, Illinois. It is specifically designed for individuals who wish to buy or sell a home without the involvement of a real estate broker. This agreement serves as a written record of the agreement between the buyer and seller, ensuring that both parties are committed to the terms of the transaction. The contract typically includes several key components. Firstly, it identifies the parties involved in the transaction, including the buyer and seller, along with their contact information. The agreement also identifies the property being sold, including its address, legal description, and any additional features or fixtures that are included in the sale, such as appliances or furniture. Furthermore, the agreement outlines the financial aspects of the transaction. This includes stating the purchase price of the property, as well as any additional costs or contingencies, such as financing or inspection requirements. Additionally, the contract may specify the deposit or earnest money that the buyer must provide as a show of good faith and commitment to the purchase. The agreement will also include provisions for the closing process. This may include a timeline for the closing, addressing issues such as the transfer of title, possession, and any necessary inspections or repairs that need to be completed before the closing date. Furthermore, the contract may include clauses for proration of taxes and assessments, as well as the allocation of costs and expenses associated with the transaction. It is important to note that there may be different types of Chicago Illinois Contracts for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement, depending on the specific circumstances. For instance, there may be separate agreements for cash transactions, agreements that involve financing, or agreements for properties being sold "as-is" without any warranties or representations. In conclusion, the Chicago Illinois Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement is a comprehensive legal document that outlines the terms and conditions of the sale and purchase of a residential property in Chicago, Illinois. It covers various aspects of the transaction, including the parties involved, property details, financial terms, and closing procedures.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.