Land Contract Illinois - Contract for the Sale and Purchase of Real Estate - No Broker - Residential Lot or Land

• Category: Bienes Raíces - Contratos - Terrenos o Lotes
• State: Multi-State
• City: Chicago
• Control #: US-00472B
• Format: Word

Description

This form should be used for the sale of a residential lot or land. The Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land is a legal document used in real estate transactions in Chicago, Illinois. This contract is specifically designed for the sale and purchase of residential lots or land without the involvement of a real estate broker. It outlines the terms and conditions agreed upon by the buyer and seller, providing a legally binding agreement for the transaction. Key terms and sections included in the Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land are: 1. Parties: This section identifies the buyer and seller, including their legal names and contact information. It is essential to accurately include all parties involved in the transaction. 2. Property Description: This section provides detailed information about the residential lot or land being sold, including its legal description, address, size, and any improvements or structures included in the sale. 3. Purchase Price: The contract outlines the agreed-upon purchase price for the property. It may specify whether a down payment is required and the terms of payment (e.g., lump sum, installments). 4. Earnest Money: This section addresses the earnest money deposit, which is a good faith deposit made by the buyer to demonstrate their intention to purchase the property. It states the amount of the deposit, how it will be held, and conditions for refund or forfeiture. 5. Contingencies: Contingencies are conditions that must be met for the sale to proceed. Common contingencies may include financing, satisfactory inspections, or the sale of the buyer's current home. This section outlines any contingencies agreed upon by both parties and sets deadlines for their fulfillment. 6. Closing Date and Possession: The contract specifies the agreed-upon closing date, which is when the ownership and possession of the property will be transferred from the seller to the buyer. It also addresses any specific rules regarding possession and occupancy before or after the closing. 7. Closing Costs: This section outlines which party is responsible for various closing costs, such as title insurance, recording fees, taxes, and other expenses associated with the transaction. 8. Disclosures: The contract may require the seller to disclose any known defects, encumbrances, or other pertinent information about the property. This information ensures transparency and protects the buyer. 9. Default and Remedies: In case of default by either party, this section describes the remedies available, such as termination of the contract, retention of earnest money, or seeking legal action. Different types of Chicago Illinois Contracts for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land may exist based on variations in terms, conditions, or specific requirements for different types of properties. However, the core elements listed above are commonly included in most contracts, ensuring clear expectations and legal protection for both parties involved in the real estate transaction.

The Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land is a legal document used in real estate transactions in Chicago, Illinois. This contract is specifically designed for the sale and purchase of residential lots or land without the involvement of a real estate broker. It outlines the terms and conditions agreed upon by the buyer and seller, providing a legally binding agreement for the transaction. Key terms and sections included in the Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land are: 1. Parties: This section identifies the buyer and seller, including their legal names and contact information. It is essential to accurately include all parties involved in the transaction. 2. Property Description: This section provides detailed information about the residential lot or land being sold, including its legal description, address, size, and any improvements or structures included in the sale. 3. Purchase Price: The contract outlines the agreed-upon purchase price for the property. It may specify whether a down payment is required and the terms of payment (e.g., lump sum, installments). 4. Earnest Money: This section addresses the earnest money deposit, which is a good faith deposit made by the buyer to demonstrate their intention to purchase the property. It states the amount of the deposit, how it will be held, and conditions for refund or forfeiture. 5. Contingencies: Contingencies are conditions that must be met for the sale to proceed. Common contingencies may include financing, satisfactory inspections, or the sale of the buyer's current home. This section outlines any contingencies agreed upon by both parties and sets deadlines for their fulfillment. 6. Closing Date and Possession: The contract specifies the agreed-upon closing date, which is when the ownership and possession of the property will be transferred from the seller to the buyer. It also addresses any specific rules regarding possession and occupancy before or after the closing. 7. Closing Costs: This section outlines which party is responsible for various closing costs, such as title insurance, recording fees, taxes, and other expenses associated with the transaction. 8. Disclosures: The contract may require the seller to disclose any known defects, encumbrances, or other pertinent information about the property. This information ensures transparency and protects the buyer. 9. Default and Remedies: In case of default by either party, this section describes the remedies available, such as termination of the contract, retention of earnest money, or seeking legal action. Different types of Chicago Illinois Contracts for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land may exist based on variations in terms, conditions, or specific requirements for different types of properties. However, the core elements listed above are commonly included in most contracts, ensuring clear expectations and legal protection for both parties involved in the real estate transaction.

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.