Chicago Illinois Addendum for Sale of Other Property by Buyer

• Category: Real Estate - Contracts - Addendums
• State: Multi-State
• City: Chicago
• Control #: US-00472-A7
• Format: Word; Rich Text

Description

Attaching this addendum makes the Real Estate Purchase Contract contingent on Buyer's sale of other property by a date certain. Ideal if Buyer must sell their old home before buying the new residence. Chicago, Illinois, also known as the "Windy City," is a bustling metropolis located in the heart of the Midwest region in the United States. With its rich history, diverse culture, stunning architecture, and vibrant cityscape, Chicago has become one of the most iconic cities in the country. The Chicago Illinois Addendum for Sale of Other Property by Buyer is a legal document that can be utilized during real estate transactions in the city. This addendum allows buyers to specify a condition in the purchase agreement, stating that the sale is contingent upon their ability to sell another property they own within a certain timeframe. There are different types of Chicago Illinois Addendum for Sale of Other Property by Buyer that cater to various scenarios and contingencies. Some of these types include: 1. Standard Addendum: This type of addendum is commonly used in real estate transactions where the buyer wants to ensure the sale of their other property before finalizing the purchase of a new property in Chicago. 2. Time-limited Addendum: In this case, the buyer includes a specific timeframe within which they must sell their other property to proceed with the purchase. If the sale does not occur within the given period, the buyer has the option to back out of the agreement. 3. Contingent upon Price Addendum: This type of addendum is used when the buyer requires a specific price to be achieved in the sale of their other property. If the price falls below the specified amount, the buyer may have the option to terminate the purchase agreement. It is important to consult a qualified real estate attorney or agent to draft or review this addendum to ensure that it complies with local laws and regulations in Chicago, Illinois. By utilizing this addendum, buyers can protect their interests and proceed with a real estate transaction with peace of mind.

Chicago, Illinois, also known as the "Windy City," is a bustling metropolis located in the heart of the Midwest region in the United States. With its rich history, diverse culture, stunning architecture, and vibrant cityscape, Chicago has become one of the most iconic cities in the country. The Chicago Illinois Addendum for Sale of Other Property by Buyer is a legal document that can be utilized during real estate transactions in the city. This addendum allows buyers to specify a condition in the purchase agreement, stating that the sale is contingent upon their ability to sell another property they own within a certain timeframe. There are different types of Chicago Illinois Addendum for Sale of Other Property by Buyer that cater to various scenarios and contingencies. Some of these types include: 1. Standard Addendum: This type of addendum is commonly used in real estate transactions where the buyer wants to ensure the sale of their other property before finalizing the purchase of a new property in Chicago. 2. Time-limited Addendum: In this case, the buyer includes a specific timeframe within which they must sell their other property to proceed with the purchase. If the sale does not occur within the given period, the buyer has the option to back out of the agreement. 3. Contingent upon Price Addendum: This type of addendum is used when the buyer requires a specific price to be achieved in the sale of their other property. If the price falls below the specified amount, the buyer may have the option to terminate the purchase agreement. It is important to consult a qualified real estate attorney or agent to draft or review this addendum to ensure that it complies with local laws and regulations in Chicago, Illinois. By utilizing this addendum, buyers can protect their interests and proceed with a real estate transaction with peace of mind.