Chicago Illinois Contract for the Sale and Purchase of Real Estate - No Broker - Seller Financing or All Cash - Residential

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

Description

This Contract is for the sale of a residence or multi-family dwelling where the sellers are to finance a portion of the purchase price or the buyer is to pay cash. Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential is a legally binding agreement between the seller and purchaser involved in a real estate transaction in Chicago, Illinois. The contract outlines the terms and conditions of the sale and purchase of the residential property, particularly when there is no involvement of a broker and the payment is either a seller financing agreement or an all-cash transaction. This contract specifies various crucial details required for a smooth real estate transaction, including: 1. Identification of the Parties: The contract clearly identifies the seller and purchaser, including their legal names, addresses, and contact information. 2. Description of the Property: A detailed description of the residential property being sold, which includes the complete legal description, property address, and any pertinent details about the property's features and boundaries. 3. Purchase Price: The contract stipulates the agreed-upon purchase price for the property. In the case of seller financing, it will outline the terms and conditions for payment, including the initial down payment, interest rate, and duration of the financing agreement. If it is an all-cash transaction, this section will confirm the total amount to be paid, including any agreed-upon adjustments. 4. Inspection and Contingencies: The contract may include provisions for the purchaser to conduct inspections of the property. Depending on the agreement, specific contingencies may be outlined concerning the inspection results, financing approval, or other conditions required for the sale to proceed. 5. Earnest Money Deposit: This section states the amount of earnest money the purchaser agrees to deposit as a sign of good faith and intention to complete the transaction. It also clarifies how the earnest money will be handled in the event of default or termination of the contract. 6. Closing and Possession Dates: The contract specifies the agreed-upon closing date, which is when the final transfer of ownership occurs. It also indicates the agreed-upon date of possession, which is the date when the purchaser can physically occupy the property. It is important to note that while the base structure of the contract remains the same, there may be variations depending on the specific terms of the seller financing or all-cash agreement. Additional clauses and provisions may be included to address the unique circumstances of each type of transaction. It is advisable for both parties to seek legal counsel to ensure all necessary legal requirements and protections are addressed within the contract. Overall, the Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential is a comprehensive agreement that safeguards the rights and interests of both the seller and purchaser, and provides a clear framework for the successful completion of a real estate transaction in Chicago, Illinois.

Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential is a legally binding agreement between the seller and purchaser involved in a real estate transaction in Chicago, Illinois. The contract outlines the terms and conditions of the sale and purchase of the residential property, particularly when there is no involvement of a broker and the payment is either a seller financing agreement or an all-cash transaction. This contract specifies various crucial details required for a smooth real estate transaction, including: 1. Identification of the Parties: The contract clearly identifies the seller and purchaser, including their legal names, addresses, and contact information. 2. Description of the Property: A detailed description of the residential property being sold, which includes the complete legal description, property address, and any pertinent details about the property's features and boundaries. 3. Purchase Price: The contract stipulates the agreed-upon purchase price for the property. In the case of seller financing, it will outline the terms and conditions for payment, including the initial down payment, interest rate, and duration of the financing agreement. If it is an all-cash transaction, this section will confirm the total amount to be paid, including any agreed-upon adjustments. 4. Inspection and Contingencies: The contract may include provisions for the purchaser to conduct inspections of the property. Depending on the agreement, specific contingencies may be outlined concerning the inspection results, financing approval, or other conditions required for the sale to proceed. 5. Earnest Money Deposit: This section states the amount of earnest money the purchaser agrees to deposit as a sign of good faith and intention to complete the transaction. It also clarifies how the earnest money will be handled in the event of default or termination of the contract. 6. Closing and Possession Dates: The contract specifies the agreed-upon closing date, which is when the final transfer of ownership occurs. It also indicates the agreed-upon date of possession, which is the date when the purchaser can physically occupy the property. It is important to note that while the base structure of the contract remains the same, there may be variations depending on the specific terms of the seller financing or all-cash agreement. Additional clauses and provisions may be included to address the unique circumstances of each type of transaction. It is advisable for both parties to seek legal counsel to ensure all necessary legal requirements and protections are addressed within the contract. Overall, the Chicago Illinois Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential is a comprehensive agreement that safeguards the rights and interests of both the seller and purchaser, and provides a clear framework for the successful completion of a real estate transaction in Chicago, Illinois.