Cook Illinois Purchase Contract and Receipt - Residential

• Category: Real Estate - Home Sale
• State: Multi-State
• County: Cook
• Control #: US-01726-AZ
• Format: Word; Rich Text

Description

This form is a purchase contract and receipt for sale of real estate. If a residential dwelling is sold, you should use a full length contract. This contract is appropriate for the sale of unimproved land. Adapt to fit your specific facts and circumstances. The Cook Illinois Purchase Contract and Receipt — Residential is a legally binding agreement used when purchasing residential real estate in Cook County, Illinois. This document outlines the terms and conditions agreed upon by the buyer and seller involved in the transaction. Here is a detailed description of what this contract entails: 1. Parties Involved: The contract identifies the buyer and seller involved in the transaction, including their legal names, addresses, and contact information. 2. Property Description: A detailed description of the residential property being sold is provided, including the address, legal description, and any unique characteristics that define the property. 3. Purchase Price and Financing: The contract states the agreed-upon purchase price of the property, specifying the currency and any accepted forms of payment or financing terms. 4. Earnest Money: This section outlines the amount of earnest money, also known as a good faith deposit, which the buyer must provide upon signing the contract. It specifies when and how this deposit will be applied towards the purchase price. 5. Contingencies: The contract may include contingencies that protect the buyer's interests. Common contingencies include home inspections, financing approval, appraisal, and attorney review. These contingencies provide an opportunity for the buyer to back out of the contract without financial penalties if specific conditions are not met. 6. Disclosures and Representations: The contract requires the seller to disclose any known defects or issues with the property, such as structural problems, environmental hazards, or ongoing legal disputes. These disclosures help the buyer make an informed decision during the purchase process. 7. Closing Date and Possession: The contract specifies the agreed-upon closing date, which is the date when ownership of the property transfers to the buyer. It also addresses possession, outlining when the buyer will take possession of the property. 8. Prorations: This section covers prorations for property taxes, homeowner association fees, utility bills, and other expenses related to the property. Prorations ensure that both parties are responsible for their fair share of expenses, based on the closing date. 9. Default and Remedies: The consequences of a party's default on the contract are detailed in this section. It outlines the steps to be taken if either the buyer or seller fails to meet their obligations under the agreement. 10. Additional Provisions: Additional provisions, such as special agreements or conditions negotiated between the buyer and seller, are included in this section. These provisions can address specific concerns or requirements unique to the transaction. Different types of Cook Illinois Purchase Contract and Receipt — Residential may exist based on variations specific to the property or parties involved. Examples include contracts tailored for condominiums, townhouses, single-family homes, or multi-unit residential properties. Each contract type may have distinct terms and conditions suited to the specific property type.

The Cook Illinois Purchase Contract and Receipt — Residential is a legally binding agreement used when purchasing residential real estate in Cook County, Illinois. This document outlines the terms and conditions agreed upon by the buyer and seller involved in the transaction. Here is a detailed description of what this contract entails: 1. Parties Involved: The contract identifies the buyer and seller involved in the transaction, including their legal names, addresses, and contact information. 2. Property Description: A detailed description of the residential property being sold is provided, including the address, legal description, and any unique characteristics that define the property. 3. Purchase Price and Financing: The contract states the agreed-upon purchase price of the property, specifying the currency and any accepted forms of payment or financing terms. 4. Earnest Money: This section outlines the amount of earnest money, also known as a good faith deposit, which the buyer must provide upon signing the contract. It specifies when and how this deposit will be applied towards the purchase price. 5. Contingencies: The contract may include contingencies that protect the buyer's interests. Common contingencies include home inspections, financing approval, appraisal, and attorney review. These contingencies provide an opportunity for the buyer to back out of the contract without financial penalties if specific conditions are not met. 6. Disclosures and Representations: The contract requires the seller to disclose any known defects or issues with the property, such as structural problems, environmental hazards, or ongoing legal disputes. These disclosures help the buyer make an informed decision during the purchase process. 7. Closing Date and Possession: The contract specifies the agreed-upon closing date, which is the date when ownership of the property transfers to the buyer. It also addresses possession, outlining when the buyer will take possession of the property. 8. Prorations: This section covers prorations for property taxes, homeowner association fees, utility bills, and other expenses related to the property. Prorations ensure that both parties are responsible for their fair share of expenses, based on the closing date. 9. Default and Remedies: The consequences of a party's default on the contract are detailed in this section. It outlines the steps to be taken if either the buyer or seller fails to meet their obligations under the agreement. 10. Additional Provisions: Additional provisions, such as special agreements or conditions negotiated between the buyer and seller, are included in this section. These provisions can address specific concerns or requirements unique to the transaction. Different types of Cook Illinois Purchase Contract and Receipt — Residential may exist based on variations specific to the property or parties involved. Examples include contracts tailored for condominiums, townhouses, single-family homes, or multi-unit residential properties. Each contract type may have distinct terms and conditions suited to the specific property type.