multi-board-residential-real-estate-contract-7

MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 7.0

1. THE PARTIES: Buyer Name*

Please Type Buyer Name

Subject Property Address

House Number/ Street/ City / State / Zip Code

2. THE REAL ESTATE: Real Estate is defined as the property, all improvements, the fixtures and Personal Property 6 included therein. Seller agrees to convey to Buyer or to Buyer’s designated grantee.

Property Type*

Single Family AttachedSingle Family DetachedMulti-Unit

4. PURCHASE PRICE*

Enter Offer Price Here

EARNEST MONEY: Earnest Money of*

Enter Earnest Money Amount - We recommend at least $2000.00

shall be tendered to Escrowee on or before*

Signature*

Buyer’s Brokerage;

As otherwise agreed by the Parties, as “Escrowee.

Closing Date*

Enter date when you would like to close and take possession.

Signature*

CASH TRANSACTION, MORTGAGE ALLOWED: If this selection is made, Buyer will pay at closing, in the form of “Good Funds,” the Balance Due at Closing. Buyer represents to Seller, as of the Date of Offer, that Buyer has sufficient funds available to satisfy the provisions of this subparagraph. Buyer agrees to verify the above representation upon the reasonable request of Seller and to authorize the disclosure of such financial information to Seller, Seller’s attorney or Seller’s broker that may be reasonably necessary to prove the availability of sufficient funds to close. Notwithstanding such representation, Seller agrees to reasonably and promptly cooperate with Buyer so that Buyer may apply for and obtain a mortgage loan or loans including but not limited to providing access to the Real Estate to satisfy Buyer’s obligations to pay the Balance Due at Closing. Such cooperation shall include the performance in a timely manner of all of Seller’s pre-closing obligations under this Contract. This Contract shall NOT be contingent upon Buyer obtaining financing. Buyer understands and agrees that, so long as Seller has fully complied with Seller’s obligations under this Contract, any act or omission outside of the control of Seller, whether intentional or not, that prevents Buyer from satisfying the Balance Due at Closing shall constitute a material breach of this Contract by Buyer. Buyer shall pay the title company escrow closing fee if Buyer obtains a mortgage; provided however, if Buyer elects to close without a mortgage loan, the Parties shall share the title company escrow closing fee equally. Unless otherwise 108 provided in Paragraph 30, this Contract shall not be contingent upon the sale and/or closing of Buyer’s existing real estate.

Signature*

8. STATUTORY DISCLOSURES: If applicable, prior to signing this Contract, Buyer:

has not received a completed Illinois Residential Real Property Disclosure;has not received the EPA Pamphlet, “Protect Your Family From Lead In Your Home;has not received a Lead-Based Paint Disclosure;has not received the IEMA, “Radon Testing Guidelines for Real Estate Transactions;has not received the Disclosure of Information on Radon Hazards.

PRORATIONS: The requirements contained in this paragraph shall survive the Closing. Proratable items shall 117 be prorated to and including the Date of Closing and shall include without limitation, general real estate taxes, 118 rents and deposits (if any) from tenants; Special Service Area or Special Assessment Area tax for the year of Closing 119 only; utilities, water and sewer, pre-purchased fuel; and Homeowner or Condominium Association fees (and 120 Master/Umbrella Association fees, if applicable Accumulated reserves of a Homeowner/Condominium 121 Association(s) are not a proratable item. Tax Proration -The general real estate taxes shall be prorated to and including the date of Closing based onthe most recent ascertainable full year tax bill. All general real estate tax prorations shall be final as of Closing, 124 except as provided in Paragraph 23. If the amount of the most recent ascertainable full year tax bill reflects a 125 homeowner, senior citizen, disabled veteran or other exemption, a senior freeze or senior deferral, then Seller 126 has submitted or will submit in a timely manner all necessary documentation to the appropriate governmental 127 entity, before or after Closing, to preserve said exemption(s The proration shall not include exemptions to 128 b) Seller represents, if applicable, that as of Date of Acceptance Homeowner/Condominium Association(s) which the Seller is not lawfully entitled.*

Signature*

Signature

13. HOMEOWNER INSURANCE: This Contract is contingent upon Buyer obtaining evidence of insurability for an 192 Insurance Service Organization HO-3 or equivalent policy at standard premium rates within ten (10) Business 193 Days after Date of Acceptance. If Buyer is unable to obtain evidence of insurability and serves Notice with proof 194 of same to Seller within the time specified, this Contract shall be null and void. If Notice is not served within 195 the time specified, Buyer shall be deemed to have waived this contingency and this Contract shall remain in 196 full force and effect. 197 14. FLOOD INSURANCE: Buyer shall have the option to declare this Contract null and void if the Real Estate is 198 located in a special flood hazard area. If Notice of the option to declare contract null and void is not given to 199 Seller within ten (10) Business Days after Date of Acceptance or by the Loan Contingency Date, whichever is 200 later, Buyer shall be deemed to have waived such option and this Contract shall remain in full force and effect. 201 Nothing herein shall be deemed to affect any rights afforded by the Residential Real Property Disclosure Act.

Signature*

PLAT OF SURVEY: Not less than one (1) Business Day prior to Closing, except where the Real Estate is a 263 condominium, Seller shall, at Seller’s expense, furnish to Buyer or Buyer’s attorney a Plat of Survey that conforms to the current Minimum Standard of Practice for boundary surveys, is dated not more than six (6) months prior to the date of Closing, and is prepared by a professional land surveyor licensed to practice land surveying under the 266 laws of the State of Illinois. The Plat of Survey shall show visible evidence of improvements, rights of way, 267 easements, use and measurements of all parcel lines. The land surveyor shall set monuments or witness corners at 268 all accessible corners of the land. All such corners shall also be visibly staked or flagged. The Plat of Survey shall 269 include the following statement placed near the professional land surveyor’s seal and signature: “This professional 270 service conforms to the current Illinois Minimum Standards for a boundary survey.” A Mortgage Inspection, as 271 defined, is not a boundary survey and is not acceptable.

Type a question

Signature*

SELLER REPRESENTATIONS: Seller’s representations contained in this paragraph shall survive the Closing. Seller represents that with respect to the Real Estate, Seller has no knowledge of, nor has Seller received any written notice from any association or governmental entity regarding:

a) zoning, building, fire or health code violations that have not been corrected; b) any pending rezoning; c) boundary line disputes; d) any pending condemnation or Eminent Domain proceeding; e) easements or claims of easements not shown on the public records; f) any hazardous waste on the Real Estate; g) real estate tax exemption(s) to which Seller is not lawfully entitled; or h) any improvements to the Real Estate for which the required initial and final permits were not obtained.

Seller further represents that:

Signature*

There areare not improvements to the Real Estate which are not included in full in the determination of the most recent tax assessment.

Signature

areare not improvements to the Real Estate which are eligible for the home improvement tax exemption.

Signature*

isis not an unconfirmed pending special assessment affecting the Real Estate by any association or governmental entity payable by Buyer after the date of Closing.

isis not located within a Special Assessment Area orSpecial Service Area, payments for which will not be the obligation of Seller after the year in which the Closing occurs. All Seller representations shall be deemed re-made as of Closing. If prior to Closing Seller becomes aware of matters that require modification of the representations previously made in this Paragraph 22, Seller shall promptly notify Buyer. If the matters specified in such Notice are not resolved prior to Closing, Buyer may 308 terminate this Contract by Notice to Seller and this Contract shall be null and void.

Signature*

23. REAL ESTATE TAX ESCROW: In the event the Real Estate is improved, but has not been previously taxed for the entire year as currently improved, the sum of three percent (3%) of the Purchase Price shall be deposited in escrow with the title company with the cost of the escrow to be divided equally by Buyer and Seller and paid at Closing. When the exact amount of the taxes to be prorated under this Contract can be ascertained, the taxes shall be prorated by Seller’s attorney at the request of either Party and Seller’s share of such tax liability after proration shall be paid to Buyer from the escrow funds and the balance, if any, shall be paid to Seller. If Seller’s obligation after such proration exceeds the amount of the escrow funds, Seller agrees to pay such excess promptly upon demand.

24. BUSINESS DAYS/HOURS: Business Days are defined as Monday through Friday, excluding Federal holidays. Business Hours are defined as 8 a.m. to 6 p.m. Chicago time. In the event the Closing or Loan Contingency Date described in this Contract does not fall on a Business Day, such date shall be the next Business Day. 25. ELECTRONIC OR DIGITAL SIGNATURES: Facsimile or digital signatures shall be sufficient for purposes of executing, negotiating, finalizing, and amending this Contract, and delivery thereof by one of the following methods shall be deemed delivery of this Contract containing original signature(s). An acceptable facsimile signature may be produced by scanning an original, hand-signed document and transmitting same by electronic means. An acceptable digital signature may be produced by use of a qualified, established electronic security procedure mutually agreed upon by the Parties. Transmissions of a digitally signed copy hereof shall be by an established, mutually acceptable electronic method, such as creating a PDF (“Portable Document Format”) document incorporating the digital signature and sending same by electronic mail.

26. DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this Contract may be terminated by either Party, the following shall be deemed incorporated: “and Earnest Money refunded upon the joint written direction by the Parties to Escrowee or upon an entry of an order by a court of competent jurisdiction.” In the event either Party has declared the Contract null and void or the transaction has failed to close as provided for in this Contract and if Escrowee has not received joint written direction by the Parties or such court order, the Escrowee may elect to proceed as follows: a) Escrowee shall give written Notice to the Parties as provided for in this Contract at least fourteen (14) days prior to the date of intended disbursement of Earnest Money indicating the manner in which Escrowee intends to disburse in the absence of any written objection. If no written objection is received by the date indicated in the Notice then Escrowee shall distribute the Earnest Money as indicated in the written Notice to the Parties. If any Party objects in writing to the intended disbursement of Earnest Money then Earnest Money shall be held until receipt of joint written direction from all Parties or until receipt of an order of a court of competent jurisdiction. b) Escrowee may file a Suit for Interpleader and deposit any funds held into the Court for distribution after resolution of the dispute between Seller and Buyer by the Court. Escrowee may retain from the funds deposited with the Court the amount necessary to reimburse Escrowee for court costs and reasonable attorney’s fees incurred due to the filing of the Interpleader. If the amount held in escrow is inadequate to reimburse Escrowee for the costs and attorney’s fees, Buyer and Seller shall jointly and severally indemnify Escrowee for additional costs and fees incurred in filing the Interpleader action.

27. NOTICE: Except as provided in Paragraph 30 c) 2) regarding the manner of service for “kick-out” Notices, all 348 Notices shall be in writing and shall be served by one Party or attorney to the other Party or attorney. Notice to any one of the multiple person Party shall be sufficient Notice to all. Notice shall be given in the following manner: a) By personal delivery; or

Signature*

b) By mailing to the addresses recited herein on Page 13 by regular mail and by certified mail, return receipt requested. Except as otherwise provided herein, Notice served by certified mail shall be effective on the date of mailing; or c) By facsimile transmission. Notice shall be effective as of date and time of the transmission, provided that the Notice transmitted shall be sent on Business Days during Business Hours. In the event Notice is transmitted during non-business hours, the effective date and time of Notice is the first hour of the next Business Day after transmission; or d) By e-mail transmission if an e-mail address has been furnished by the recipient Party or the recipient Party’s attorney to the sending Party or is shown in this Contract. Notice shall be effective as of date and time of e-mail transmission, provided that, in the event e-mail Notice is transmitted during non-business hours, the effective date and time of Notice is the first hour of the next Business Day after transmission. An attorney or Party may opt out of future e-mail Notice by any form of Notice provided by this Contract; or e) By commercial overnight delivery (e.g., FedEx Such Notice shall be effective on the next Business Day following deposit with the overnight delivery company. f) If a Party fails to provide contact information herein, as required, Notice may be served upon the Party’s Designated Agent in any of the manners provided above. g) The Party serving a Notice shall provide courtesy copies to the Parties’ Designated Agents. Failure to provide such courtesy copies shall not render Notice invalid.

28. PERFORMANCE: Time is of the essence of this Contract. In any action with respect to this Contract, the Parties are free to pursue any legal remedies at law or in equity and the prevailing party in litigation shall be entitled to collect 369 reasonable attorney fees and costs from the non-prevailing party as ordered by a court of competent jurisdiction.

Signature*

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Signature*

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Signature*

36. “AS IS” CONDITION: This Contract is for the sale and purchase of the Real Estate in its “As Is” condition as of the Date of Offer. Buyer acknowledges that no representations, warranties or guarantees with respect to the condition of the Real Estate have been made by Seller or Seller’s Designated Agent other than those known defects, if any, disclosed by Seller. Buyer may conduct at Buyer’s expense such inspections as Buyer desires. In that event, Seller shall make the Real Estate available to Buyer’s inspector at reasonable times. Buyer shall indemnify Seller and hold Seller harmless from and against any loss or damage caused by the acts of negligence of Buyer or any person performing any inspection. In the event the inspection reveals that the condition of the Real Estate is unacceptable to Buyer and Buyer so notifies Seller within five (5) Business Days after Date of Acceptance, this Contract shall be null and void. Buyer’s notice SHALL NOT include a copy of the inspection report, and Buyer shall not be obligated to send the inspection report to Seller absent Seller’s written request for same. Failure of Buyer to notify Seller or to conduct said inspection operates as a waiver of Buyer’s right to terminate this Contract under this paragraph and this Contract shall remain in full force and effect. Buyer acknowledges that the provisions of Paragraph 12 and the warranty provisions of Paragraph 3 do not apply to this Contract. Nothing in this paragraph shall prohibit the exercise of rights by Buyer in Paragraph 33, if applicable.

Signature

Signature*

THE PARTIES ACKNOWLEDGE THAT THIS CONTRACT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS AND IS SUBJECT TO THE COVENANT OF GOOD FAITH AND FAIR DEALING IMPLIED IN ALL ILLINOIS CONTRACTS. THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND DELIVERED TO THE PARTIES OR THEIR AGENTS. THE PARTIES REPRESENT THAT THE TEXT OF THIS COPYRIGHTED FORM HAS NOT BEEN ALTERED AND IS IDENTICAL TO THE OFFICIAL MULTI BOARD RESIDENTIAL REAL ESTATE CONTRACT 7.0.

Date*

Date

Buyer Signature

Buyer Name *

Buyer Address*

House Number and Street Name

Buyer Address Cont.*

City, State and Zip

Buyer Email*

example@example.com

Buyer Phone*

FOR INFORMATION ONLY

MLS #*

Type a question*

State License*

BUYER'S BROKERAGE *

Buyer's Designated Agent*

City*

Office Address *

Zip*

Broker Mobile Phone *

Email*

example@example.com

Cristy MLS ID *

Cristy Phone *

Attorney*

Brenda E-mail*

example@example.com

Brenda Address*

Brenda City*

Brenda State*

Brenda Zip*

Brenda Phone *

Upload Pre-Approval or Proof of Funds

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558 © 2018 Illinois Real Estate Lawyers Association. All rights reserved. Unauthorized duplication or alteration of this form or any portion thereof is prohibited. Official form available at 559 www.irela.org (website of Illinois Real Estate Lawyers Association Approved by the following organizations, December 2018: Belvidere Board of REALTORS® ∙ Chicago Association of REALTORS 560 Chicago Bar Association ∙ DuPage County Bar Association ∙ Heartland REALTOR® Organization ∙ Grundy County Bar Association ∙ Hometown Association of REALTORS® ∙ Illinois Real Estate Lawyers 561 Association ∙ Illini Valley Association of REALTORS® ∙ Kane County Bar Association ∙ Kankakee-Iroquois-Ford County Association of REALTORS® ∙ Mainstreet Organization of REALTORS® ∙ McHenry 562 County Bar Association ∙ North Shore-Barrington Association of REALTORS® ∙ North Suburban Bar Association ∙ Northwest Suburban Bar Association ∙ Oak Park Area Association of REALTORS 563 REALTOR® Association of the Fox Valley, Inc. ∙ Three Rivers Association of REALTORS ∙ Will County Bar Association ∙

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