Contract Sale Of Condominium Template printable pdf download

Contract sale of condominium.

To: Chicago Title and Trust Company, Escrow Trustee

Escrow No. _________

Date: _________

Escrow Officer: _________

1. _________, for Seller, deposits the following:

a. Trustee's Deed from _________ to _________ conveying Unit No. _________ together with an undivided

percentage interest in the common elements of the real property ("parcel") commonly known as _________. As

defined and legally described in the Declaration of Condominium Ownership to be recorded.

b. Possession letter or notice to the tenant of the purchased unit.

c. Existing lease of the purchased unit together with assignment, if applicable, and will deposit on or before

disbursement of any funds by escrowee the following:

(1). Bill of Sale

(2). Plat of survey of the parcel and purchased unit

(3). ALTA statement

(4). Certificate of Insurance

(5). Payoff letter with respect to release of existing mortgage documents

(6). Proceeds letter from Trustee

2. _________ for the Purchaser deposits the following:

a. Reconveyance deed

b. $_____ in the form of a certified or cashier's check being the earnest money deposit

c. Acceptance of the assignment of seller's assignment of lease, if any

d. $_____ in the form of a certified or cashier's check in payment of the proration for the monthly assessments

and $_____ for the two month reserve fund

e. $_____ for buyer's estimated title, recording, and escrow charges. Will deposit on or before _________ the

following:

(1). ALTA statement

(2). Personal Identity Statement

(3). Deed in Trust, if applicable, with Tax Exemption Certificate

(4). The balance of the purchase price, part of which may be deposited under money lender's agreement to

be made a part of this contract, and to be deposited in the form of certified or cashier's checks, (purchase price

as designated on closing statement deposited) less the earnest money deposit and less the monthly payments

of principal which will be paid by the purchaser to the seller under the articles of agreement for trustee's deed,

the payments of principal to be paid outside of this Escrow Trust Agreement. Chicago Title and Trust

Company as Escrow Trustee is authorized to determine the total amount of principal payments made by

purchaser to seller outside this escrow in the following manner:

by deposit of either;

(a). Copies of cancelled checks payable to the seller indicating that the check was in payment of principal, interest

at the rate of _________ percent and a general tax reserve equal to ½ of the current taxes.

or,

(b). Copies of receipts from the seller to the buyer indicating the payments of principal, interest and tax reserve.

or,

(c). A joint written direction from the attorneys or their respective clients stating the balance due on the articles of

agreement.

3. Seller and purchaser jointly deposit the following:

a. State of Illinois and County of Cook real estate transaction tax declaration

b. Closing statement in triplicate

c. Amortization schedule

d. Articles of agreement

When this Escrow Trust Agreement is executed by all parties and when all of the seller's remaining deposits

are received and when Chicago Title Insurance Company is prepared to issue its regular ALTA Owners Policy

Form B _________[year] Owner's Title Insurance Policy with Extended Coverage over General Exceptions Nos.

Contract Sale Of Condominium Template

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