Real Estate Sale Contract Chicago Title Insurance (Page 3 of 4) in pdf

CONDITIONS AND STIPULATIONS

1. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time of closing, the

plat of survey (If one is required to be delivered under the terms of this contract) and a title commitment for an owner's title

insurance policy issued by the Chicago Title Insurance Company in the amount of the purchase price, covering title to the real estate

on or after the date hereof, showing title in the intended grantor subject only to (a) the general exceptions contained in the policy, (b)

the title exceptions set forth above, and (c) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount

which may be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the

funds to be paid upon the delivery of the deed (all of which are herein referred to as the permitted exceptions). The title commitment

shall be conclusive evidence of good title as therein shown as to all matters insured by the policy, subject only to the exceptions as

therein stated. Seller also shall furnish Purchaser an affidavit of title in customary form covering the date of closing and showing

title in Seller subject only to the permitted exceptions in foregoing items (b) and (c) and unpermitted exceptions or defects in the title

disclosed by the survey, if any, as to which the title insurer commits to extend insurance in the manner specified in paragraph 2

below.

2. If the title commitment or plat of survey (if one is required to be delivered under the terms of this contract) discloses either

unpermitted exceptions or survey matters that render the title unmarketable (herein referred to as "survey defects"), Seller shall have

30 days from the date of delivery thereof to have the exceptions removed from the commitment or to correct such survey defects or to

have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions or survey defects, and, in

such event, the time of closing shall be 35 days after delivery of the commitment or the time expressly specified in paragraph 5 on

the second page hereof, whichever is later. If Seller fails to have the exceptions removed or correct any survey defects, or in the

alternative, to obtain the commitment for title insurance specified above as to such exceptions or survey defects within the specified

time, Purchaser may terminate this contract or may elect, upon notice to Seller within 10 days after the expiration of the 30-day

period, to take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable

amount. If Purchaser does not so elect, this contract shall become null and void without further action of the parties.

3. Rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, general

taxes, accrued interest on mortgage indebtedness, if any, and other similar items shall be adjusted ratably as of the time of closing.

The amount of the current general taxes not then ascertainable shall be adjusted on the basis of (a), (b), or (c) below (Strike

subparagraphs not applicable):

(a) ___________% of the most recent ascertainable taxes;

(b) The most recent ascertainable taxes and subsequent readjustment thereof pursuant to the terms of reproration letter attached

hereto and incorporated herein by reference.

The amount of any general taxes which may accrue by reason of new or additional improvements shall be adjusted as follows:

All prorations are final unless otherwise provided herein. Existing leases and assignable insurance policies, if any, shall then be

assigned to Purchaser. Seller shall pay the amount of any stamp tax imposed by State law on the transfer of the title, and shall

furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller's agent in the form required pursuant to the

Real Estate Transfer Tax Act of the State of Illinois and shall furnish any declaration signed by the Seller or the Seller's agent or

meet other requirements as established by any local ordinance with regard to a transfer or transaction tax; such tax required by local

ordinance shall be paid by the party upon whom such ordinance places 'responsibility therefor. If such ordinance does not so place

responsibility, the tax shall be paid by the (Purchaser) (Seller). (Strike one.)

4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract.

Real Estate Sale Contract Chicago Title Insurance Page 3