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

5. If this contract is terminated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the termination

is caused by the Purchaser's fault, then upon notice to the Purchaser, the earnest money shall be forfeited to the Seller and applied

first to the payment of Seller's expenses and then to payment of broker's commission; the balance, If any, to be retained by the Seller

as liquidated damages.

6. At the election of Seller or Purchaser upon notice to the other party not less than 5 days prior to the time of closing, this sale shall

be closed through an escrow with Chicago Title and Trust Company, in accordance with the general provisions of the usual form of

Deed and Money Escrow Agreement then in use by Chicago Title and Trust Company, with such special provisions inserted in the

escrow agreement as may be required to conform with this contract. Upon the creation of such an escrow, anything herein to the

contrary notwithstanding, payment of purchase price and delivery of deed shall be made through the escrow and this contract and the

earnest money shall be deposited in the escrow. The cost of the escrow shall be divided equally between Seller and Purchaser. (Strike

paragraph if inapplicable.)

7. Time is of the essence of this contract.

8. All notices herein required shall be in writing and shall be served on the parties at the addresses following their signatures. The

mailing of a notice by registered or certified mail, return receipt requested, shall be sufficient service.

Alternative 1:

Seller represents that he is not a "foreign person" as defined in Section 1445 of the Internal Revenue Code and is therefore

exempt from the withholding requirements of said Section. Seller will furnish Purchaser at closing the Exemption Certification set

forth in said Section.

Alternative 2:

Purchaser represents that the transaction is exempt from the withholding requirements of Section 1445 of the Internal

Revenue Code because Purchaser intends to use the subject real estate as a qualifying residence under said Section and the sales price

does not exceed $300,000.

Alternative 3:

With respect to Section 1445 of the Internal Revenue Code, the parties agree as follows:

(Strike two of the three alternatives.)

10. (A) Purchaser and Seller agree that the disclosure requirements of the Illinois Responsible Property Transfer Act (do) (do not)

apply to the transfer contemplated by this contract. (If requirements do not apply, strike (B) and (C) below.)

(B) Seller agrees to execute and deliver to Purchaser and each mortgage lender of Purchaser such disclosure documents as may be

required by the Illinois Responsible Property Transfer Act.

(C) Purchaser agrees to notify Seller in writing of the name and post office address of each mortgage lender who has issued a

commitment to finance the purchase hereunder, or any part thereof; such notice shall be furnished within 10 days after issuance of

any such commitment, but in no event less than 40 days prior to delivery of the deed hereunder unless waived by such lender or

lenders. Purchaser further agrees to place of record, simultaneously with the deed recorded pursuant to this contract, any disclosure

statement furnished to Purchaser pursuant to paragraph 10(B) and, within 30 days after delivery of the deed hereunder, to file a true

and correct copy of said disclosure document with the Illinois Environmental Protection Agency.

Real Estate Sale Contract Chicago Title Insurance Page 4