Real Estate Sale Contract Template (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, a

title commitment for an owner's title insurance policy issued by the

Fidelity National 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 unless the real estate is improved with a single family dwelling or an apartment building of four

or fewer residential units, (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, 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 discloses

unpermitted exceptions, Seller shall have 30 days from the date of delivery thereof to have the

exceptions removed from the commitment or to have the title insurer commit to insure against loss or damage that may be

occasioned by such exceptions, and, in such event, the time of closing shall be 35 days after delivery of the commitment or the time

specified in paragraph 5 on the front page hereof, whichever is later.

If Seller fails to have the exceptions removed, or in the

alternative, to obtain the commitment for title insurance specified above as to such exceptions 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 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 actions 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.

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 upon notice to the Purchaser, the earnest money shall be forfeited to the Seller and applied first to

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

liquidated damages.

Real Estate Sale Contract Template Page 3

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