CONTRACT TO PURCHASE FOR RESIDENTIAL REAL ESTATE (CAR 100)

Transcription

1 CONTRACT TO PURCHASE FOR RESIDENTIAL REAL ESTATE (CAR 100) THIS FORM OF AGREEMENT WHEN FILLED IN AND EXECUTED BY BOTH BUYER AND SELLER IS INTENDED TO BECOME A BINDING REAL ESTATE CONTRACT AND THE PARTIES MAY WISH TO SEEK LEGAL COUNSEL. RESIDENTIAL APPROVED FORM -- CAPITAL AREA REALTORS 1 2 Seller(s) 3 4 Mailing Address 5 6 Buyer(s) 7 8 Mailing Address 9 Contract(s) to purchase the real estate commonly known as: Tax Index Number(s) 12 legally described as follows: and, if present, shades, rods, blinds, permanently attached floor covering, attached fireplace equipment including 16 fireplace doors, blowers, gas logs and grates, ceiling fans, garage door openers and control(s), built-in permanently 17 attached kitchen appliances, sump pumps and back-up sump pump systems, light fixtures, and other fixtures and 18 equipment attached to and properly belonging to said real estate, together with the following personal property: which shall be left in and upon said premises exactly as it is at the time of the Contract acceptance. The above items 23 listed, herein, are considered part of the real estate and have no separate or intrinsic value. The above described real estate with all improvements thereon shall be hereinafter referred to as the Real Estate. 26 Note: In completing this Contract, if a box is checked below, the language 27 following such checked box will be deemed to be a part of this Contract. 28 If a box is not checked below, the language following such unchecked box will not be deemed to be a part of this Contract PRICE AND TERMS Offer/Purchase Price $ 35 Earnest Money Deposit in form of: 36 G cash; G personal check; G cashier's check; or G other $ CANCELLATION OF PRIOR REAL ESTATE CONTRACT (For Office Use Only) $ (Final Price) $ (Earnest Money) (Contract Acceptance Date) (Closing Date) 40 G In the event either Party has entered into a prior real estate contract, this Contract shall be subject to written 41 cancellation of the prior contract on or before, 20. In the event the prior contract 42 is not cancelled within the time specified, this Contract shall be null and void and the earnest money shall be returned to Buyer CONFIRMATION OF DUAL AGENCY 46 G The undersigned confirm that they have previously consented to, 47 ("Licensee"), acting as a Dual Agent in providing brokerage services on their behalf and specifically consent to Licensee acting as a Dual Agent in regard to the transaction referred to in this document. 50 (Seller-Client's initials: Seller-Client's initials: ) (Buyer-Client's initials : Buyer-Client's initials: ) CAR 100 (Revised 8/2017) (Buyer s initials) (Seller s initials) Page 1 of 7

2 54 4. APPRAISAL PROVISION - CONTINGENCY 55 G The Buy er s hall have the option to obtain an appraisal from a licensed or certified appraiser. If the appraisal report 56 indicates that the appraised value is not equal to or is lesser than the purchase price, Buyer shall have the option to 57 deliver a copy of the appraisal, or written confirmation from the lender indicating the appraised value, to the Seller with 58 a written request for an adjustment to the purchase price. If Seller does not agree to adjust the purchase price down 59 to the appraised value within five (5) calendar days after Seller s receipt of the appraised value, Buyer, at Buyer s option, 60 may declare this Contract null and void by delivery of a written termination notice to Seller (e.g., via Notice of Contract 61 Termination - CAR 329) within two (2) calendar days following the aforementioned five (5) day period in which case the 62 earnest money shall be refunded to Buyer. Nothing herein shall prevent Buyer and Seller from reaching a negotiated purchase price adjustment prior to the termination of the Contract (e.g., via Notice of Short Appraisal - CAAR 325) METHOD OF PAYMENT 66 G A. Cash, no financing required. This Contract is contingent upon Buyer furnishing to Seller written verification of funds 67 within calendar days following the acceptance date of this Contract. Should Buyer not furnish 68 verification as required above, Seller, at Seller s option, may declare this Contract null and void by delivery of a written termination notice to Buyer (e.g., via Notice of Contract Termination - CAR 329). 71 G B. This Contract is contingent upon the ability of the Buyer to obtain: 72 G Conventional; G USDA Rural Development; 73 G FHA; G Interim; or, 74 G VA; G Other financing, of not less than % of purchase price. 77 i. Buyer shall choose a lender and make written loan application within five (5) calendar days following the 78 Contract acceptance date of this offer. Within calendar days following acceptance date [if number of days 79 is not inserted, then ten (10) calendar day s after acceptance date shall apply], Buyer shall provide written 80 evidence to Seller, from Buyer's licensed lending institution, confirming that Buyer has the ability to secure a loan for the Real Estate. 83 a.) If Buyer is unable to provide such written evidence as outlined above, Seller, at Seller's option, may 84 declare this Contract null and void by delivery of a written termination notice to Buyer (e.g., via Notice 85 of Contract Termination - CAR 329) and the earnest money deposit shall be refunded to the Buyer at 86 the written direction of the Buyer and Seller to the Escrowee (e.g., via Agreement for Release of Earnest Money - CAR 328) provided the Buyer has made a diligent effort to obtain financing. 89 b.) If during the contract period Buyer is unable to secure a loan for the Real Estate, the Buyer shall 90 immediately serve written notice to the Seller of loan denial (e.g., via Notice of Contract Termination - 91 CAR 329) including written verification of loan denial from lender, and earnest money deposit shall be 92 refunded to the Buyer at the written direction of the Buyer and Seller to the Escrowee (e.g., via 93 Agreement for Release of Earnest Money - CAR 328) provided the Buyer has made a diligent effort to obtain financing. 96 ii. Buyer [ ] does [ ] does not (check one) own real estate. 97 (If Buyer owns real estate complete the following): 98 Buyer s ability to obtain financing under paragraph B, above [ ] is [ ] is NOT (check one) contingent on the sale 99 and closing of Buyer s real estate. If financing is contingent on Buyer s ability to sell and close on Buyer s real 100 estate then either CAR 341 (Contingency Pending Closing on Buyer s Real Estate Sale) or CAR (Contingency Pending Contract on Buyer s Real Estate) shall be incorporated into this agreement. Failure to execute the aforementioned addendum, if required, may result in cancellation of this Contract, at Seller s option. 104 iii. Upon closing, Seller agrees to pay up to (check all that apply): 105 G $ toward Buyer s closing cost, prepaid expenses including any inspection services; 106 G percent of the purchase price toward Buyer s closing costs, prepaid expenses 107 including any inspection services; or, G discount points. 110 G C. This Contract is contingent upon Buyer and Seller signing a Contract for Deed with the principal balance of 111 $ and interest at the rate of % amortized over years, for the term of 112 years, with monthly payments of $ (or more) for principal and interest with the remaining 113 principal balance of the purchase price payable in cash at time of execution of the Contract for Deed. Real Estate 114 taxes and insurance will be paid by Buyer either (check one) G directly to county tax collector or G in monthly 115 payments to Seller. The cost of document preparations will be paid by (check one) G Buyer, G Seller or G Shared 116 equally by both parties. The cost of document escrow (if applicable) will be paid by (check one) G Buyer, G Seller CAR 100 (Revised 8/2017) (Buyer s initials) (Seller s initials) Page 2 of 7

3 119 or G Shared equally by both parties. Title evidence will be presented prior to execution of the Contract. Unless the 120 parties have agreed to all terms of the Contract for Deed within calendar days following the 121 acceptance date of this Contract, then this Contract shall be void and the earnest money shall be refunded to Buyer Neither party shall unreasonably withhold approval of the final Contract INTERNAL REVENUE CODE SECTION 1031 LIKE-KIND EXCHANGE. 125 Should either of the parties desire to treat this transaction as part of a like-kind exchange pursuant to Section of the Internal Revenue Code, the other party agrees to cooperate in regard to such exchange, provided no risk or cost accrues to such other party by such cooperation CLOSING AND POSSESSION 130 This Contract shall be closed on or before, 20. Possession shall be at time of closing or 131, 20. Seller agrees to leave the Real Estate in broom clean condition and free of 132 debris. All debris and personal property that is not to be conveyed to Buyer shall be removed from the Real Estate at 133 Seller s expense before possession. Buyer shall have the right to inspect the Real Estate, fixtures and personal 134 property prior to possession to verify that the Real Estate, improvements and included personal property are in 135 substantially the same condition as of the date of acceptance of this Contract, normal wear and tear excepted. Should 136 this Contract fail to close through no fault of Seller within three (3) calendar days of the closing date or within three (3) 137 calendar days of any written extension of said closing date, Seller shall have the right to terminate this Contract by 138 notifying Buyer thereof, and thereafter Buyer shall have no rights hereunder. Seller shall then be free to sell the Real 139 Estate to a third party, free and clear of any obligations to Buyer hereunder. Such termination by Seller shall not, however, relieve Buyer from any liability hereunder occasioned by Buyer s breach of any of the terms of this Contract PRORATIONS 143 All prorations, including rents and general taxes, shall be made as of the date of closing or signing of the Contract for deed 144 with tax proration (Check only one box): G based on the latest available tax information which proration shall be final as 145 of closing, or G determined by tax proration agreement between Buyer and Seller and delivered to the appropriate title 146 company or closing agent prior to time of closing. Any installments of special assessments due and payable prior to closing 147 shall be paid by Seller. Any installments of special assessments which are a lien on date of closing but are due and payable 148 after closing shall be paid by G Seller or G Buyer (Buyer s Initials ) (Seller s Initials ) CONVEYANCE, LIENS, ENCUMBRANCES 152 At closing Seller shall convey and transfer the Real Estate to Buyer by warranty deed or such other type of deed acceptable 153 to buyer with the appropriate plat act affidavit, if applicable, or appropriate assignment, which instrument shall be subject 154 to the exceptions permitted by Paragraph 10, releasing homestead. At the time of closing the balance of the purchase price then due shall be paid by Buyer to Seller and all documents relative to the transaction shall be signed and delivered TITLE EVIDENCE 158 Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller's expense a commitment for an 159 Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the 160 purchase price, subject only to the following: (a) standard general exceptions normally contained in title commitments other 161 than the general exception pertaining to mechanic liens, (b) all tax es and special assessments now a lien, levied or 162 confirmed after the date hereof, (c) building use and occupancy or restrictions, if any, (d) zoning laws and ordinances, (e) 163 easements of record in place affecting the Real Estate, if any, (f) drainage ditches, feeders and laterals, if any, (g) 164 conveyances or reservations of coal, minerals and mining rights, if any, of record, and (h) mortgage or other lien that may 165 be eliminated at closing by application of the purchase price. Any endorsements to the title policy requested by Buyer or 166 required by Buyer s lender shall be at Buyer s expense, unless such an endorsement is issued by the title company to cure 167 a title defect to which Buyer has objected, in which case Seller shall pay for such endorsement. Within ten (10) days after 168 receiving such title evidence, Buyer or Buyer s attorney shall deliver to Seller or its Broker, together with such evidence, a 169 report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or Buyer s 170 attorney within a reasonable time prior to closing, or material objections made to the title in such report are not cured within 171 thirty (30) calendar days after such report is so delivered, this Contract shall, at Buyer's option, be void by delivery of a 172 written termination notice to Seller (e.g., via Notice of Contract Termination - CAR 329) and all earnest money shall be 173 refunded to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the Real Estate as agreed DAMAGE BY CASUALTY BEFORE CLOSING 178 If prior to closing, the improvements on the Real Estate shall be destroyed or materially damaged by fire or other casualty, 179 Buyer shall have the option of declaring this Contract void by delivery of a written termination notice to Seller (e.g., via 180 Notice of Contract Termination - CAR 329) or of accepting the Real Estate as damaged or destroyed, together with the CAR 100 (Revised 8/2017) (Buyer s initials) (Seller s initials) Page 3 of 7

4 183 proceeds of any insurance payable as a result of such destruction or damage, which proceeds the Seller agrees to assign to Buyer PERFORMANCE 187 This is an enforceable Contract placing specific obligations on the Buyer and Seller. Either party is entitled to all legal 188 remedies available under law or equity, including suit for specific performance or damages. All costs, expenses and 189 reasonable attorney's fees incurred by one party in enforcing said party s rights under this Contract may be recovered 190 from the other party. In addition, the Seller may elect to retain the earnest money paid above as liquidated damages, 191 and in the event of such retention, this Contract thereupon shall become and be null and void, and the Seller shall then 192 have the right to re-enter and take possession of the Real Estate aforesaid, and a written notice of such forfeiture and 193 re-entry served upon the Buyer, or recorded in the Recorder's Office of the County in which the Real Estate is located, 194 shall be sufficient evidence of such election, forfeiture and re-entry, and all rights, if any, of the Buyer shall be considered terminated DIRECTION TO THE ESCROWEE 198 The earnest money funds shall be held in escrow by a designated Escrowee for the mutual benefit of the parties and 199 shall be refunded to or credited back to the Buyer at closing. If Sponsoring Broker is the designated Escrowee, earnest 200 money shall be disbursed in accordance with the regulations of the Illinois Real Estate License Act of In the 201 event the sale is not completed, written direction shall be delivered to the Escrowee. Within five (5) business days of 202 Escrowee s receipt of the aforesaid written direction, Escrowee shall deliver the funds as directed. If the parties are in 203 disagreement and have not jointly directed the Escrowee as to the disposition of the funds, upon fifteen (15) calendar 204 days' written notice to Seller and Buyer, Escrowee may then deposit the funds, after deducting any direct expenses 205 incurred by the Escrowee in furtherance of completion of this executed Contract, with the Clerk of the Circuit Court of 206 the County in which the Real Estate is located by the filing of an action in the nature of interpleader. The parties agree 207 that Escrowee will be reimbursed for all costs, including reasonable attorney's fees, related to the filing of the 208 interpleader and reasonable broker's expenses and do hereby agree to indemnify and hold Escrowee harmless from 209 any and all claims and demands, (unless arising from the negligence or intention of the Escrowee), including the payment of all reasonable attorney's fees, costs and expenses. 212 In every instance where this Contract shall be deemed null and void or if this Contract may be terminated by either 213 Party, the following shall be deemed incorporated: and earnest money disbursed upon the written direction of the 214 Buyer and Seller to the Escrowee (e.g., via Agreement for Release of Earnest Money - CAR 328) or upon an entry of an order by a court of competent jurisdiction HOME WARRANTY 218 G Seller shall provide, at no expense to Buyer, a (list 219 package or coverage level) Home Warranty package at a cost not to exceed $ from 220 (insert company name). Evidence of a fully paid policy shall be delivered at closing PROPERTY CONDITION 224 Except as expressly set forth in the Residential Real Property Disclosure Report (if applicable) and/or in this Contract, it 225 is expressly acknowledged and agreed by Buyer that Seller has made no representations, warranties or guarantees 226 concerning mechanical systems, appliances, water supply, sewers, sewage disposal system or structural soundness of 227 the Real Estate that is the subject of this Contract. If any of such representations, warranties or guarantees are to be made, they shall be made only in writing prior to the time set for closing. 230 Except for damage by casualty which shall be governed by paragraph 11 Seller warrants that any material changes in 231 the premises that occur between acceptance date and the time of closing or possession, whichever occurs first, will be remedied at Seller s expense GENERAL CONDITIONS AND STIPULATIONS 235 A. Time shall considered to be of the essence of this Contract. 236 B. The warranties and agreements contained herein shall extend to and be obligatory upon the heirs, 237 executors, administrators, successors and assigns of the parties hereto. If there be more than one Seller or Buyer, 238 the word "Seller" or "Buyer" wherever used herein shall, respectively, be construed to mean Sellers or Buyers, and 239 the necessary grammatical plural changes shall in all cases be assumed as though in each case fully expressed. 240 C. Seller warrants that Seller has received no notice of violation of local, state, or federal laws or regulations relating to 241 this property, which violation has not been corrected. 242 D. The undersigned acknowledge that it is illegal to refuse to sell real estate because of race, color, religion, sex, 243 ancestry, age, physical or mental handicap, national origin, order of protection, unfavorable military 244 discharge status, military status, marital status or familial status and any other classes protected by federal, state 245 and local ordinance CAR 100 (Revised 8/2017) (Buyer s initials) (Seller s initials) Page 4 of 7

5 248 E. This Contract contains all of the terms and conditions agreed upon by the parties hereof, and supersedes all oral 249 agreements, regarding the subject matter of this Contract and may only be amended or altered in writing signed by 250 all parties as outlined in paragraph 18 below. 251 F. Buyer is aware that any reference to the square footage of the Property is approximate. 252 G. Buyer is advised to review all easements, government regulations, and subdivision restrictions before closing on the 253 property. If Buyer requires assistance in reviewing easements, surveys, restrictions, or other matters affecting title 254 or use of the property, Buyer should seek legal advice. 255 H. If there is any conflict between the terms of this Contract and the terms of any Addendum to this Contract such conflict shall be resolved in favor of the terms of the Addendum CALENDAR DAYS: Calendar days are defined as Sunday through Saturday, including all holidays FACSIMILE OR DIGITAL SIGNATURES 262 This Contract and any addendum hereto may be executed in any number of counterparts and by each party, each of 263 which when so executed and delivered shall be an original, and all of which together shall constitute one document. In 264 proving this Contract, it shall not be necessary to produce or account for more than one such counterpart signed by the 265 party against whom enforcement is sought. The parties may execute this Contract by facsimile, scanned Portable 266 Document Format ( PDF ) or other electronically transmitted signature, and such facsimile, scanned PDF or other 267 electronically transmitted document, including the signatures thereon, shall be treated in all respects as an original instrument bearing an original signature NOTICE 271 All notices required shall be in writing and shall be served by one party or their agent to the other party or their agent. 272 Notice to any one of the multiple person party shall be sufficient notice to all. Notice shall be given in one or more of the 273 following manners: 274 A. By personal delivery; 275 B. By mailing to the addresses recited herein by regular mail and by certified mail, return receipt requested. Except as 276 otherwise provided herein, Notice served by certified mail shall be effective on the date of mailing; 277 C. By facsimile transmission. Notice shall be effective as of date and time of the transmission; 278 D. By transmission if an address has been furnished by the recipient Party or the recipient Party s agent 279 to the sending Party or is shown in this Contract. Notice shall be effective as of date and time of 280 transmission; 281 E. By commercial overnight delivery (e.g., FedEx). Such Notice shall be effective on the next day of pick up following 282 deposit with the overnight delivery company. 283 F. When computing the number of days to take any action pursuant to any provision of or any Addendum to this 284 Contract, the day the triggering event occurs (i.e., receipt of a notice or response) shall be excluded from the number of days in which subsequent action must be taken if such action is to be taken STATUTORY DISCLOSURES If applicable, prior to signing this Contract, Buyer: 288 G has G has not received a completed Illinois Residential Real Property Disclosure; 289 G has G has not received a Lead-Based Paint Disclosure; 290 G has G has not received the IEMA, Radon Testing Guidelines for Real Estate Transactions ; 291 G has G has not received the Disclosure of Information on Radon Hazards; G has G has not received a Mine Subsidence Disclosure ADDENDA 295 This Contract, including the following indicated (by checkmark) preprinted addenda executed by the parties, 296 constitute(s) the entire Contract between the parties and there are no oral representations, warranties, or 297 covenants other than those set forth herein and made a part hereof and this Contract shall extend to and be binding upon the heirs, executors, administrators and assigns of the respective parties thereto. 300 G Other: CAR 100 (Revised 8/2017) (Buyer s initials) (Seller s initials) Page 5 of 7

6 311 G As-Is Condition (CAR 109) G Pool and Spa Condition Disclosure (CAR 404) 312 G Broker Buying/Selling as Principal (CAR 321) G Pre-closing Possession by Buyer (CAR 333) 313 G Buyer Inspection (CAR 403) G Radon Measurement (CAR 406) 314 G Condominium Addendum with Attachment A (CAAR100a) G Seller Holdover (CAR 336) 315 G Contingency Pending Closing on Buyer s Real Estate Sale (CAR 341) G Septic Inspection (CAR 409) 316 G Contingency Pending Contract on Buyer s Real Estate (CAR 340) G Survey (CAR 107) 317 G FHA/VA Amendatory Clause G Well Equipment and Well Water (CAR 410) 318 G Lead-Based Paint Testing Contingency (CAR 402) G Wood Infestation Inspection (CAR 411) This Contract shall be accepted in writing on or before: Time: G AM G PM. on (Date) This Contract is made and executed at: Time: G AM G PM on (Date) 324 Buyer Signature Buyer Signature Print Buyer Name Print Buyer Name (Check one) G Accepted by Seller on (Date) G Countered by Seller on (Date) (1) Purchase price to be $ (2) Earnest Money to be $ (3) Closing Date to be (4) Possession Date to be (5) Other Seller retains the following items of personal property which are excluded from this Contract: This counter offer to be accepted on or before: Time: G AM G PM on (Date) Seller Signature Print Seller Name Seller Signature Print Seller Name To accept any counteroffer noted above, Buyer should sign acceptance of counteroffer below: Buyer Signature Buyer Signature 331 Date: Time: Date: Time: The undersigned Escrowee acknowledges receipt of the aforementioned earnest money and agrees that said funds shall be 335 held and disbursed by Escrowee according to the terms of the foregoing Contract, and all parties shall receive copies of same Escrowee By Agent for Escrowee Address Date/Time Escrow Received Seller acknowledges receipt of this offer and elects not to accept or counter this offer. Seller Signature(s): Date: Time: G AM G PM 342 CAR 100 (Revised 8/2017) Page 6 of 7

7 343 FOR INFORMATION ONLY: Seller s Brokerage Buyer s Brokerage License Number License Number 352 ( ) ( ) 353 Phone Phone Address City Zip Address City Zip Seller s Designated Agent Buyer s Designated Agent License Number License Number 366 ( ) ( ) ( ) ( ) Phone Fax Phone Fax Team Leader for Seller s Designated Agent (if applicable) Team Leader for Buyer s Designated Agent (if applicable) License Number License Number 379 ( ) ( ) ( ) ( ) Phone Fax Phone Fax CAR 100 (Revised 8/2017) Copyright 2017, Capital Area REALTORS. All rights reserved. Page 7 of 7