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Software Applications - Support Information
Illinois Real Estate Contract
Version 1.0 - Released June 10, 2011 for the iPhone ®, iPod touch ®, and iPad TM
 Create a nine-page PDF copy of a residential real estate contract for Illinois property from LandofLincolnAttorneyServices.com, an online law office of Michael E. Byczek, Esq. (Chicago, IL). He is also a licensed Illinois Real Estate Broker.
Provide a few details about the transaction and transfer the contract directly to your computer via iTunes to save and print.
1. Parties
Provide the names, addresses, phone numbers, and e-mail addresses of one or two buyers and sellers.
2. Real Estate
Provide the PIN, address, unit, city, county, lot dimensions, number of parking spaces, and whether numbered spots. A space is provided to hand write the legal description, since this is not usually available when an offer and/or acceptance is made. Also states what items are part of the real estate (i.e. window fixtures).
3. Purchase Price
Provide the purchase price, amount of earnest money, date the earnest money was deposited, and balance of the purchase price. Seller holds the earnest money, which is returned if contract is terminated without fault of Buyer.
4. Mortgage and other contingencies
There is an option that the contract is not subject to a mortgage contingency. To do so, don't enter any information on this screen. If you provide a loan amount, the contract is automatically updated to include the contingency. Provide the loan amount, how many days allowed to obtain, maximum interest rate, fees, and duration. All fees paid by the Buyer. Five days to submit application. Not contingent on the Buyer selling or closing on other real estate.
5. Closing
Provide location and date. The location can be anything you want (i.e. "The Buyer's Attorney's Office" or "Bank XYZ at 123 Main Street").
6. Deed and title
Mostly standard conditions regarding a general warranty deed and ALTA title insurance policy. Seller is responsible for all taxes on the property for the entire duration of ownership.
7. Possession
Seller transfers possession at closing without option for holdover penalty.
8. Broker Commission
This contract is intended for those who sell their property without a real estate professional. Therefore, Seller offers to pay either a flat fee or percentage of the selling price as a finder's fee to the buyer's agent, if any.
9. Proration
Real estate taxes are prorated for the current year, but the Seller is not obligated to deposit any amount into escrow. Instead, there is a contractual duty to pay the taxes when the actual amount is due. Buyer shall provide a copy of the bill and the amount shall be prorated at that time.
10. Real estate transfer tax
Seller pays the Illinois state tax and other requirements to transfer title. The parties pay their respective obligations. If a law does not impose which party, the Seller pays that tax.
11. Statutory and other disclosures
Buyer must receive the actual disclosures, Radon, and lead-paint material prior to signing the contract.
12. Professional inspections
Standard provisions.
13. Homeowner and flood insurance
Standard provisions
14. Plat of survey
Standard provisions
15. Condominium obligations
Standard provisions
16. Attorney review
The parties have five days to seek review of the contract.
17. Notice
Any communication is effective when reliably sent to the other party.
18. Copy of the contract
It is advised that two copies be prepared for each party at the same time. Otherwise, the seller must provide the buyer with a completed copy within two days of acceptance.
19. Performance
Seller has five days to accept the Buyer's offer.
Transfer to Your Computer
Open a current version of iTunes.
Select your device in the left column.
In the main screen, select the App tab. Scroll to the bottom.
The left box shows the Apps that utilize file sharing features. Click the ILRealty icon.
The right box shows the files that are available for downloading to the computer. Click on the file titled ILRealty.pdf.
Click the "save to" button and proceed as you would to save any other document.
The PDF file that is saved to your computer is the same as displayed within the App. If you don't save changes, those updates will not be transferred to your computer. If you make changes to the contract multiple times, you may need to refresh iTunes by flipping between the summary and app tabs in the main window.
The characters // that appear on the bottom of a page are indicators that the section is intentionally blank for formatting purposes. This is one way to prevent somebody from adding provisions after the contract is signed.
Terms and Conditions
This contract is for personal use only. Commercial reproduction is prohibited.
Software Screenshots
Apple, the Apple logo, iPod touch, Mac, iPhone, and iTunes are trademarks of Apple Inc., registered in the U.S. and other countries. iPad is a trademark of Apple Inc.
Android and Android Market are trademarks of Google.
Copyright © 2008-2011. Michael E. Byczek. All Rights Reserved. |
