Real Estate Purchase and Sale Agreement - Illinois

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REAL ESTATE PURCHASE AND SALE AGREEMENT ("Agreement")
___________________________
Chicago, Illinois
1. PARTIES: FCBT Holdings, LLC, Series _________________, an Illinois limited liability company series
("Seller") agrees to sell and convey to:
(“Purchaser”) and Purchaser agrees to buy from Seller all of Seller’s rights, title and
interest in and to the Property (as defined in Section 2. below) for the consideration and upon and subject to the
terms, provisions, and conditions hereinafter set forth.
2. PROPERTY: The real estate located within the County of Cook, State of Illinois commonly known as
_______________________________ and having a permanent index number of XX-XX-XXX-XXX-0000 (the
Real Estate; Seller reserves the right to provide exact legal description of the Real Estate prior to Closing);
together with (a) hereditaments, tenements and appurtenances to the land, including right, title and interest of
Seller, if any, in and to adjacent streets, alleys, or rights-of-way; (b) Seller’s interest in and to any, licenses, and
permits with respect to the Property, if any and solely to the extent transferrable and (c) all leases of any of the
above real property to tenants, if any (“Leases”); all of the above herein collectively called the “Property”.
3. PURCHASE PRICE: CALCULATION OF PURCHASE PRICE
A. HIGH BID PRICE: $
BUYER'S PREMIUM:
(Equal to __% (____percent) of the High Bid) $
TOTAL PURCHASE PRICE: (A+B) $
Payable in U.S. dollars by Purchaser as follows:
B. INITIAL EARNEST MONEY: Simultaneously with the execution of this Agreement Purchaser
shall deposit with Escrow Agent a sum equal to $_________________ (____________ Dollars)
payable in the form of a cashier’s check made payable to the order of ___________________
(“Escrow Agent”), the receipt of which is hereby acknowledged.
C. ADDITIONAL EARNEST MONEY: If the Initial Earnest Money is less than ten percent (10%) of
the Total Purchase Price, the Purchaser shall make an Additional Earnest Money payment, the amount
of which, when taken together with the Initial Earnest Money shall equal ten percent (10%) of the
Total Purchase Price ("Additional Earnest Money"). The Additional Earnest Money shall be payable
by cashier’s check and made payable to the order of and delivered to Escrow Agent not less than five
business days after execution of this Agreement.
D. BALANCE OF PURCHASE PRICE: The balance of the Purchase Price plus or minus prorations
and Closing adjustments, if any, shall be paid at the Closing of this transaction (“Closing”) and must
be paid by wire transfer of funds or by other good funds (as defined in 215 ILCS 155/26(c)) acceptable
to the escrowee of the deed and money escrow for the Closing.
E. CASH, NON-CONTINGENT SALE AND PURCHASE: This is an all-cash sale and purchase and
it is NOT contingent upon Purchaser obtaining financing even though Purchaser may apply to a
lending institution of Purchaser’s choice for a loan. Purchaser understands and agrees that neither
receipt of a commitment from such a lending institution, acceptance of such a commitment, nor
satisfaction or failure to satisfy any condition set forth in such a commitment shall in any way be
conditions to or excuse the performance of Purchaser’s obligations under this Agreement.
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