Chicago form is a legal document or a record regarding the undisputed tax charges and fees of selling the property to the purchaser. This is the most important for that has to be maintained until the purchaser moves away from that particular property. This document too has to have the signatures and acceptance of the both seller and buyer before any further process regarding the selling of the property. This is a legal document that has the records of the due payments that the purchaser has to pay for purchasing and further enrollment in any particular property.
This form holds the details of both the parties, the seller and the buyer, regarding the state or county of both the parties at the first place. This form also holds the costs of renting the property and the tax payments of the county or the state, where the property prevails. This property should not be taken over by the purchaser with any dues to the seller as well as the taxation departments of that particular state or county. The due dates are also clearly stated for the purchaser and the seller and all the dues has to be settled down within or before that particular date to avoid problems in the future. Thus, this form acts as a gateway to maintain a clear record of the purchasers payments and further notices regarding the property. It is highly recommended that the seller and the buyer read the whole document before any further steps.
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This agreement, entered into _________[date] by A of the County of _________ and State of _________, and B of the County of _________ and State of _________, provides:
A, in consideration of the covenants and agreements of B set forth below, agree?, upon the performance by B of those covenants and agreements, to convey to B by _________ general warranty deed, including all estates of homestead in it, at a consideration of $_____ the following-described real estate, situated in the County of _________ and State of _________[legal description]. _________ subject to (1) existing leases expiring _________[date], the purchaser to be entitled to the rents accruing after the delivery of the deed by this agreement; (2) all general taxes levied after the year _________[year]; (3) all unpaid special taxes and special assessments levied for improvements not completed at the date of this agreement, and any unpaid installments of special taxes and special assessments for improvements completed at the date of this agreement, falling due subsequent to the date of this agreement; (4) any party wall agreements of record, to building line restrictions and building restrictions of record, and to _________.
B, in consideration of the covenants and agreements of A specified above, agrees, upon the performance by A of the covenants and agreements, to convey to A, by _________ general warranty deed, including all estates of homestead, and all rights of dower in them, at a consideration of $_____ the following described real estate situate in the County of _________ and State of _________: _________[legal description]. _________ subject to (1) existing leases expiring _________[date], the purchaser to be entitled to the rents accruing after the delivery of the deed by this agreement; (2) all general taxes levied after the year _________[year]; (3) all unpaid special taxes and special assessments levied for improvements not completed at the date of this agreement, and any unpaid installments of special taxes and special assessments for improvements completed at the date of this agreement, falling due subsequent to the date of this agreement; (4) any party wall agreements of record; to building line restrictions and building restrictions of record, and to _________.
_________ further agrees to give [pay] to _________, at the date of the delivery of the deeds, _________.
All taxes, interest, insurance, fuel, janitors’ wages and all fixed charges to be prorated to date of closing.
It is mutually agreed that each party is to furnish the other within a reasonable time from the date of this agreement, either a certificate of title issued by the Registrar of Titles of _________ complete merchantable abstract of title, or merchantable copy of it, brought down to cover this date, or merchantable title guaranty policy made by _________ showing good and sufficient title at date of this contract in the respective parties to the property agreed by this agreement to be conveyed by them.
In case material defects be found in the title, and so reported, then if such defects are not cured within sixty days after such notice, this contract shall at the option of the party delivering such objections become absolutely null and void; notice of such election to be given to the other party; but the party delivering such objections may elect to take such title as it is, and in such case the other party shall convey as agreed above; provided, however, that the party delivering such objections shall have first given a written notice of such election, within ten days after the expiration of the 60 days and tendered performance of this agreement on h? part. In default of such notice of election to receive such title and accompanying tender within the time so limited, the party delivering such objections shall without further action by either party, be deemed to have abandoned h? claim upon the premises and this contract shall cease to have any force or effect as against the premises, or the title to it or any right or interest in it, but not otherwise.
The notices required to be given by the terms of this agreement shall in all cases be construed to mean notices in writing, signed by or on behalf of the party giving the same, and they may be served upon either the other party or h? agent.
If the taxes and assessments to be paid by the seller cannot be paid at time this contract is to be closed then the seller is to pay them on or before next May 1st.
It is further mutually agreed that brokerage fees or commissions shall be paid to _________ by the respective parties as previously agreed between them and broker.
All deeds shall be passed and this negotiation closed at the office of _________ within five days after the titles have been found good.
Time is declared to be of the essence of this agreement, and of all the conditions of it.
This contract shall be held by _________ for the mutual benefit of the parties concerned, and after consummation of it _________. _________ shall cancel and retain this contract permanently.
In testimony of which, the parties have signed the day and year first written above.
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