Real Estate Contract Plan

Real Estate Contract Plan

Prepared by: [Your Name]
Date: October 21, 2050
Property Address: 123 Main Street, Springfield, IL 62701
Contract Number: 2050-RE-001

1. Parties Involved

  • Seller(s):
    Name: Grace Pierce
    Address: 456 Elm Street, Springfield, IL 62701
    Contact: (555) 123-4567

  • Buyer(s):
    Name: Riley Taylor
    Address: 789 Maple Avenue, Springfield, IL 62702
    Contact: (555) 987-6543

2. Property Description

  • Type of Property: Residential

  • Legal Description: Lot 5 in Block 3 of Springfield Subdivision, according to the plat recorded in the office of the County Clerk.

  • Lot Number: 5

  • Zoning Information: Residential (R1)

  • Current Use: Single-family home

3. Purchase Price

  • Total Purchase Price: $250,000

  • Earnest Money Deposit: $5,000

  • Balance Due at Closing: $245,000

4. Terms and Conditions

A. Closing Date: December 15, 2050

B. Contingencies:

  • Inspection: Buyer will conduct a home inspection by November 30, 2050.

  • Financing: Buyer must secure financing approval by December 1, 2050.

  • Appraisal: The property must appraise for at least the purchase price.

C. Possession Date: December 16, 2050

5. Responsibilities of the Parties

A. Seller Responsibilities

  • Provide a clear title to the property.

  • Complete necessary disclosures as required by law.

  • Maintain the property in its current condition until closing.

  • Allow inspections as specified in the contingencies.

B. Buyer Responsibilities

  • Provide earnest money deposit within 5 days of contract signing.

  • Obtain financing approval by December 1, 2050.

  • Conduct any necessary inspections by November 30, 2050.

  • Complete the purchase by the closing date.

6. Closing Costs

A. Buyer’s Closing Costs:

  • Title Insurance: $1,200

  • Recording Fees: $300

  • Attorney Fees: $600

  • Home Inspection Fee: $500

B. Seller’s Closing Costs:

  • Agent Commission (6%): $15,000

  • Transfer Tax: $1,000

  • Title Company Fees: $800

7. Dispute Resolution

In the event of a dispute arising from this contract, both parties agree to mediation as the preferred method of resolution.

By signing below, both parties agree to the terms outlined in this Real Estate Contract Plan.

  • Seller Signature:                               
    Name: Grace Pierce
    Date: October 21, 2050

  • Buyer Signature:                               
    Name: Riley Taylor
    Date: October 21, 2050

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