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:
B. Seller’s Closing Costs:
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.
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