Real Estate Contract Plan

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

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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.

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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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