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Purchase and Sale Contract - 2021 - 7542 and 7656 S Colfax Ave, Chicago, IL 60649.pdf

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DocuSign Envelope ID: 7F6AF804-2F54-4336-A991-4A7220032656 F2F6DF2A-42C1-4E59-9309-7A597BEF77FE CHICAGO ASSOCIATION OF REALTORS® Multi-Family & Investment Purchase and Sale Contract (For use with 2-4 unit or apartment/investment properties) This Contract is Intended to be a Binding Real Estate Contract 1. Contract. This Residential Real Estate Purchase and Sale Contract ("Contract") is made by and between Rui F. Mei (formal name) ___________________________________________________________("Buyer

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DocuSign Envelope ID: 7F6AF804-2F54-4336-A991-4A7220032656
F2F6DF2A-42C1-4E59-9309-7A597BEF77FE

CHICAGO ASSOCIATION OF REALTORS®
Multi-Family & Investment Purchase and Sale Contract
(For use with 2-4 unit or apartment/investment properties)

This Contract is Intended to be a Binding Real Estate Contract
1.
Contract.
This
Residential
Real
Estate
Purchase
and
Sale
Contract
("Contract")
is
made
by
and
between
Rui F.
Mei (formal name)
___________________________________________________________("Buyer"), and
___________________________________________________________
("Seller")
3 (Buyer and Seller collectively, ("Parties"), with respect to the purchase and sale of the real estate and improvements located at
& 3 units.
4 _____________________________________________________________________________________________________ ("Property") which consists of 3
_______
1
2

Odai Ammar or Assignee

Rudy Mei

7542 & 7656 S. Coflax, Chicago, IL 60649
per surveys
5 The Property P.I.N. # is 21-30-303-013
________________________________________________. Lot
Size:______________________________.
6 Additional P.I.N. #(s) (if applicable) 21-30-310-024
_____________________________________________________________________________.
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2.
Fixtures and Personal Property. At Closing (as defined in Paragraph 8 of this Contract), in addition to the Property, Seller shall transfer to Buyer by a Bill of Sale
all heating, cooling, electrical and plumbing systems, and the following checked and enumerated items (collectively, “Fixtures and Personal Property”), which Fixtures and
Personal Property are owned by Seller, and to Seller’s knowledge, are currently present on the Property and in operating condition as of the Acceptance Date:
o Refrigerator___
o Sump Pump___
o Central air conditioner__
o Fireplace screen
o Built-in or attached
o Oven/Range___
o Smoke and carbon monoxide
o Window air conditioner___
and equipment___
shelves or cabinets__
o Microwave___
detectors__
o Electronic air filter___
o Fireplace gas log__ o Ceiling fan(s)___
o Dishwasher___
o Intercom system___
o Central humidifier___
o Firewood___
o Radiator covers___
o Garbage disposal__ o Security system___ ( rented or owned) (check one)
o Attached gas grill__ o All planted vegetation
o Trash compactor___ o Satellite Dish__
o Lighting fixtures___
o Existing storms
o Outdoor play set/swings
o Washer__
o Attached TV(s)___
o Electronic garage door(s)
and screens___
o Outdoor shed
o Dryer___
o TV Antenna___
with ___ remote unit(s)
o Window treatments___
o Water Softener___ o Multimedia equipment___
o Tacked down carpeting
o Other Equipment ______________________________________

All Fixtures & Personal Property pertaining to Property

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Seller shall also transfer the following:____________________________________________________________________________________________________________.
The following items are excluded from transfer: ____________________________________________________________________________________________________.

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3.

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710,000.00

Purchase Price. The purchase price for the Property (including the Fixtures and Personal Property) is $__________________________ ("Purchase Price").

4.
Closing Cost Credit (Optional). Check if applicable o Seller agrees to credit to Buyer at Closing (check one) o n/a
$____________ OR o _____% of Purchase Price
(“Closing Cost Credit”), to be applied to prepaid expenses, closing costs or both as lender permits, and that such credit appears on the Master Statement or Closing
24 Disclosure.
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5.

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6.
Earnest Money. Upon the Parties execution and delivery of this Contract, Buyer shall deposit with _______________________________________ ("Escrowee"),
check or electronically within _____ Business Days after the Acceptance Date. The
earnest money in the amount of $__________________, in the form of _____________________________
✔ ______% [percent] of the Purchase Price, OR o a total of $_______________________________ ("Earnest Money")
earnest money shall be increased to (check one) o
within _____ Business Days after the conclusion of the Attorney Approval Period (as established in Paragraph 17 of this Contract). The Parties acknowledge and agree that
(i) the Parties shall execute all necessary documents with respect to the handling of the Earnest Money in form and content mutually agreed upon between the Parties and
(ii) unless otherwise agreed, Buyer shall pay all expenses incurred in opening an escrow account for the Earnest Money.

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Home Warranty (Optional). Check if applicable o Seller agrees to provide Buyer with a Home Warranty at Closing, at a cost of no less than: $____________.

2,000

ReMax Next
2

5

2

✔ [is not] subject to Paragraph 7, Mortgage Contingency. If [is not] is checked,
7.
Mortgage Contingency. Parties agree that this Contract (check one) o [is] o
then this Paragraph 7 does not apply. This Contract is contingent upon Buyer securing by ________________________ ("First Commitment Date") a written mortgage
commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan association, bank, or other authorized financial
institution, in the amount of (check one) o $________________ OR o ____% [percent] of the Purchase Price, the interest rate (or initial interest rate if an adjustable rate
mortgage) not to exceed _______% per year, amortized over ______ years, payable monthly, loan fee not to exceed _______%, plus appraisal and credit report fee, if any
("Required Commitment"). Buyer shall pay for private mortgage insurance as required by the lending institution. If a FHA or VA mortgage is to be obtained, Rider 8 or Rider
9 shall be attached to this Contract. (1) If Buyer is unable to obtain the Required Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on or
before that Date. Thereafter, Seller may, within 30 Business Days after the First Commitment Date ("Second Commitment Date"), secure the Required Commitment for
Buyer upon the same terms, and may extend the Closing Date by 30 Business Days. The Required Commitment may be given by Seller or a third party. Buyer shall furnish
all requested credit information, sign customary documents relating to the application and securing of the Required Commitment, and pay one application fee as directed
by Seller. Should Seller choose not to secure the Required Commitment for Buyer, this Contract shall be null and void as of the First Commitment Date, and the Earnest
Money shall be returned to Buyer. (2) If Buyer notifies Seller on or before the First Commitment Date that Buyer has been unable to obtain the Required Commitment, and
neither Buyer nor Seller secures the Required Commitment on or before the Second Commitment Date, this Contract shall be null and void and the Earnest Money shall be
returned to Buyer. (3) If Buyer does not provide any notice to Seller by the First Commitment Date, Buyer shall be deemed to have waived this contingency and this Contract
shall remain in full force and effect.

n/a/

n/a

8.
Closing. Buyer shall deliver the balance of the Purchase Price (less the amount of the Earnest Money, Closing Cost Credit, plus or minus prorations and escrow
30, 2021
fees, if any) to Seller and Seller shall execute and deliver the Deed (as defined below) to Buyer ("Closing"). Closing shall occur on or prior to November
________________________
49 at a time and location mutually agreed upon by the Parties ("Closing Date").
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9.
Possession. Unless otherwise agreed to in Rider 22 Post-Closing Possession Rider, Seller agrees to deliver possession of the property, subject to existing leases,
at Closing. If Seller does not surrender possession at Closing, Seller shall be considered in default of this Contract.
Buyer Initials: _________

Page 1 of 4
Buyer Initials: _________
Revised 02/2020
Seller Initials: _________
© 2020 – Chicago Association of REALTORS® - All Rights Reserved

Seller Initials: _________

DocuSign Envelope ID: 7F6AF804-2F54-4336-A991-4A7220032656
F2F6DF2A-42C1-4E59-9309-7A597BEF77FE
10.
Deed. At Closing, Seller shall execute and deliver to Buyer, or cause to be executed and delivered to Buyer, a recordable warranty deed ("Deed") with release of
homestead rights (or other appropriate deed if title is in trust or in an estate), or Articles of Agreement, if applicable, subject only to the following, if any: covenants,
54 conditions, and restrictions of record; public and utility easements; acts done by or suffered through Buyer; all special governmental taxes or assessments confirmed and
55 unconfirmed; homeowners or condominium association declaration and bylaws, if any; general real estate taxes not yet due and payable at the time of Closing; and the
56 rights of tenants under existing leases affecting the Property, if any.
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20 general real estate taxes for the Property and all P.I.N.s referenced paragraph 1 of this Contract were
11.
Real Estate Taxes. Seller represents that the total 20____
5407.30 & 4,509.50 General real estate taxes for the Property are subject to the following exemptions (check box if applicable): o Homeowner's. o Senior Citizen's.
$__________________.
59 o Senior Freeze. o Historical Tax Freeze. General real estate taxes shall be prorated based on _________% of the most recent ascertainable full year tax bill, unless
60 mutually agreed to otherwise by the Parties in writing prior to the expiration of the Attorney Approval Period.
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105

12.
Leases. Seller shall deliver to Buyer a complete copy of all existing leases affecting the Property and a rent roll within 5 Business Days of the Acceptance Date.
& 3,006 Seller shall notify Buyer, prior to Closing, of any (i) new leases; (ii)
Seller represents and warrants that the present monthly gross rental income is 3,585
$__________________.
63 modifications or amendments to the existing leases, and (iii) changes in the monthly gross rental income. All existing leases, if any, will be assigned by Seller and assumed
64 by Buyer at Closing through an assignment and assumption agreement mutually agreeable to the Parties.
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13.
Zoning Certification; Full Payment Certificate.
If Property is subject to the current City of Chicago Zoning Ordinance, then Seller shall: (i) provide zoning
certification to Buyer at least 5 Business Days prior to Closing; and (ii) provide a full payment certificate to Buyer on or before the Closing Date.

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14.
Code Violations.
Seller warrants that Seller (choose one) o [has] OR o [has not] received notice from any city, village, or other governmental authority
of an issued dwelling code violation that currently exists on the Property ("Code Violation Notice"). Buyer (choose one) o [agrees] OR ✔
o [does not agree] to purchase
Property subject to such Code Violation Notice. If a Code Violation Notice is received after the Acceptance Date and before Closing, Seller shall promptly notify Buyer of the
Code Violation Notice. If the matters specified in such Code Violation Notice are not resolved prior to Closing, Buyer may terminate this Contract by Notice to Seller and this
Contract shall be null and void.

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15.
Disclosures. Buyer has received the following (check Yes or No): (a) Illinois Residential Real Property Disclosure Report: ✔
o Yes/o No; (b) Heat Disclosure
(gas/electric): ✔
o Yes/o No; (c) Lead Paint Disclosure and Pamphlet: ✔
o Yes/o No; and (d) Radon Disclosure and Pamphlet: ✔
o Yes/o No.

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16.
Confirmation of Dual Agency. If initialed below, Licensee is acting as a “Designated Agent” for both Buyer and Seller, (“Dual Agency”). The Parties confirm that
they have previously consented and agreed to have ____________________________________________________
("Licensee") act as Dual Agent in providing brokerage
Marco Cesario
77 services on behalf of the Parties and specifically