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Table of Contents

List of Forms by Chapter

Chapter 1 — Real Estate Practice

I. [1.1] Scope of Guide

II. [1.2] Developing Your Practice

[1.3] Initial Contact

[1.4] Setting up Office Procedures

Establishing Business Relationships

[1.5] Real Estate Agents and Brokers

[1.6] Seller’s Broker or Agent

[1.7] Buyer’s Broker or Agent

[1.8] Title Insurance Providers

[1.9] Initial Contact with Your Clients

[1.10] Seller

[1.11] Buyer

III. [1.12] Real Estate Purchase Contract

Basic Contract Requirements

[1.13] In Writing

[1.14] Parties

[1.15] Property Description

[1.16] Price

[1.17] Closing

[1.18] Possession

[1.19] “Time Is of the Essence” Clause

[1.20] Signatures

Standard Contract Provisions

[1.21] Personal Property

[1.22] Title and Exceptions

[1.23] Mortgage Contingency

[1.24] Real Estate Taxes and Prorations

[1.25] Title Evidence and Insurance

[1.26] Risk of Loss

[1.27] Default

[1.28] Walk-Through Inspection and Condition of Premises Before Closing

[1.29] Survey

[1.30] Notices

Special Contract Provisions

[1.31] Riders

[1.32] Property Inspection

[1.33] Radon

[1.34] Mold

[1.35] Attorney Approval

[1.36] Contingency on Sale of Other Property

[1.37] Termite Inspection

[1.38] Well and Septic Inspections

IV. Contract Period

[1.39] Documentation To Be Prepared or Obtained by Seller

[1.40] Title Commitment

[1.41] Survey

[1.42] Deed

[1.43] Real Estate Transfer Declarations

[1.44] Mortgage Payoff Letters and Releases

[1.45] Bill of Sale

[1.46] Affidavit of Title

[1.47] American Land Title Association Statement

[1.48] Closing Settlement Statement

[1.49] Escrow and Agency Closings

[1.50] Real Estate Tax Proration

[1.51] Miscellaneous Documents

[1.52] Documents To Be Obtained by Buyer

V. [1.53] Closing

[1.54] Representing the Seller

[1.55] Representing the Buyer

VI. [1.56] Tax Considerations

VII. [1.57] Post-Closing

VIII. [1.58] Condominiums, Townhomes, and Cooperatives

IX. [1.59] Troubleshooting Litigation Arising from Real Estate Transactions

X. Appendix — Forms

[1.60] Residential Real Property Disclosure Report

[1.61] Statutory Short Form Power of Attorney for Property

[1.62] Warranty Deed

[1.63] Bill of Sale

[1.64] Affidavit of Title

[1.65] Sample Closing Statement

[1.66] Sample §22.1 Disclosure Statement (Condominium)

Authors

Julie M. Bordo
Julie M. Bordo
Julie M. Bordo is Concierge Attorney for Professionals and Businesses for Julie M. Bordo, LLC, where she focuses on research and writing for attorneys and transactions/contracts for businesses. She is Vice President of the Board of Directors for PCH Mutual Insurance, is an author for multiple IICLE® publications, and was speaker and moderator for the IICLE® New Lawyer Institute in 2014. She is a member of the Illinois State Bar Association, North Shore Law Group, and Exclusive Professional Women’s Networking Group. Ms. Bordo was an adjunct professor at DePaul University, College of Law. She received her J.D. from IIT Chicago – Kent College of Law.
Daniel E. Fajerstein
Daniel E. Fajerstein
Daniel E. Fajerstein is a real estate attorney for the Fajerstein Law Office in Evanston. He is a member of the Illinois State and American Bar Associations and the Evanston ReBuilding Warehouse Board of Directors. Mr. Fajerstein earned his B.A. from Grinnell College, his M.A.Ed. from Washington University, and his J.D. from Chicago-Kent College of Law.

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Elements of Illinois Law: Real Estate Practice (ARCHIVED 2015 EDITION)

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