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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)

[1.67] Sample Escrow Agreement

Authors

Genevieve M. Daniels
Genevieve M. Daniels
Genevieve M. Daniels is the Founder of Genevieve M. Daniels, P.C., in Highland Park and Chicago, where she focuses on real estate transactions (commercial and residential, investment, and leasing) and real estate litigation. She regularly writes and presents on recent legal developments, trends, and practical advice. She is also a member of the Illinois Real Estate Lawyers Association and the Illinois State Bar Association. Ms. Daniels received her B.A. with honors from Loyola University Chicago and her J.D. from Northwestern University Pritzker School of Law.

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Elements of Illinois Law: Real Estate Practice 2023 Edition

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