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NEW CAR CONTRACT FORMS now online!

Our good friends at the Chicago Association of Realtors have published new stock contracts for local real estate transactions. It had been about five years since the last set of revisions. At first blush, it seems like some good work.

Then again, one of the occupational hazards of being a lawyer is the compulsive need to read all the fine print and I'm still reviewing mine to decide how happy (disgruntled) There is at least one silly gaffe on the condo contract -> sellers are supposed to purchase surveys for their buyers? Fat chance that. But until my colleagues pick up on that one or the board revises the revision, I am looking forward to poking some seller lawyers in the sides when they show up at closing without....

Comments

Anonymous said…
A comment on the survey for a condo. This addresses new contruction communities like Riverside Homes, Roosevelt Square and University Village where there are single family homes/detached but are paying assessments because they are part of a larger development plan that has condos and townhomes. It's there for this purpose. By the way there are also updated riders which include short sale.
it certainly makes sense that in the case of a NEW condo project, a first buyer would want to receive a copy of the survey. i insist on it when i represent such buyers. from that perspective the provision does indeed make sense - whether the unit is an apartment, townhouse or detached. the problem here is that the provision seems to apply to ALL condos whether newly constructed or a resale.

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