|
Check box format.
Refer to _________
Phone _________
Escrow Trust Instructions (Sale)
| Application Number |
Escrow Trust Number |
Date |
To: Chicago Title and Trust Company, Escrow Trustee:
Sellers Deposits with the Escrow Trustee
_______________ for the seller(s) (hands you) (will deposit)
o Warranty Deed o Executor's Deed o Trustee's Deed
o (Warranty) (Quit Claim) Deed in Trust
from
to _______________
| conveying |
o |
premises described in Chicago Title Insurance
Company (commitment) (policy) number _________ dated _________. |
|
o |
property described in exhibit A attached
hereto. |
and also
|
has |
will |
deposit(ed) the following: |
|
1. o |
o |
affidavit of title |
|
2. o |
o |
pay-off letters re existing encumbrance(s)
|
|
3. o |
o |
copy of survey of premises in question
|
|
4. o |
o |
(tax) (special assessment) bills for
|
|
5. o |
o |
Plat Act Affidavit |
|
6. o |
o |
Bill of Sale |
|
7. o |
o |
Existing Leases & Assignments thereof
|
|
8. o |
o |
Letters to tenants |
|
9. o |
o |
ALTA Statement |
|
10. o |
o |
$_____ earnest money |
|
11. o |
o |
|
|
12. o |
o |
|
Purchaser's Deposits with the Escrow Trustee
_______________for the purchaser(s)
|
has |
will |
deposit(ed) the following: |
|
1. o |
o |
$_____ by (certified) (uncertified)
(cashier's) check(s) (wire transfer) |
|
2. o |
o |
$ in currency |
|
3. o |
o |
$ earnest money |
|
4. o |
o |
$ all or part of which may be proceeds of a
loan said sum to be deposited under the terms of separate money lenders
instructions attached hereto and made a part hereof. |
|
5. o |
o |
ALTA Statement |
|
6. o |
o |
Deed in trust from _________ to _________
conveying the above described premises |
|
7. o |
o |
|
|
8. o |
o |
|
and also (deposited) (will deposit) _______________ _______________
_______________
_______________
o Joint Deposits with the Escrow Trustee (Applicable only if checked)
The parties jointly on behalf of seller and on behalf of purchaser
| o |
o |
executed contract for the sale of premises in
question |
| o |
o |
executed Real Estate Transfer Declaration(s)
(State of Illinois) (City of Chicago) |
o Brokers Deposit with the Escrow Trustee (Applicable only if checked)
_______________
_______________ deposits $_____ earnest money
When you have received (all deposits) (all deposits except _________) you are
authorized and directed to proceed as follows:
|
o |
Purchase ($_____ in City of Chicago transfer
stamps) o Purchase ($_____ in State of Illinois transfer stamps) and affix
to the deed (before) (after) recording., then |
|
o |
record the deed (and mortgage) at once
(before) (after) uncertified checks have been paid. |
When Chicago Title Insurance Company is prepared to issue its regular form of
owners title insurance policy with or without Extended Coverage over General
Exceptions 1, 2, 3, 4 and 5 in the amount of $_____ subject to the usual terms,
conditions and exceptions contained in the policy, insuring the title of
grantee(s) in the deed, subject only to the following: (Applicable only if
checked)
| Title OK |
o |
Taxes for the year(s) _________ and
subsequent years |
| on ______ |
o |
Building lines, building use or occupancy
restrictions, covenants, |
| Except |
|
and conditions of record (if any) (recorded
as document(s) _________ |
|
o |
Party wall rights & agreements (if any)
[recorded as document(s)] |
|
o |
Exception(s) as shown in Schedule B of
Chicago Title Insurance Co. (Commitment) (Owner's Policy) aforesaid
|
|
o |
Mortgage encumbrance(s) (recorded under this
instrument) (recorded as document(s) and assignments of Rents & Financing
Statements (if any) given as additional security |
|
o |
|
|
o |
Easements for sewers, water, drainage, and
public utilities as shown on plat of subdivision or in recorded grants, if
any. |
|
o |
Acts done or suffered by or judgments against
grantee |
|
o |
Rights of the public, State, and Municipality
in and to that part of the land taken, used or dedicated for roads and
highways. |
|
o |
And provided you are prepared to
comply with the terms of the money lenders escrow trust instructions.
|
|
o |
And provided you have been
advised in writing by buyer's and seller's representatives as to the amount
of agreed prorations. |
|
You are authorized and directed
to proceed as follows: |
|
o |
Pay sellers title and escrow trust charges
|
|
o |
Pay prorations to the order of purchaser,
less purchasers title and escrow trust charges which you are authorized and
directed to deduct and pay, and less the cost of City Transfer Stamps, if
any. |
|
o |
Pay (general taxes) (and) (special
assessments) for the year(s) — |
|
o |
Pay an amount sufficient to obtain release
and cancellation of existing mortgage encumbrance(s). |
|
o |
Pay $_____ as brokers commission as follows:
_________ _______________ |
|
o |
Pay $_____ as attorneys fees to _________
|
|
o |
Pay an amount sufficient to obtain the
satisfaction and release of all liens and encumbrances of record of an
ascertainable amount in accordance with pay off letters deposited or as
approved in writing by seller. |
|
o |
|
|
o |
|
|
o |
|
|
o |
Pay the balance to grantors as proceeds of
the sale |
|
o |
Deliver remaining escrow trust deposits as
follows: |
|
|
Seller's deposit No's. to Purchaser.
|
|
|
Purchaser's deposit No's. _________ to
_________. |
Deliver Chicago Title Insurance Company Owners Policy to _________
Deliver Chicago Title Insurance Company Mortgage Policy to _________
Direct that _________ be billed for $_____ Chicago Title Insurance Company
Owners policy to include _________ recording release deeds and release fees as
to existing mortgages, financing statements, assignments of rent, and security
documents, of record, if any; recording documents to clear Seller's title; and
_______________ escrow trust fee.
Direct that _________ be billed for later date(s) to include _________,
increased coverage $_____ recording deed(s) to Buyer; recording trust deed(s),
assignments of rent, and financing statements, if any; mortgage policies, if
any, and _______________ escrow trust fee.
An annual maintenance fee, as determined by the then current rate schedule,
will commence _______________ and may be deducted from the funds on deposit.
You o are o are not to pay charges on above numbered application incurred
prior to this Escrow Trust. In the event the Escrowee is directed to pay all
title and escrow charges, and for any reason is unable to pay all or any part of
those charges at closing, then those unpaid charges shall be the responsibility
of the party directing the payment. The parties have previously entered into an
agreement for the sale of the premises described herein.
_______________
Default Provisions (Applicable only if checked)
|
o |
In the event all escrow trust deposits have
not been received on or before _________[date], you are authorized
and directed to continue to comply with the escrow trust instructions until
you have received a written demand from any party for the return of the
escrow trust deposits made by the party. Upon receipt of such demand, you
are authorized and directed to return to the party making demand the escrow
trust deposits made by the party without notice to any other party and
deliver the remaining escrow trust deposits to the respective depositor.
|
|
o |
In the event the seller's Escrow Trust
deposits have not been received on or before _________[date], or in
the event the purchaser's Escrow Trust deposits have not been received on or
before _________[date], then in either event you are authorized and
directed to continue to comply with the Escrow Trust Instructions until you
have received a written demand from any party for the return of the Escrow
Trust deposits made by the party. Upon receipt of such demand, you are
directed to notify the party who has failed to make deposits by certified
mail at the addresses shown that you have received such demand, and the
party who has failed to make deposits shall have _________ days after the
date of your certified letter within which to make deposits. If the deposits
are not made within said _________ day period, you are directed to comply
with such demand and deliver the remaining deposits to the respective
depositor, provided however, that in the event the purchaser fails to make
deposits, then upon the written demand of the seller for the return of
deposits, you are directed to deduct and pay from the earnest money deposit
the real estate commission in the amount of $_____ and pay the balance of
the earnest money deposit to the order of the seller. In the event the
seller fails to make deposits, then upon the written demand of the purchaser
for the return of deposits, the earnest money deposit shall be refunded to
the order of the purchaser. If the deposits are made within day period, you
are directed to disregard any demand for the return of deposits.
|
|
Reconveyance and Standard Provisions |
| Reconveyance Provisions |
(1) In the event Chicago Title Insurance
Company is not prepared to issue its Owner's and/or Mortgage Title Insurance
Policies as provided or you are not prepared to execute the disbursement and
other instructions on or before _________, you are authorized and directed
to continue to comply with the Escrow Trust Instructions until the receipt
of a written demand from any party for the return of Escrow Trust Deposits
made by said party. Upon receipt of a demand, you are authorized and
directed to return to the party making demand the Escrow Trust Deposits made
by such party without notice to any other party and to deliver the remaining
Escrow Trust Deposits to |
| (Strike * to * if not applicable)
|
the sole order of the respective depositors,
* provided however that before returning the sum of $_____, being the
proceeds of the indebtedness secured by the trust deed described on demand
or order of the depositor you as Escrow Trustee have in your possession the
Trust Deed described together with all of the principal notes and interest
coupons described and secured* and provided further that before returning
any Escrow Trust Deposits on the order or demand of the purchaser or
representative, you as Escrow Trustee, have received in this Escrow Trust a
Quit Claim deed from _________ to _________ purporting to reconvey the Real
Estate described and that you have recorded the Quit Claim deed and after
Chicago Title Insurance Company has made a later date title search covering
the date of record of the Quit Claim deed, and Chicago Title Insurance
Company is prepared to issue its Owner's Title Insurance Policy in usual
form in the amount stated insuring the title of the grantee in the Quit
Claim deed of reconveyance free and clear of acts done or suffered by or
judgments against the grantors in the Quit Claim |
| (Strike * to * if not applicable)
|
deed; and provided * further that you, as
Escrow Trustee, have cancelled that trust deed and the principal notes and
interest coupons therein described and secured thereby and that you have
obtained a release deed and have recorded the release deed.* _________ pays
for later date title search, for recording and showing the reconveyance deed
and the release deed and for release fee. |
| Deposits after Time |
(2) If the Escrow Trust Agreement directs you
to continue to comply with instructions following expiration of a time limit
for making a deposit until demand is received from the other party, unless
otherwise provided, the deposit may be made and accepted at any time prior
to receipt of the demand and the default will be cured by deposit.
|
| Deposits—Investment |
(3) Deposits made pursuant to these
instructions may be invested on behalf of any party or parties: Provided,
that any direction to Escrow Trustee for such investment shall be expressed
in writing and contain the consent of all other parties to this escrow, and
also provided that you are in receipt of the tax payer's identification
number and investment forms as required. Escrow Trustee will, upon request,
furnish information concerning its procedures and fee schedules for
investment. |
|
Except as to deposits of funds for which
Escrow Trustee has received express written direction concerning investment
or other handling, the parties agree that the Escrow Trustee shall be under
no duty to invest or reinvest any deposits at any time held by it, and,
further, that Escrow Trustee may commingle such deposits with other deposits
or with its own funds in the manner provided for the administration of funds
under Section 2-8 of the Corporate Fiduciary Act (205 Ill Comp Stat 620/2-8)
and may use any part or all such funds for its own benefit without
obligation to any party for interest or earnings derived, if any. Provided,
however, nothing in this instrument shall diminish Escrow Trustee's
obligation to apply the full amount of the deposits in accordance with the
terms of this Agreement. |
|
In the event the Escrow Trustee is requested
to invest deposits hereunder, Chicago Title and Trust Company is not to be
held responsible for any loss of principal or interest which may be incurred
as a result of making the investments or redeeming said investment for the
purposes of this escrow trust. |
| Default |
(4) No claim of a default shall be valid if
the party making same is also in default, unless the default is caused by a
failure of the other party to take some action required by the escrow trust.
|
| Business Day |
(5) Wherever under the terms and provisions
of this Escrow Trust agreement the time for performance of a condition falls
upon a Saturday, Sunday or holiday such time for performance shall be
extended to the next business day. |
|
For the above purposes, amendments to the
Escrow Trust agreement shall be considered the same as the agreement.
|
| _________ |
_________ |
| _________ |
_________ |
Accepted:
By
______________________________________________________________________________________
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