Real Estate Counterproposal to Contract
THIS REAL ESTATE COUNTERPROPOSAL TO CONTRACT ("Counterproposal") is made and entered into as of [DATE] ("Effective Date"), by and between [YOUR COMPANY NAME], a [TYPE OF LEGAL ENTITY] ("Company"), duly organized and existing under the laws of [JURISDICTION], with its principal office located at [YOUR COMPANY ADDRESS], and [BUYER’S FULL NAME] ("Buyer"), an individual resident of [COUNTRY/JURISDICTION], residing at [ADDRESS].
1. DEFINITIONS
1.1. "Agreement" shall mean this Counterproposal including all its schedules, exhibits, and attachments, as may be amended or supplemented from time to time.
1.2. "Closing" refers to the completion of the sale and purchase of the Property as specified in this Counterproposal.
1.3. "Confidential Information" includes all information, whether written, electronic, or oral, disclosed under this Counterproposal that is designated as confidential or that reasonably should be understood to be confidential given the nature of the information and the circumstances of disclosure.
1.4. "Property" refers to the Purchased Property as detailed in Section 2.1 of this Counterproposal.
1.5. Other capitalized terms used but not defined herein shall have the meanings ascribed to them in the Proposed Sales Agreement dated [DATE], between the Parties (the "Proposed Agreement").
2. COUNTERPROPOSAL
2.1. Purchased Property: The Property subject to this Counterproposal is legally described as follows: Commencing at the Southeast corner of Lot 12, Block 9 of Oakwood Estates, according to the recorded plat thereof in Book 45 of Plats, page 12, in the Office of the County Recorder of Cook County, Illinois; thence North along the East line of said Lot 12, a distance of 150 feet to the Northeast corner thereof; thence West along the North line of said Lot 12, a distance of 100 feet to the Northwest corner thereof; thence South along the West line of said Lot 12, a distance of 150 feet to the Southwest corner thereof; thence East along the South line of said Lot 12, a distance of 100 feet to the point of beginning, containing 15,000 square feet, more or less, further identified as Parcel Number 23-45-6789, situated in Chicago, Illinois, collectively referred to as the "Property".
2.2. Purchase Price: The total Purchase Price for the Property is set at USD $750,000, subject to adjustments as outlined herein.
2.3. Terms of Payment: 2.3.1. Initial Deposit: An initial deposit of USD $150,000 shall be made by the Buyer within 10 days following the execution of this Counterproposal. 2.3.2. Balance Payment: The balance of the Purchase Price, less the initial deposit, shall be due and payable on or before the Closing, scheduled for 90 days from the acceptance of this Counterproposal.
2.4. Closing Details: 2.4.1. The Closing shall take place on [DATE], or such other date as mutually agreed upon by the Parties, subject to the fulfillment of all conditions precedent described herein. 2.4.2. The Closing shall occur at the offices of [ESCROW AGENT OR TITLE COMPANY NAME], located at [ADDRESS], unless another location is mutually agreed upon.
3. CONDITIONS PRECEDENT
3.1. Inspections and Approvals: The obligation of the Buyer to purchase the Property is contingent upon satisfactory completion of all necessary inspections and receipt of all required approvals relating to the Property's condition, zoning, and use permissions.
3.2. Financing: This Counterproposal is conditional upon the Buyer obtaining financing for the Purchase Price on terms satisfactory to the Buyer.
3.3. Title Review: The Buyer's obligation to purchase is further contingent upon receiving a satisfactory title insurance commitment, insuring the Buyer's fee simple interest in the Property, free and clear of all encumbrances, except for those acceptable to the Buyer.
4. REPRESENTATIONS AND WARRANTIES
4.1. By the Company: The Company represents and warrants that it has full authority to enter into this Counterproposal and that there are no legal impediments to the Company's performance under this Counterproposal.
4.2. By the Buyer: The Buyer represents and warrants that they have the legal capacity to enter into this Counterproposal and to fulfill their obligations herein.
5. CONFIDENTIALITY
Both Parties agree to maintain the confidentiality of the Confidential Information and to use such information only for purposes of completing the transactions contemplated by this Counterproposal.
6. GOVERNING LAW AND DISPUTE RESOLUTION
6.1. Governing Law: This Counterproposal shall be governed by and construed in accordance with the laws of [JURISDICTION], without giving effect to any choice or conflict of law provision or rule.
6.2. Dispute Resolution: Any disputes arising from or related to this Counterproposal shall be resolved through arbitration in [LOCATION], in accordance with the rules of the [ARBITRATION ASSOCIATION].
7. MISCELLANEOUS
7.1. Amendments: This Counterproposal may only be amended or modified by a written document signed by both Parties.
7.2. Notices: All notices under this Counterproposal must be in writing and will be deemed given when delivered personally, sent by certified or registered mail, or sent by email with confirmation of receipt.
7.3. Waiver: No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving.
7.4. Counterparts: This Counterproposal may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Parties have executed this Counterproposal as of the Effective Date.
FOR [YOUR COMPANY NAME]:
By:
Name:
Title:
Date:
Signature of Authorized Representative:
FOR [BUYER'S FULL NAME]:
By:
Name:
Date:
