Terms and Conditions
A. Reservation Purpose:
This agreement serves as a reservation for the specified unit at Château on Wells. By signing this agreement, the Buyer indicates their intent to purchase the reserved unit, subject to the execution of a formal purchase agreement. This reservation is non-binding and does not constitute a formal offer or contract of sale.
B. Purchase Agreement:
Within the reservation period, the Buyer will have the opportunity to review and sign a formal purchase agreement for the unit. The terms of the purchase, including the final price, payment schedule, and completion timeline, will be outlined in the purchase agreement.
C. Reservation Expiration:
If the Buyer does not sign the purchase agreement within the reservation period, this reservation will expire, and the unit may be made available to other interested parties. The reservation deposit will be refunded, less any applicable administrative fees, if the Buyer does not proceed with the purchase.
D. No Obligation:
This reservation agreement does not obligate the Buyer to purchase the unit, nor does it obligate the Developer to sell the unit. It is intended solely to reserve the unit for a specified period while the parties negotiate the terms of the purchase agreement.
E. Confidentiality:
Both parties agree to keep the terms of this reservation agreement confidential and not to disclose them to any third party, except as required by law.
F. Governing Law:
This agreement shall be governed by and construed in accordance with the laws of Cook County, Chicago, Illinois.
