Illinois Real Estate Purchase Agreement

The Illinois residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract created by two parties involved in a residential property transaction. The seller and the buyer will negotiate a price and the terms that are to be included in the purchase and sale agreement.

Do Sellers in Illinois Have to Disclose Property Defects?

Illinois does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in Illinois

• Residential Real Property Disclosure . This form must be completed by the seller and provided to the buyer before a purchase and sale agreement is signed.
• Lead-Based Paint Disclosure . Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
• Radon. Potential buyers must receive both the Illinois Disclosure of Information on Radon Hazards and the Radon Testing Guidelines for Real Estate Transactions

Frequently Asked Questions

How Do You Write a Real Estate Contract in Illinois? To write a real estate contract in Illinois, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Illinois? You can get out of a real estate contract in Illinois during several stages of the buying process. The purchase is typically contingent on an inspection of the property for the presence of lead-based paint and/or hazards at the buyer’s expense. If this is not completed by the 10th calendar day, the agreement can be cancelled. Read more » What Is the Effective Date of a Real Estate Contract in Illinois? In Illinois, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Illinois? In Illinois, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Illinois? To fill out a real estate contract in Illinois, first, download our customizable Illinois real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »