An Illinois Real Estate Purchase Agreement is a legal contract between a buyer and a seller of a certain real estate item that binds the seller to sell it, and the buyer to purchase it under the regulations stated in the contract. It is the main document that is the basis for transferring ownership of real estate.
The agreement states the parties' rights and obligations, as well as describes all of the processes included in the deal. It designates how and when the payment can be transferred, whether the deal is supposed to be registered and when the transfer of ownership is finalized, how the expenses should be divided between the parties, and other important aspects. In addition to this, the agreement provides a thorough description of the real estate item that is subject to the deal, information about a buyer and a seller, and their representatives.
Illinois does not provide an official Real Estate Purchase Agreement for those looking to buy real estate. Make your own Illinois Real Estate Purchase Agreement via our online form builder or download a ready-made form through the link below.
A Disclosure Report (765 ILCS 77/35) must be completed by the seller and provided to the buyer prior to the signing of a sale and purchase agreement. Additional disclosures are not needed by the seller other than the stated questions included in this report. Neither the buyer nor the seller has the right to waive this step in the process of the property sale. The seller is not required to use this form if they have never actually occupied the property. Additionally, a filled-out and notarized Lead Disclosure is required for all residences built before 1978.
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