Il Purchase Agreement

The Illinois Purchase and Sale Contract is a contract that binds two parties to a residential real estate transaction. The two parties, “seller” and “buyer,” will negotiate the terms of the agreement with the help of their broker, agent or broker. After the signing, the treaty is legally binding and cannot be breached. The provisions of the agreement contain conditions such as pricing, financing, closing conditions, inspections and investigations, the state of real estate and other contingencies and constraints to which both parties must comply. The onus is on the purchaser to carry out the necessary inspections of the dwelling prior to the signing of the sale and sale contract, just as it is the buyer`s responsibility to make the standardized state disclosure form available to the purchaser. The residential real estate purchase agreement in Illinois (“a contract to purchase and sell housing”) is a contract entered into by two parties involved in a residential real estate transaction. The seller and buyer negotiate a price and the terms to be included in the sales and sale contract. In Illinois, sellers are required to enter into a real estate purchase agreement and the following statements and information so that it can be considered legally binding: the disclosure of residential real estate. This form must be completed by the seller and made available to the buyer before signing a sales and sale contract. (765 ILCS 77/20) Residential Real Estate Disclosure Report (765 ILCS 77/35) – This disclosure form must be completed by the seller and made available to the buyer prior to the signing of a sales and sale contract (765 ILCS 77/20).

The seller is not required to provide additional information, except for the questions contained in this standard form; However, neither party has the right to waive this measure in the sale process. If the seller has never actually lived (or had responsibility for the property), he is not required to complete the disclosure report. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. Lead-Based Paint Disclosure – A federally required disclosure form that sellers must make available to potential buyers when their property was built before 1978. Radon revelations. Potential buyers should receive these two forms of radon (420 ILCS 46/10): Radon Disclosure Pamphlets (420 ILCS 46/10) – Potential buyers must receive two radon risk forms: the radon Guideline Testings for Real Estate Transactions and the Illinois Disclosure of Information on Radon Hazards. The first is a pamphlet written by the Illinois Emergency Management Agency (IEMA) that describes radon testing procedures (but the seller is under no obligation to test).