Illinois Residential Purchase and Sale Agreement
An Illinois residential purchase agreement is a legally binding contract that covers the two parties involved in a real estate property transaction: the seller and the buyer. Both parties negotiate the terms and conditions of the agreement with the help of their broker, agent, or realtor. Once signed, the contract cannot be broken.
The agreement contains provisions that outline the terms and conditions of the transaction, including pricing, financing, closing terms, inspections and surveys, property conditions, and other contingencies and constraints that both parties must adhere to.
The buyer must complete all necessary property inspections before signing the purchase and sale agreement. On the other hand, the seller must provide the buyer with the standardized State disclosure form.
Purchase Agreement Timeline
- Day 1 – The Seller accepts the buyer’s offer.
- Day 2-14 – The agreement is drafted then both parties sign the purchase agreement.
- Day 15-25 – The buyer usually schedules the home inspection and the Title Search begins.
- Day 26-70 – Financing is secured. The seller starts to move out (vacate) the property.
- Closing Day – The home sale is complete once both parties sign the purchase agreement.
Concession Granted – Must be mentioned in the lease under the header “Concession Granted” which should be at least one-half inch tall. Failure to include this header is a misdemeanor in Illinois.
Lead-Based Paint Disclosure – Any property built before 1978 requires lead paint disclosure under federal law.
Sources: 765 ILCS 730 Concession Act