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 Illinois sale contract is accepted from one party to the other during the real estate exchange. The buyer`s representative will usually design the first copy of the form as the first offer on the house for sale. As part of the contract, several different sections ask for information on how the transaction will proceed. Some of the most important aspects of the sale that must be included in the document are the price of the home, the buyer/seller rules and the billing date.
Once the two parties have agreed on the terms of the transaction, they can sign the form in order to consolidate the legality of the contract. Residential Real Estate Disclosure Report (765 ILCS 77/20) – Under the Real Ownership Act, anyone wishing to sell their home must first complete, sign a disclosure form and send a disclosure form to the person who wishes to purchase the property. This form should contain all material defects that may contain the property. (This package contains a form disclosure form, it is not legally required.) Radon (420 ILCS 46/10) – The State of Illinois requires sellers of real estate to make this disclosure available to the potential buyer when entering into an agreement.