Illinois Residential Purchase and Sale Agreement

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Updated July 09, 2022

An Illinois residential purchase and sale agreement is a binding contract covering the two parties in a residential property transaction. The two parties, “seller” and “buyer,” will negotiate the terms of the agreement with help from their broker, agent, or realtor. Once signed, the contract is legally binding and cannot be broken. Provisions contained within the agreement set forth terms and conditions like pricing, financing, closing terms, inspections and surveys, property conditions, and other contingencies and constraints by which both parties must abide.

It is the buyer’s responsibility to complete the necessary inspections of the dwelling before signing the purchase and sale agreement, just as it is the seller’s responsibility to provide the buyer with the standardized State disclosure form.

Table of Contents

Realtor Versions (2)

Chicago Assoc. of Realtors Version

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Multi-Board Realtor Version

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Disclosures (4)

Lead-Based Paint Disclosure – A federally-required disclosure form that sellers must provide to potential buyers if their property was constructed before 1978.

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Property Disclosure Report (765 ILCS 77/35) – This disclosure form must be completed by the seller and provided to the buyer before a purchase and sale agreement is signed (765 ILCS 77/20). The seller is not required to provide any additional disclosures aside from the questions included in this standard form; however, neither party has the right to waive this step in the process of the sale.

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Radon Testing Guidelines (420 ILCS 46/10) – The buyer is required to receive to give guidance on radon testing procedures.

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Radon Hazards (Disclosure of Information) (420 ILCS 46/10) – Radon disclosure that must be completed by the seller.

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Commercial Property

Commercial Purchase AgreementUse between a buyer and seller to purchase commercial property.

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