Illinois Residential Purchase and Sale Agreement

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An Illinois Residential purchase and sale agreement is a contract that binds 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 condition, 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 Version

Multi-Board Residential Real Estate Contract – Adobe PDF

Required Disclosures

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

Residential Real 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. If the seller never actually occupied the property (or had management responsibility for the property), they are not required to complete the disclosure report.

Radon Disclosure Pamphlets (420 ILCS 46/10) – Potential buyers must receive two forms regarding radon hazards: the pamphlet titled “Radon Testing Guidelines for Real Estate Transactions” and the “Illinois Disclosure of Information on Radon Hazards“. The former is a pamphlet drafted by the Illinois Emergency Management Agency (IEMA) that describes radon testing procedures (however, the seller is in no way obligated to perform any tests). The second form is a disclosure statement which must be completed by the seller.

Commercial Property

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

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