Updated June 17, 2022
An Illinois commercial real estate purchase and sale agreement contains the key terms and conditions of a commercial property transaction. The parties, the seller of the property and the potential buyer, will read through this document with their real estate agent (and usually a lawyer) and send revisions back and forth until they are satisfied with the terms. The sale price, property location and condition, inclusions and exclusions of the premises, the rights, obligations and liabilities of the parties, and buyer’s contingencies are key provisions of a purchase and sale agreement.
Disclosures
Consumers’ Guide to Real Estate Agency in Illinois (225 ILCS 454/15-35) – This pamphlet includes a section for establishing Designated Agency Disclosure between an agent and their client.
Notice of No Agency – Used by an agent who is representing one party (for example the “seller”) in a real estate transaction in a situation where the other party (“buyer”) does not want to use their own agent. This discloses that the seller’s agent does not represent the buyer but is assisting in achieving a successful transaction.
Dual Agency Disclosure (225 ILCS 454/15-45) – Discloses that agency may represent more than one party to the transaction; requires the consent of parties.
Realtor Version
Northern Illinois Commercial Association of Realtors – Adobe PDF
Residential Property
Illinois Residential Purchase Agreement – A legally binding written agreement between the owner of residential real estate and the person intent on buying it.
Download: Adobe PDF, MS Word, OpenDocument