Illinois Real Estate Purchase Agreement

Last Updated: December 15, 2023 by Phil Ahn

Illinois Real Estate Purchase Agreement Template_1 on

The Illinois residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract created by two parties involved in a residential property transaction. The seller and the buyer will negotiate a price and the terms that are to be included in the purchase and sale agreement.

Do Sellers in Illinois Have to Disclose Property Defects?

Illinois does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.   

Required Seller Disclosures in Illinois

Along with any material defects with the property, sellers in Illinois will also need to provide the following: