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.
Required Seller Disclosures in Illinois
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Illinois, sellers are required to complete a real estate purchase agreement and the following disclosures and information in order for it to be considered legally binding: Residential Real Property Disclosure.
This form must be completed by the seller and provided to the buyer before a purchase and sale agreement is signed. (765 ILCS 77/20)
Radon Disclosures. Potential buyers must receive these two forms regarding radon (420 ILCS 46/10):