The Illinois purchase agreement is a standard contract for the sale of real estate from one party to another. The buyer’s agent will usually draft the first copy of the form as an initial offer on the home for sale. The document must include major transaction details such as the sales price, buyer/seller provisions, and settlement date.
After both parties come to an agreement on the terms of the transaction, they may sign the form to solidify the legality of the contract.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – The U.S. law code requires sellers (whose homes are older than 1978) to furnish buyers with information related to lead paint. This includes documentation regarding known hazards within the property, as well as educational materials such as the EPA’s “Protect Your Family From Lead in Your Home” pamphlet.
Radon (420 ILCS 46/10) – The state of Illinois mandates that sellers of real property must supply this disclosure along with a copy of the IEMA’s Radon Testing Guidelines for Real Estate Transactions to the prospective buyer upon entering into an agreement.
Residential Real Property Disclosure Report (765 ILCS 77/20) – According to the Residential Real Property Disclosure Act, any individual looking to sell their home must first fill out, sign, and deliver a disclosure form to the individual seeking to purchase the property. This form should include all material defects that the property may contain. (This packet includes a mold disclosure form, it is not legally required.)
Realtor Version
Chicago Association of Realtors – PDF
Illinois Association of Realtors – PDF