Il Purchase Agreement

Real estate purchase contracts usually include promises and provisions guaranteeing the condition of a property. Many states require sellers to disclose explicit information about the condition of a property. In states where this is necessary and where a seller intentionally conceals such information, they can be prosecuted for fraud. Illinois Residential`s purchase and sale agreement is a contract that binds two parties to a residential real estate transaction. Both parties, “sellers” and “buyers”, negotiate the terms of the agreement with the help of their broker, agent or broker. Once signed, the treaty is legally binding and cannot be broken. The provisions of the agreement set out terms such as pricing, financing, closing conditions, inspections and investigations, condition of the real estate, and other contingencies and restrictions that both parties must comply with. Residential Real Property Disclosure Report (765 ILCS 77/35) – This form must be completed by the seller and made available to the buyer before signing a purchase and sale contract (765 ILCS 77/20). The seller is not required to provide additional information in addition to the questions contained in this standard form; However, neither party has the right to waive this step in the sales process. If the seller has never actually lived in the property (or has not been responsible for the management of the property), he is not required to complete the disclosure report. Lead-Based Paint Disclosure – A mandatory state disclosure form that sellers must provide to potential buyers when their property was built before 1978.

Information about radon. Potential buyers should receive these two radon forms (420 ILCS 46/10): Radon Disclosure Pamphlets (420 ILCS 46/10) – Potential buyers should receive two radon risk forms: the brochure entitled “Radon Testing Guidelines for Real Estate Transactions” and “Illinois Disclosure of Information on Radon Hazards”. The first is a brochure written by the Illinois Emergency Management Agency (IEMA) that describes radon testing methods (however, the seller is under no obligation to test). The second form is a declaration of disclosure that must be completed by the seller….