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Illinois Real Estate Purchase Agreement Generator

Draft a comprehensive real estate purchase contract that follows Illinois real estate practices, including attorney review periods, detailed property disclosures, and Chicago-area transfer tax considerations.

What is an Illinois Real Estate Purchase Agreement?

An Illinois Real Estate Purchase Agreement is a legally binding contract between a buyer and seller for the purchase and sale of real property located in Illinois. This document outlines the terms and conditions of the transaction in accordance with Illinois real estate law, including financing contingencies, property disclosures, inspection periods, and closing procedures specific to Illinois practice.

Key Sections Typically Included:

  • Parties and Property Legal Description
  • Purchase Price and Earnest Money Deposit
  • Illinois Residential Real Property Disclosure Act Requirements
  • Mortgage Contingency with Illinois-Specific Timing
  • Attorney Review and Professional Inspection Provisions
  • Radon and Lead-Based Paint Disclosures
  • Illinois Title Insurance and Survey Requirements
  • Cook County/Chicago Transfer Tax Allocations (if applicable)
  • Illinois Good Funds Requirements for Closing
  • Real Estate Transfer Tax Stamps Responsibility
  • Possession Terms and Prorations
  • Illinois-Specific Closing Procedures
  • Seller's Disclosure of Known Material Defects
  • Homeowner Association Documents and Disclosures
  • Property Tax Proration Methodology
  • Default Remedies and Dispute Resolution
  • Illinois Special Assessment Disclosures
  • Flood Zone and Environmental Disclosures
  • Illinois-Specific Riders (Condominium, New Construction, etc.)

Why Use Our Generator?

Our Illinois Real Estate Purchase Agreement generator creates a comprehensive document tailored to Illinois real estate practices and legal requirements. Illinois has unique procedures regarding attorney review periods, disclosure requirements, and closing practices that differ significantly from other states. This agreement includes essential Illinois-specific provisions that protect both buyers and sellers while ensuring compliance with state and local real estate laws.

Frequently Asked Questions

  • Q: What are the required disclosures for an Illinois real estate transaction?

    • A: The agreement should incorporate Illinois' mandatory disclosure requirements, including the Residential Real Property Disclosure Report (765 ILCS 77/35), which covers 23 specific items about the property's condition. Additional required disclosures include radon hazard disclosure, lead-based paint disclosure for homes built before 1978, and disclosure of mine subsidence in relevant areas. The agreement should also address whether the property is in a special flood hazard area, if it's subject to a municipal transfer tax, and whether it's governed by a homeowners association (requiring disclosure of association documents). For Chicago properties, the Residential/Condominium Landlord and Tenant Ordinance disclosures may be required.

  • Q: How should attorney review and inspection contingencies be structured in Illinois?

    • A: In Illinois, particularly in the Chicago metropolitan area, the agreement should include an attorney review provision allowing 5-7 business days for the buyer's and seller's attorneys to review and propose modifications. The inspection contingency should provide a defined timeframe (typically 5-10 business days) for conducting professional inspections, specifying the process for requesting repairs or credits based on inspection findings. The agreement should outline the procedure if the parties cannot reach an agreement on inspection issues (typically allowing the buyer to terminate or accept the property as-is) and specify that the earnest money will be returned if the contract is terminated during the attorney review or inspection periods.

  • Q: What financing and closing provisions are important in an Illinois real estate purchase agreement?

    • A: The mortgage contingency should specify the timeframe for the buyer to secure financing (typically 30-45 days in Illinois), the loan type and terms, and the procedure for extending the contingency period if needed. The agreement should address Illinois "good funds" law requirements for closing, specify the title company handling the closing escrow (or if an attorney will handle it), and allocate responsibility for title insurance costs (in northern Illinois, the seller typically pays for owner's title insurance). The document should address the allocation of transfer taxes (Chicago/Cook County have specific allocation customs), specify the property tax proration method (in Illinois, taxes are often paid in arrears), and detail whether a municipal transfer stamp or inspection is required before closing.