An Illinois residential purchase agreement is a crucial contract for buying or selling property, encapsulating terms like pricing, financing, inspections, and conditions. This legally binding document details everything from offer conditions and disclosures to deposit amounts and potential contingencies.
Given its importance, drafting it accurately is vital to avoid pitfalls. It’s common for sellers to counter or ignore offers that don’t match their expectations, highlighting the negotiation’s fluid nature.
State Laws
- Real Estate License Act of 2000 (225 ILCS 454/): This Act outlines the responsibilities of real estate professionals in Illinois. It includes provisions on the duty of real estate agents to act honestly and in the best interest of their clients. It mandates that agents disclose any material facts that could influence the buyer’s decisions or affect the value or desirability of the property [1] .
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
Property Disclosure Statement
The seller must provide a disclosure of the property's condition and any material defect (765 ILCS 77/20).
Illinois Sellers Property Disclosure Statement (Realtors Version)
Realtor's version of the previous property disclosure form provided by the Illinois Association of Realtors.
Radon Disclosure Statement
(420 ILCS § 46/1) requires sellers to provide the buyer with a radon disclosure and a copy of (Radon Testing Guidelines for Real Estate Transactions)
Do Sellers in Illinois Have to Disclose Property Defects?
No, In In Illinois, sellers are required by the Real Estate License Act of 2000 to disclose any significant facts affecting the property’s value or desirability to ensure fair dealings. Agents must reveal property defects to protect buyers and maintain transparency [lt_source id="1"].
