Considering the important details and required disclosures necessary when buying or selling a property in Illinois, it is important to have some help when drafting any legally binding documents associated with the transaction.
Missing any crucial elements could prove to be disastrous for either of the parties involved in the sale.
Illinois Purchase and Sale Agreement
An Illinois residential purchase and sale agreement is a document that is drafted, filled, and signed by the parties involved in the sale of a property in the state of Illinois.
It is legally binding and contains all the information required by law to make such transactions legal.
Here are some of the many items that need to be included in a legal real estate purchase agreement:
Details of Potential Buyers and Sellers
Both parties involved in the real estate transaction need to provide all their details, including names, addresses, and phone numbers.
The disclosure form is one of the most important inclusions in the real estate contract. If, for example, there are radon hazards to consider, a radon disclosure form needs to be filled out according to the radon testing guidelines of Illinois.
Other disclosure forms include:
- The residential property disclosure form
- A lead paint/lead-based paint disclosure form is necessary
A legal real estate contract must have the complete property description as stated in the documents at the County Recorder’s Office in Illinois.
Earnest Money Deposits
After the initial offer and counteroffer have been made and accepted by the two parties, they need to agree on whether or not an earnest money deposit will be required. If so, it is usually 1% to 3% of the purchase price
Contingencies Important to the Prospective Buyer and Seller
Any contingencies or provisions relevant to the residential real estate property must be agreed upon by the two parties before the real estate contract can be completed.
What Are the Important Disclosures in an Illinois Real Estate Contract?
There are many disclosures relevant to each particular purchase and sale agreement, such as radon disclosures or lead paint disclosures. The ones you include in your sale agreement depend on your particular circumstances.
How Can an Escrow Agent Help With a Purchase and Sale Agreement?
Not only will an escrow agent hold the property in trust while the two parties negotiate but the agent will also handle the transfer of money and deed from each party.
Where can I find important information about an Illinois purchase and sale agreement?
The Illinois County Recorder’s Office will have all the necessary information that you require.
What Are Some of the Fixtures That You Can Include in an Illinois Real Estate Purchase Agreement?
You can include a wide range of fixtures in your purchase and sale agreement, such as:
- Light fixtures
- Built-in appliances