Illinois · Standard edition

Illinois Real Estate Purchase Agreement Template

Create a Illinois real estate purchase agreement online for a for-sale-by-owner home sale. The Standard agreement covers the property, purchase price, earnest money, financing, inspection period, title, closing and possession, condition, risk of loss, seller disclosures including federal lead-based paint rules, default, and Illinois seller disclosure law.

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Illinois rules built into this template

  • Illinois disclosures: The seller must give the buyer the Residential Real Property Disclosure Report before the contract is signed. If it is delivered later and discloses a material defect, the buyer may terminate the contract within five (5) business days after receiving it and recover all earnest money (765 ILCS 77/20, 77/40).
  • Lead-based paint: for a home built before 1978, the seller must give the federal lead disclosure and pamphlet, and the buyer gets a 10-day opportunity to inspect unless waived (42 U.S.C. § 4852d).

What the Real Estate Purchase Agreement includes

  1. Property
  2. Purchase Price
  3. Earnest Money
  4. Financing
  5. Inspection Period
  6. Title
  7. Closing and Possession
  8. Condition of Property
  9. Risk of Loss
  10. Seller Disclosures
  11. Default
  12. State Law and Disclosures
  13. General Provisions
  14. Governing Law

Frequently asked questions

What disclosures does a home seller have to make in Illinois?
The seller must give the buyer the Residential Real Property Disclosure Report before the contract is signed. If it is delivered later and discloses a material defect, the buyer may terminate the contract within five (5) business days after receiving it and recover all earnest money (765 ILCS 77/20, 77/40).
Do I need a lawyer or agent to sell a house by owner?
Not always, but a title company, escrow agent, or closing attorney usually handles the closing and holds the earnest money, and some states customarily use attorneys for closings. The Standard agreement assumes a closing agent holds the deposit.
What is the difference between the Standard and Professional Real Estate Purchase Agreement?
The Standard edition is a complete, state-aware Real Estate Purchase Agreement for common situations. The Professional edition adds longer clause coverage, schedules, and optional modules for more complex matters. You can preview either edition free before you pay.

Real Estate Purchase Agreement templates for other states

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