What Should You Know About the Illinois Real Estate Contract?

How Does the Illinois Real Estate Contract Work?

If you don’t work in the legal justice field, you may be baffled when dealing with a legal document. Buying or selling a home is an important life decision—and that process itself is complicated.

If this is your first time entering into an Illinois real estate contract, DoNotPay has your back.

A real estate sale and purchase agreement is the most common real estate contract people use. Find out:

  • How this real estate contract works in the state of Illinois
  • What you need to pay attention to when reviewing and writing your terms and conditions
  • How to write different documents when you

What Is a Real Estate Sale and Purchase Agreement?

A real estate sale and purchase agreement is a legally binding document between a buyer and a seller of real property.

The parties need to define clearly the most important items in the contract before drafting the agreement, such as:

  1. Buyer and seller
  2. Real property that is being exchanged
  3. Purchase price

What You Should Know About the Real Estate Contract in Illinois

Buyers and sellers of real estate in Illinois usually use the standard Multi-Board Residential Real Estate Contract. It’s intended for the sale and purchase of real property, and it details all the terms and conditions of this exchange.

When either party signs the contract, they have five days to review it with their attorney. This is called the Attorney Review. You’ll often find the clause in the contract that includes the Attorney Review provision.

Here are a few details about the Illinois Multi-Board Residential Real Estate Contract you should keep in mind:

  • Signatures on the contract can be digital or electronic
  • Date when the parties sign the agreement is referred to as the Date of Acceptance
  • Deposit money the buyer pays is called the earnest money, and it’s held by an escrowee
  • Seller may be identified as OOR—the owner of the property—and not by their full name if a real estate agent is acting on their behalf 

Note also that licensed agents often write real estate contracts for their clients. The clients usually review real estate contracts with their attorneys to determine whether they should modify the offered terms and conditions.

What Sections To Include if You’re Writing Your Illinois Real Estate Contract

Although you can have your realtor write you a real estate contract, you can also do it yourself! Check out the table below to see what sections you should include in your agreement:

Illinois Real Estate Contract Sections

Details To Include

  • Buyer name
  • Seller name
  • Names of any third parties involved in the exchange, such as a realtor or a broker
Property description
  • Location
  • Square footage
  • Number of rooms
FixturesAny fixtures on the property that will be included in the purchase
  • Purchase price of the property
  • Earnest money amount
  • Closing credits
Financing contingency
  • The loan amount and the lending institution
  • Date when the buyer will get a loan to purchase the property—Loan Contingency Date
  • A statement that the buyer can back out of the deal if they don’t get a loan
Transfer of property
  • Closing time and place
  • Date when the buyer gains possession
Tax prorationsProperty tax bills that the seller pays the buyer for the months the seller owned the property
  • A statement that says whether the buyer will take the property “as is” or do an inspection
  • Improvements that the buyer wants the seller to make after the inspection
  • Name of the escrowee—the third party that keeps the buyer’s earnest money
  • Under which conditions the buyer can back out of the deal and keep the earnest money
SignaturesBlank space at the end of the agreement for the parties’ signatures

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Check out the table below to see what kind of contracts you can learn about and create with DoNotPay:

Real Estate Topics You Can Learn AboutContracts DoNotPay Can Generate

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