What Should You Know About the Illinois Real Estate Contract?

Standardized Legal Documents 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:


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

Parties
  • 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
Fixtures Any fixtures on the property that will be included in the purchase
Price
  • 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 prorations Property tax bills that the seller pays the buyer for the months the seller owned the property
Inspection
  • 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
Escrow
  • 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
Signatures Blank space at the end of the agreement for the parties’ signatures

Let DoNotPay Write Contracts for You in One Fell Swoop!

People usually use free contract templates when they need to draw up a document. The issue with templates, though, is that they aren’t reliable or professional. The other option is to hire a lawyer, but their service is too expensive.

This is where DoNotPay steps in. We designed a feature that generates complete, up-to-date, and personalized legal documents in three steps! 

When you create a DoNotPay account, follow this short process to get a customized contract:

  1. Type in the name of the legal document you need
  2. Give our chatbot the information your document should include
  3. Download your contract or agreement

Our robot lawyer takes only a few moments to generate your contract. Once you download it, you can use your DoNotPay account to e-sign your document and get it notarized online quickly!

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 About Contracts DoNotPay Can Generate

Free Yourself From Boring Tasks With DoNotPay’s Help

Our AI-driven app comes in handy for numerous bureaucratic or administrative chores that usually take up a lot of time. With DoNotPay’s speedy service, even the most tiresome task will be complete in a flash!

You can forget all about waiting in line at the DMV and being on hold with customer service—we will get you to the finish line in a few clicks. Tired of the old snail mail? Use DoNotPay to mail letters fast. Better yet—fax your documents using our app. If your document requires a notary’s signature, we can assist you in scheduling a virtual appointment.

No Lawyer—No Problem! Rely on the World’s First Robot Lawyer

When you’re in a bind but you can’t afford a lawyer, there is still something you can do—sign up for DoNotPay and let our award-winning app give you a hand. With our expertise, the following tasks will be a piece of cake:


Want your issue solved now?