Content Overview
Form Breakdown
| Fact Name | Description |
|---|---|
| Governing Law | The Illinois Real Estate Purchase Agreement is governed by the laws of the State of Illinois. |
| Standard Form | This agreement is a standardized form commonly used for residential real estate transactions in Illinois. |
| Essential Components | Key elements typically include the purchase price, property description, and closing date. |
| Contingencies | Buyers often include contingencies for financing, inspections, and appraisal in the agreement. |
| Legal Binding | Once signed by both parties, the agreement becomes legally binding, subject to the terms outlined within. |
Sample - Illinois Real Estate Purchase Agreement Form
Illinois Real Estate Purchase Agreement
This Real Estate Purchase Agreement (“Agreement”) is made effective as of , by and between:
Seller: .
Buyer: .
This Agreement is subject to the laws of the State of Illinois.
1. Property Description
The Seller agrees to sell, and the Buyer agrees to buy, the real estate located at:
.
2. Purchase Price
The total purchase price for the Property is .
3. Deposit Amount
The Buyer shall make a deposit of within days of executing this Agreement.
4. Financing Contingency
This Agreement is contingent upon the Buyer obtaining a mortgage loan approval for the Property in the amount of within days after the agreement date.
5. Closing Date
The closing of the sale will take place on or before , at the office of .
6. Possession
Possession of the Property shall be delivered to the Buyer on the closing date unless otherwise agreed upon in writing.
7. Inspection
The Buyer shall have the right to conduct inspections of the Property within days after acceptance of this Agreement.
8. Contingencies
This Agreement is subject to the following contingencies:
- Buyer securing financing.
- A satisfactory inspection of the Property.
- Any other contingencies as mutually agreed upon.
9. Default
If Buyer defaults, the deposit shall be forfeited to Seller. If Seller defaults, the deposit shall be returned to Buyer.
10. Governing Law
This Agreement shall be governed by the laws of the State of Illinois.
11. Entire Agreement
This document constitutes the entire agreement between the parties and supersedes all prior agreements or negotiations.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
__________________________
Seller's Signature
__________________________
Buyer's Signature
Common mistakes
Filling out the Illinois Real Estate Purchase Agreement form can be a daunting task, especially for first-time buyers or sellers. One common mistake is failing to provide accurate property descriptions. The property description should include not only the address but also any relevant details such as the lot number or subdivision name. Inaccurate descriptions can lead to confusion and potential legal issues later on.
Another frequent error is neglecting to specify the closing date. This date is crucial as it sets the timeline for the transaction. Without a clear closing date, both parties may have different expectations, which can lead to disputes. It is essential to agree on a date that works for everyone involved and to include it explicitly in the agreement.
Additionally, many individuals overlook the importance of including contingencies in the agreement. Contingencies protect buyers and sellers by allowing them to back out of the deal under certain conditions, such as financing or inspection issues. Failing to include these can result in significant financial loss or unwanted obligations.
Lastly, not understanding the implications of earnest money can lead to mistakes. Earnest money shows the seller that the buyer is serious about the purchase. However, if the terms regarding the earnest money are not clearly outlined, disputes may arise over its return or forfeiture. It is vital to specify the amount and the conditions under which it may be retained or returned.
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