Printable Real Estate Purchase Agreement Template for Illinois State

Illinois Real Estate Purchase Agreement

This Real Estate Purchase Agreement ("Agreement") is entered into by and between the undersigned buyer(s) ("Buyer") and seller(s) ("Seller"), concerning the real property and any improvements thereon located in the State of Illinois.

In consideration of the mutual promises herein and according to the laws of the State of Illinois, including the Illinois Residential Real Property Disclosure Act, the parties agree as follows:

1. Property. The property to be sold consists of the land and all improvements located at , legally described as ("Property").
2. Offer to Purchase and Earnest Money. The Buyer offers to purchase the Property for $ ______, of which $$ ______ is payable as earnest money upon acceptance of this offer, to be held in escrow according to the terms outlined herein.
3. Closing and Possession. The closing date shall be on , or earlier by mutual agreement. Possession of the Property will be delivered to the Buyer at closing, free of tenants, unless otherwise agreed in writing.
4. Inspection. The Buyer has the right to inspect the Property before closing to ensure that the condition of the Property is as represented. The inspection period will end on . Any requests for repairs or modifications must be made in writing prior to the expiration of the inspection period.
5. Financing. This Agreement is contingent upon the Buyer obtaining financing on or before . If financing cannot be secured, the Buyer may terminate this Agreement, resulting in a refund of the earnest money, minus any costs incurred by the Seller.
6. Title and Closing Costs. Title to the Property shall be conveyed by warranty deed, free and clear of all liens and encumbrances, except as otherwise provided in this Agreement. The Seller and Buyer agree to share equally in the payment of closing costs, unless otherwise negotiated.
7. Real Estate Taxes and Assessments. All real estate taxes, special assessments, and charges up to the date of closing will be paid by the Seller. Taxes, assessments, and charges due thereafter will be prorated between the Buyer and Seller as of the closing date.
8. Default. In the event of default by either party, the non-defaulting party has the right to seek legal remedies as provided by law, including specific performance or termination of this Agreement.
9. Notices. All notices relating to this Agreement shall be in writing and delivered in person or via electronic mail to the addresses provided by the Buyer and Seller.
10. Entire Agreement. This document, along with any attachments and/or addenda, constitutes the entire agreement between Buyer and Seller pertaining to the Property and supersedes all prior agreements, whether written or oral.
11. Signature. By signing below, both Buyer and Seller acknowledge and agree to all terms and conditions outlined in this Agreement.

Buyer's Signature:
Date:

Seller's Signature:
Date: