Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. Residential Real Estate Disclosure Report (765 ILCS 77/35) – This disclosure form must be completed by the seller and made available to the buyer prior to the signing of a sales and sale contract (765 ILCS 77/20). The seller is not required to provide additional information, except for the questions contained in this standard form; However, neither party has the right to waive this measure in the sale process. If the seller has never actually lived (or had responsibility for the property), he is not required to complete the disclosure report. The residential real estate purchase agreement in Illinois (« a contract to purchase and sell housing ») is a contract entered into by two parties involved in a residential real estate transaction. The seller and buyer negotiate a price and the terms to be included in the sales and sale contract. Radon (420 ILCS 46/10) – The State of Illinois requires sellers of real estate to make this disclosure available to the potential buyer when entering into an agreement.
Residential Real Estate Disclosure Report (765 ILCS 77/20) – Under the Real Ownership Act, anyone wishing to sell their home must first complete, sign a disclosure form and send a disclosure form to the person who wishes to purchase the property. This form should contain all material defects that may contain the property. (This package contains a form disclosure form, it is not legally required.) Disclosure of residential real estate. This form must be completed by the seller and made available to the buyer before signing a sales and sale contract. (765 ILCS 77/20) The Illinois sale contract is accepted from one party to the other during the real estate exchange. The buyer`s representative will usually design the first copy of the form as the first offer on the house for sale. As part of the contract, several different sections ask for information on how the transaction will proceed. Some of the most important aspects of the sale that must be included in the document are the price of the home, the buyer/seller rules and the billing date. Once the two parties have agreed on the terms of the transaction, they can sign the form in order to consolidate the legality of the contract. The Illinois Purchase and Sale Contract is a contract that binds two parties to a residential real estate transaction.