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Free Illinois Residential Purchase Agreement Template

An Illinois residential purchase agreement puts a home sale's price, terms, and closing date in writing. Our guided form builds a customizable template around Illinois disclosure rules in minutes.

  • Download as PDF and Word
  • E-sign included

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2

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What Is an Illinois Residential Purchase Agreement?

An Illinois residential purchase agreement is the signed contract for buying and selling a home. Under Illinois law, the seller’s disclosure report should be in the buyer’s hands before anyone signs it.

What Illinois Sellers Must Disclose

Illinois’s Residential Real Property Disclosure Act sets the order of events. Plan your Illinois residential purchase agreement around it.

Complete Every Item and Deliver Early

A seller of residential real property must complete all items in the statutory disclosure report. The seller then delivers it to the prospective buyer before the signing of a contract (765 ILCS 77/20).

Keep the Report Current

Its official form also notes the seller’s continuing obligation to supplement it before closing (765 ILCS 77/35). It also states that the report doesn’t limit the parties’ right to contract for an as-is sale.

No Report at All

Suppose the seller never provides the report before conveyance. Then the buyer has the right to terminate the contract (765 ILCS 77/20).

Can an Illinois Buyer Cancel Over a Late Disclosure?

Yes, when the late report discloses a material defect. That includes a “yes” answer to any statement except numbers 1 and 2. If such a report arrives after all parties have signed, the buyer has 5 business days after receipt to terminate (765 ILCS 77/40(a)). All earnest money and down payments come back, with no liability to the seller.

Supplements work differently. A defect disclosed in a supplement gives a termination right only in narrower cases. Examples include a defect the seller knew about at the original signing, or one the seller can’t or won’t repair before closing.

Timing matters too. Termination takes effect when written notice reaches at least one seller, and the right ends at conveyance.

Some older guides still say three business days. The current Act gives five, so work from the statute rather than an old checklist.

How to Handle an Illinois Home Sale Step by Step

A typical Illinois sale runs in this order.

  1. Fill out the disclosure report. The seller answers every item on the statutory form.
  2. Deliver it before signing. Hand the buyer the report ahead of any signatures.
  3. Sign the purchase contract. Buyer and seller then execute the Illinois residential purchase agreement.
  4. Supplement as needed. The seller updates the report if something changes before closing.
  5. Close and convey. Any termination right based on the report ends at conveyance.

What Belongs in Your Illinois Agreement

Build out the contract with:

  • Names and contact details of each party, for any notice
  • The home’s address and full legal description
  • Price, earnest money, and financing terms
  • The date the buyer received the disclosure report
  • Whether the sale is as-is, or which repairs the seller will make
  • Inspection period and closing date