An Illinois residential purchase agreement is a crucial contract for buying or selling property, encapsulating terms like pricing, financing, inspections, and conditions. This legally binding document details everything from offer conditions and disclosures to deposit amounts and potential contingencies.
Given its importance, drafting it accurately is vital to avoid pitfalls. It’s common for sellers to counter or ignore offers that don’t match their expectations, highlighting the negotiation’s fluid nature.
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Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
The seller must provide a disclosure of the property's condition and any material defect (765 ILCS 77/20).
Realtor's version of the previous property disclosure form provided by the Illinois Association of Realtors.
(420 ILCS § 46/1) requires sellers to provide the buyer with a radon disclosure and a copy of (Radon Testing Guidelines for Real Estate Transactions)
No, In In Illinois, sellers are required by the Real Estate License Act of 2000 to disclose any significant facts affecting the property’s value or desirability to ensure fair dealings. Agents must reveal property defects to protect buyers and maintain transparency [lt_source ].
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