Illinois Real Estate Purchase and Sale Agreement (Investor PDF)
An investor-ready purchase and sale agreement drafted for Illinois transactions, plus a plain-English summary of what Illinois law expects in a residential purchase contract. Free PDF, no signup required.
Illinois Purchase and Sale Agreement
Free PDF • Updated July 2026
Part of our free real estate investor forms library.
What Illinois Requires in a Purchase Contract
These are the contract and disclosure requirements our research identified for Illinois residential transactions, with statute citations. Requirements change; always confirm the current rule before closing.
Residential Real Property Disclosure Report Verbatim language required
765 ILCS 77/20, 77/35 (Residential Real Property Disclosure Act)
Seller must deliver the statutory disclosure report form (24 numbered statements) to the buyer BEFORE the buyer signs the contract; rewritten by P.A. 102-765 eff. 5-13-2022 adding flood insurance, flooding/recurring leakage, and floodplain items, email delivery, an ongoing duty to update until closing, and a 5-business-day buyer termination right for late/supplemental disclosure of material defects
Applies to: residential real property of 1-4 units; exempt transfers listed in 765 ILCS 77/15 (fiduciaries, foreclosure, co-owner transfers, new construction never occupied, etc.)
Illinois Disclosure of Information on Radon Hazards Verbatim language required
420 ILCS 46/10 (Illinois Radon Awareness Act)
Seller must give the buyer the IEMA pamphlet 'Radon Testing Guidelines for Real Estate Transactions' and the statutory radon disclosure form before the buyer is obligated under any contract; no testing or mitigation duty is imposed
Applies to: all residential real property sales except transactions excluded by 420 ILCS 46/20 (form unchanged since P.A. 97-981, eff. 1-1-2013)
Federal Lead-Based Paint Disclosure Verbatim language required
42 U.S.C. 4852d; 24 CFR part 35 subpart A; 40 CFR 745.113 (subpart F)
Pre-1978 housing sales contracts must contain the verbatim Lead Warning Statement, seller's disclosure of known lead hazards, list of records provided, buyer acknowledgment, a 10-day inspection opportunity or waiver, agent statement, and signatures
Applies to: pre-1978 target housing only
Illinois Regulates Wholesaling
225 ILCS 454/1-10 (Real Estate License Act of 2000, 'broker' and 'pattern of business' definitions, added by P.A. 101-357 (2019)); penalty 225 ILCS 454/20-20
Broker license required for anyone who engages in a 'pattern of business' of buying, selling, offering, marketing for sale, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on, real estate. Pattern of business = 2 or more such occasions in any 12-month period (alone or with commonly owned entities). Practical effect: max 1 unlicensed wholesale/assignment deal per rolling 12 months; civil penalty up to $25,000 per violation.
See how Illinois compares in our wholesaling laws by state table.
Illinois Closing Practice at a Glance
| Deed convention | Warranty deed (statutory form, 765 ILCS 5/9) is customary for arm's-length residential sales; special warranty deed common for REO/new construction |
| Transfer tax | Illinois Real Estate Transfer Tax (35 ILCS 200/Art. 31): state $0.50 per $500 of value plus county $0.25 per $500; home-rule municipal taxes additional (e.g. Chicago: $3.75 per $500 city portion customarily paid by BUYER plus $1.50 per $500 CTA portion paid by seller) |
| Customary payer | seller (state and county portions); municipal portions vary by ordinance, Chicago city portion is buyer-paid |
| Attorney closing | Attorney required or customary. No statute requires an attorney, but attorney review is entrenched custom in the Chicago metro: the Multi-Board Residential Real Estate Contract contains a 5-business-day attorney review/modification provision, and attorneys customarily handle closings in northern Illinois. Downstate practice is more title-company driven. |
| Witness and notary | Deeds must be signed by the grantor and acknowledged before a notary (or other authorized officer) to be recorded (765 ILCS 5/20, 5/35c); no witnesses required. Recording also requires transfer declaration (PTAX-203) or exemption stamp, and preparer name/address. |
More Investor Resources
Disclaimer: This template and summary are provided free for reference and educational purposes. Clearway Home Buyers is not a law firm and does not provide legal advice, and no attorney-client relationship is created by downloading or using these forms. Real estate law varies by state and by transaction. Review any form with a licensed Illinois attorney before use. Read the full disclaimer.
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