AI Illinois Purchase Agreement

1. Property Description

The real property that is the subject of this Agreement is located at:

Property Address:
[[Street Address]]
[[City]], Illinois [[ZIP Code]]

Legal Description: [[Full Legal Description or "See attached Exhibit A - Legal Description"]]

Parcel Identification Number (PIN): [[PIN or "To be confirmed by title commitment"]]

Included Items: All fixtures, built-in appliances, and the following personal property: [[List included items such as window treatments, lighting fixtures, ceiling fans, or "All fixtures and built-in items currently on the property"]]

Excluded Items: [[List excluded items or "None"]]

The Property includes all appurtenances, rights, privileges, and easements benefiting the Property.

2. Purchase Price and Earnest Money

Purchase Price: $[[Purchase Price Amount]]

Earnest Money Deposit: $[[Earnest Money Amount]] (the "Deposit")

The Deposit shall be delivered within [[Number, e.g. 3]] business days after the Effective Date of this Agreement and held by [[Escrow Holder Name or Title Company / Attorney / Broker]] (the "Escrow Holder") in a non-interest-bearing account unless otherwise agreed in writing. Interest, if any, shall belong to [[Buyer / Seller / as agreed]].

The Deposit shall be applied to the Purchase Price at closing or otherwise disbursed according to the terms of this Agreement.

3. Financing Contingency

This Agreement is contingent upon Buyer obtaining a commitment for a [[Conventional / FHA / VA / Other]] loan in the amount of $[[Loan Amount]] (or such lesser amount as Buyer elects) on terms acceptable to Buyer, within [[Number of Days, e.g. 30]] days after the Effective Date (the "Financing Contingency Period").

Buyer shall make good-faith application for financing within [[Number, e.g. 5]] business days after the Effective Date and shall provide Seller with written notice of loan approval or denial within the Financing Contingency Period.

If Buyer is unable to obtain financing on terms acceptable to Buyer despite good-faith efforts, Buyer may terminate this Agreement by written notice to Seller within the Financing Contingency Period and receive a full refund of the Deposit.

If Buyer does not terminate within the Financing Contingency Period, the financing contingency is waived.

4. Appraisal Contingency

This Agreement is contingent upon the Property appraising at or above the Purchase Price. Buyer shall order the appraisal promptly after the Effective Date.

If the appraised value is less than the Purchase Price, Buyer may:

1. Terminate this Agreement by written notice within [[Number, e.g. 5]] business days after receiving the appraisal and receive a full refund of the Deposit; or

2. Proceed with the purchase at the Purchase Price; or

3. Negotiate a price reduction with Seller in writing.

If Buyer does not terminate within the stated period, the appraisal contingency is waived.

5. Inspection and Due Diligence Contingency

Buyer shall have the right to conduct inspections, tests, and due diligence on the Property during the period ending [[Number of Days, e.g. 10]] business days after the Effective Date (the "Inspection Period").

Inspections may include, without limitation: general home inspection, structural, roof, plumbing, electrical, HVAC, pest/termite, radon, mold, environmental, survey, and review of HOA/condo documents where applicable.

Buyer shall provide Seller at least [[24 / 48]] hours' advance notice of any on-site inspection (except in emergencies). Buyer shall restore the Property to its pre-inspection condition and shall be responsible for any damage caused by inspections.

If Buyer is not satisfied with the results of due diligence for any reason, Buyer may terminate this Agreement by written notice delivered to Seller before the end of the Inspection Period and receive a full refund of the Deposit (less any non-refundable fees agreed in writing).

If Buyer does not terminate within the Inspection Period, the inspection contingency is waived.

6. Title and Survey

Seller shall convey marketable title to the Property by [[Warranty Deed / Special Warranty Deed / Trustee's Deed / Other]] free and clear of all liens and encumbrances except: general real estate taxes not yet due and payable; easements, restrictions, and conditions of record that do not materially impair use; and any other matters approved by Buyer in writing.

Seller shall deliver to Buyer within [[Number, e.g. 10]] days after the Effective Date a current commitment for an owner's title insurance policy in the amount of the Purchase Price issued by [[Title Company Name]].

Buyer may obtain a survey of the Property at Buyer's expense. If the survey reveals material encroachments, overlaps, or boundary issues not acceptable to Buyer, Buyer may object in writing within [[Number, e.g. 5]] business days after receipt and may terminate if Seller cannot cure.

7. Closing and Possession

Closing Date: [[Closing Date - on or before a date mutually agreed, typically 30-60 days after Effective Date]]

Closing Location: At the office of the Title Company or such other place as the parties agree.

Possession: Seller shall deliver possession of the Property to Buyer at closing, in broom-clean condition, with all personal property removed except items included in the sale, and with all keys, codes, and access devices delivered to Buyer.

If Seller remains in possession after closing, the parties shall execute a separate post-closing possession agreement with daily rent of $[[Post-Closing Daily Rent Amount]] and other terms.

8. Prorations and Closing Costs

Real estate taxes, assessments, rents, and other items shall be prorated as of the closing date on a per-diem basis using the latest available information, with final adjustment after closing if necessary based on actual bills.

Seller shall pay:
- Owner's title insurance premium (standard coverage)
- Transfer taxes / stamps as required by state and local law
- Prorations for taxes and assessments up to closing
- Any HOA transfer or document fees required of seller
- Broker commissions per separate agreement

Buyer shall pay:
- Lender's title insurance premium (if any)
- Recording fees for deed and mortgage
- Any inspection or appraisal fees
- Loan origination and other lender fees
- Prorations from closing forward

9. Property Condition and Disclosures

Seller has delivered or will deliver prior to or at contract signing the Illinois Residential Real Property Disclosure Statement required by 765 ILCS 77, together with any required lead-based paint disclosures for pre-1978 housing.

Buyer acknowledges receipt of the disclosure(s) and has had the opportunity to conduct independent inspections.

Except as expressly set forth in this Agreement or in the disclosures, Seller makes no warranties or representations regarding the condition of the Property. The Property is sold "AS-IS" with respect to condition, subject to the inspection rights in this Agreement.

10. Attorney Review (Illinois Custom)

In many Illinois residential transactions, the parties agree to an attorney review period. If this box is checked, the following applies:

☐ Attorney Review: This Agreement is subject to review by each party's attorney for a period of five (5) business days after the Effective Date (the "Attorney Review Period").

During the Attorney Review Period, either party's attorney may propose modifications or terminate this Agreement by written notice to the other party. If neither party terminates during the Attorney Review Period, the attorney review contingency is satisfied.

11. Default and Remedies

If Buyer defaults after all contingencies are satisfied or waived, Seller may:
1. Terminate this Agreement and retain the Deposit as liquidated damages (not as a penalty), or
2. Pursue other remedies available at law or in equity.

If Seller defaults, Buyer may:
1. Terminate and receive a full refund of the Deposit, or
2. Seek specific performance or other remedies available at law or in equity.

12. Risk of Loss

Risk of loss or damage to the Property by fire, casualty, or other cause remains with Seller until closing. If the Property is materially damaged before closing, Buyer may terminate and receive a refund of the Deposit, or proceed with the purchase and receive an assignment of insurance proceeds (with appropriate price adjustment).

13. Condemnation

If any portion of the Property is taken by eminent domain before closing, Buyer may terminate and receive a refund of the Deposit, or proceed and receive the condemnation award (with price adjustment).

14. Assignment

Buyer may not assign this Agreement without Seller's prior written consent. Any attempted assignment without consent is void.

15. Notices

All notices under this Agreement shall be in writing and delivered by personal delivery, certified mail, overnight courier, or electronic transmission (with read receipt or confirmation) to the addresses set forth above or to such other address as a party designates in writing.

16. Entire Agreement; Amendments

This Agreement, including any exhibits and addenda attached hereto, constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, and agreements. No modification shall be binding unless in writing and signed by both parties.

17. Severability and Governing Law

If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall continue in full force. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. Any action arising out of this Agreement shall be brought in the courts of [[County Name]], Illinois.

18. Time of Essence; Counterparts

Time is of the essence. This Agreement may be executed in counterparts, each of which shall be deemed an original.

19. Effective Date

This Agreement becomes effective when both parties have signed it (the "Effective Date").

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Signature Page

SELLER:

________________________________________
Signature
[[Seller Full Legal Name]]
Date: [[Seller Signature Date]]

________________________________________
Signature (if joint seller)
[[Seller 2 Full Legal Name]]
Date: [[Seller 2 Signature Date]]

BUYER:

________________________________________
Signature
[[Buyer Full Legal Name]]
Date: [[Buyer Signature Date]]

________________________________________
Signature (if joint buyer)
[[Buyer 2 Full Legal Name]]
Date: [[Buyer 2 Signature Date]]

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Exhibit List

• Exhibit A - Legal Description (if not set forth above)
• Exhibit B - List of Included / Excluded Personal Property (if extensive)
• Addendum for Financing Terms (optional)
• Lead-Based Paint Disclosure (if pre-1978)
• Illinois Residential Real Property Disclosure Statement (separate form)

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Pre-Closing / Execution Checklist

1. Complete all [[token]] fields before signing.

2. Attach legal description and any required exhibits.

3. Deliver completed Illinois Property Disclosure Statement before or with contract.

4. Confirm earnest money is delivered to escrow holder within required time.

5. Schedule inspections and appraisal promptly.

6. Track all contingency deadlines in writing.

7. Obtain title commitment and survey as required.

8. Confirm closing date, possession, and prorations with title company.

9. For Chicago or other localities, verify any additional local contract requirements.

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Illinois Purchase Agreement Key Statutory References

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Disclaimer and Sources

Template - not professional legal advice. This is a sample purchase agreement form only. Real estate purchase contracts in Illinois must satisfy the Statute of Frauds and incorporate required disclosures under 765 ILCS 77 and federal law. Local customs, association rules, and lender requirements vary. Parties should have this Agreement reviewed by their own licensed Illinois real estate attorney before signing. Use current statutory text from ILGA.gov.

Sources (as of June 2026):
- 740 ILCS 80/1 - Statute of Frauds
- 765 ILCS 77/1 et seq. - Residential Real Property Disclosure Act
- Illinois REALTORS® and local board contract forms (for reference only)
- Illinois Legal Aid and ILGA.gov compiled statutes

*End of Illinois Purchase Agreement*