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An Illinois real estate contract is a legal document used to document the terms of a real estate transaction between the buyer and seller of a specific property. It outlines the purchase price, legal description of the property, closing date, and other important information related to the transaction. It is important to have a real estate contract in place to protect both the buyer and seller in the event of a dispute or misunderstanding.

The buyer and seller of a real estate contract in Illinois are both required to file the contract with the county recorder's office.

On an Illinois real estate contract, the following information must be reported: the legal description of the property; the sale price; the amount of the earnest money deposit; the buyer's and seller's names and addresses; the buyer's and seller's real estate brokers' names, addresses, and license numbers; the closing date; the name of the title company; the name of the attorney handling the closing; and any contingencies to the sale.

To fill out an Illinois real estate contract, you'll need to follow these steps: 1. Obtain a copy of the Illinois real estate contract form: You can find this form on legal websites or through the Illinois Association of Realtors. 2. Read and understand the contract: Familiarize yourself with the terms and provisions of the contract to ensure you understand them fully. 3. Fill in the parties' information: Provide the names, addresses, and contact information for both the buyer and seller. 4. Include the property details: Fill in the address and legal description of the property being sold. This information can usually be found on the property's deed or previous sale agreement. 5. Specify the purchase price: Clearly state the agreed-upon purchase price in both numeric and written forms. 6. Indicate the earnest money deposit: Include the amount of earnest money the buyer is providing as a good faith gesture. This shows their commitment to purchasing the property. 7. Include any contingencies: If there are any contingencies to the sale, such as financing approval or a home inspection, clearly state those terms in the contract. 8. Specify the closing date: Determine the date by which the transaction should be finalized. 9. Disclose any additional terms or conditions: If there are any unique terms or conditions agreed upon between the buyer and seller, make sure to include them in the contract. 10. Sign and date the contract: Both the buyer and seller, their agents, and witnesses should sign and date the contract to make it legally binding. 11. Keep copies of the contract: Provide copies of the signed contract to all parties involved, and keep one for your records. Note: It is recommended to consult with a real estate attorney or a licensed real estate professional to ensure the contract is filled out correctly and complies with Illinois real estate laws.

The purpose of an Illinois real estate contract is to establish a legally binding agreement between a buyer and a seller for the purchase or sale of a property in the state of Illinois. It outlines the terms and conditions of the transaction, including the purchase price, closing date, financing arrangements, and any contingencies or special provisions. The contract protects the rights and interests of both parties and serves as a framework for the transaction to proceed smoothly and in compliance with state laws and regulations.

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