Complete Legal Illinois Offer To Purchase Forms For Free

If a resolution with the seller can't be obtained, the new property owners can sue for damages, repair costs, as well as attorney & court fees, though the Illinois Real Estate Property Disclosure Act has a statute of limitations that only covers a time period of 1 year after the purchase.

Your offer should include: The name of the seller. The address of the property. The names of anyone who will be on the title, including yourself. The purchase price you're offering and down payment. The earnest money deposit. Any contingencies you'd like to include. Any concessions you're requesting from the seller.

Illinois still requires the seller to disclose material defects even if the house is being sold ?as-is.? However, an ?as-is? sale indicates that, while the seller is disclosing defects, they will not be fixing, remodeling, or remediating the defects as part of the negotiation process.

A Contract for Deed is a way to buy a house that doesn't involve a bank. The seller finances the property for the buyer. The buyer moves in when the contract is signed. The buyer pays the seller monthly payments that go towards payment for the home.

What Illinois Law Requires Home Sellers to Disclose. Illinois law requires you, as a home seller, to tell a prospective buyer, in writing, about any material defects on the property that you actually know about. This means anything you're aware of that affects its value, healthfulness, and safety.

If you don't want to spend time or money fixing your property, you sell it as-is. You don't shell out a dime on repairs when selling a house as is in Illinois and attract cash buyers. You can get cash offers of up to 100% of the property's Fair Market Value.