An Illinois residential purchase agreement is a legally binding contract between the buyer and seller of a residential property. An Offer to Purchase Real Estate sets out the terms of a proposed real estate deal.Create yours now with our free form. When buyers submit a purchase offer, they will provide a form outlining the proposed purchase price, contingencies and other terms. Add the names, contact details, and addresses of the required parties. A legal real estate contract must have the complete property description as stated in the documents at the County Recorder's Office in Illinois. Seller shall also furnish Purchaser with: (i) an Affidavit of Title in customary form; (ii) a Bill of. What is needed for a Contract for Deed? Work with your agent to submit a written offer based on local market value, specifying how and when the steps in the purchase will happen. The price; Time-sensitive terms (like appraisal and inspection); Property details; A general timeframe for transitioning ownership.