Illinois Real Estate Contract: Different Types and Key Terms to Include
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What is an Illinois Real Estate Contract?
An Illinois real estate contract is a legally binding document that outlines the terms and conditions of a real estate transaction between a buyer and a seller. It typically includes information like the purchase price, closing date, property address, and any contingencies or conditions that must be met before the sale can be completed.
The contract is usually prepared by a real estate agent or attorney and is reviewed by both the buyer and the seller before it is signed. It is vital that both parties understand the terms of the contract and any potential risks or liabilities before signing.
In Illinois, real estate contracts must comply with state laws and regulations, including the Illinois Residential Real Property Disclosure Act, which requires sellers to disclose any negative conditions or issues with the property that could affect the property value.
Common Illinois Real Estate Contracts
There are two contracts that are regularly used in real estate transactions in Illinois:
- Chicago Association of Realtors Contract . Used by realtors who are members of the Chicago Association of Realtors when selling or purchasing single family homes, townhomes, or shared community associations.
- Multi-Board Realtor Contract . A real estate contract used for any type of residential real estate transaction.
4 Essential Elements of an Illinois Real Estate Contract
Real estate contracts in Illinois must include essential elements to be considered a legal and binding agreement. The four essential elements of an Illinois real estate contract to according to Illinois state laws are:
- The contract must be in writing
- The parties need to show mutual agreement on the terms
- The parties must both be competent and legally allowed to enter a contract
- The contract cannot violate any laws
What Must Be Included in an Illinois Real Estate Contract?
All real estate contracts need to include specific information to be legally enforceable. The required information varies by state, but Illinois real estate contracts should include the following information:
- Parties involved. The contract must identify the buyer and seller by name.
- Property details. The contract must clearly describe the property being sold, including the address and legal description.
- Purchase price. The contract must state the agreed-upon purchase price for the property.
- Terms and conditions. The contract must include any contingencies or conditions that must be met before the sale can be completed, such as the buyer obtaining financing or the property passing inspection. The contract should also include the closing date and any other terms of the sale.
- Earnest money deposit. The contract must state the amount of the earnest money deposit required by the seller and should be accompanied by the deposit check.
- Disclosure. The contract must include all the disclosures required by the state of Illinois, including lead-based paint, radon gas, and any other material facts about the property that may affect its value.
- Signatures. The contract must be signed by both the buyer and the seller.
What is Attorney Review in Real Estate in Illinois?
Attorney review is a clause added to real estate contracts in Illinois that gives both parties the option of modifying or terminating a real estate contract without legal repercussions. The attorney review period is usually five business days and begins on the day that the parties sign the real estate contract.
During this time, the party’s attorneys will review the contract and decide whether to approve, reject, or negotiate terms of the contract. If there are issues with the contract, either party can choose to terminate the contract. This clause gives both parties an extra layer of protection because it provides time for a real estate lawyer to ensure that the contract is legal, fair, and in their party’s best interest.
Frequently Asked Questions
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Meet some of our Illinois Real Estate Contract Lawyers
Demetre K.
A seasoned attorney with deep General Counsel experience and a flexible, business-minded approach to legal leadership. Skilled in collaborating with product, sales, operations, finance, and executive teams — not just to mitigate risk or ensure compliance, but to enable growth, innovation, and efficient deal execution. In my current practice at GCBench, I offer scalable, on-demand counsel tailored to organizations’ changing needs. Legal rigor is combined with operational sensibility, making guidance a facilitator rather than a hurdle. Whether structuring transactions, advising on regulatory matters, or shaping policies, legal strategy is aligned tightly with business objectives.
"Demetre was really easy to work with and made everything feel comfortable from the start. He explained things in a way that was easy to understand, answered my questions without making it feel rushed, and took extra time during the consultation to make sure I understood what was needed. Very professional, easy to talk to, and overall a really good experience. I definitely appreciate his help and would recommend him."
Harry N.
Experienced business advisor and in-house counsel with extensive litigation experience, representing parties in a variety of complex commercial disputes, including securities, financial fraud, contract, and antitrust litigation.
"Harry has been sharp, responsive, and straight with me. He reviewed my waivers and then flagged several issues in my other agreements that were bigger than what I hired him for, instead of just doing the narrow job and moving on. He explained the risks clearly, told me what to hold on and why, and structured a fixed-fee scope that worked with my cash flow rather than pushing me into a monthly plan I wasn't ready for. He also brought in outside specialist counsel where it made sense instead of stretching past his own expertise. Easy to recommend."
May 21, 2025
Ethan B.
Ethan specializes in preparing and structuring transactional deals and advising business owners as outside general counsel. Ethan enjoys working with business owners and entrepreneurs who strive to achieve growth through utilizing modern-day solutions and implementing business strategies that get results. Ethan is passionate about helping families and individuals with disabilities to design, form, and administer special needs trusts, ensuring individuals with disabilities remain eligible for federal and state benefit programs while living their best lives. Ethan has experience from previous firms in civil litigation, estate planning, and regulatory matters. Ethan holds a JD from Chicago-Kent College of Law, and a Masters of Law in Taxation (LLM) from Georgetown Law University Law Center. Prior to law practice, Ethan earned a Bachelor’s degree in Journalism from Indiana University of Pennsylvania and was promoted to Chief Editor at a regional news publication.
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Walid T.
Walid J. Tamari, founder and named member of Tamari Law Group, LLC, is widely recognized as one of the nation's top litigators. In 2018, Mr. Tamari was one of only 25 attorneys in the United States to be recognized by the prestigious National Law Journal as a Trailblazer Lawyer. The publication features lawyers who have “shown a deep passion and perseverance of their mission, having achieved remarkable successes along the way.” In addition, America's Top 100 Attorneys® and the National Trial Lawyers have included Mr. Tamari in their top 100 Illinois attorneys lists and the Business Tort Trial Lawyers Association has also selected Mr. Tamari in its “Illinois Top 10” list. Further, for several years, Benchmark Litigation: The Definitive Guide to America's Leading Litigation Firms has chosen Tamari Law Group as one of approximately 25 ranked litigation firms in Illinois. Mr. Tamari is also the past national chair of the Commercial Law League of America's complex commercial litigation committee, a committee comprised of attorneys throughout the nation who practice complex litigation. A distinguished litigator, Mr. Tamari represents clients in high-stakes and high profile civil litigation. He provides clients with result-oriented legal advice and representation in a wide-range of disputes, including claims relating to breach of contract, negligence, business tort and pharmaceutical liability litigation. Mr. Tamari has appeared on CBS News, NBC News, WGN News and Fox News and has been quoted in, among other publications, Forbes, Crain's Chicago Business, Chicago Tribune and the Chicago Sun-Times. Mr. Tamari also teaches entrepreneurship law at Loyola University of Chicago's Graduate School of Business. Committed to giving back to the community, Mr. Tamari has established scholarships at the University of Chicago Laboratory Schools and Loyola University of Chicago's Graduate School of Business. He has served on national advisory boards at Loyola University of Chicago, the University of Chicago Laboratory Schools and Northwestern Medical Faculty Foundation's Neurosurgery Council.
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George M.
I am a corporate lawyer with extensive experience assisting clients of all sizes, from solo practitioners to enterprise-level international corporations. Over the course of my career, I have negotiated, drafted, and reviewed thousands of contracts spanning a wide range of industries and complexities. My practice is focused on delivering practical, business-oriented legal solutions that help clients protect their interests and achieve their goals.
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Kevin F.
Hi, I’m Kevin Flaherty, an Illinois-licensed attorney with extensive experience negotiating and drafting complex commercial agreements for engineering firms, technology companies, public agencies, and small-to-mid-sized businesses. Over the course of my career, I’ve: Led negotiations on domestic and international contracts, including engineering services agreements, EPC arrangements, SaaS licensing, MSAs, purchase/supply agreements, NDAs, and other mission-critical commercial documents. Developed risk-allocation strategies around indemnities, liability limits, flow-downs, multi-party contracting structures, and high-stakes project frameworks. Built contract playbooks, drafting standards, review matrices, and workflows designed to help clients understand their risks clearly and move deals forward with confidence. Provided training and guidance to internal teams and leadership on contract strategy, compliance considerations, and best practices. I bring not only legal expertise, but also a practical, problem-solving mindset—translating dense legal terms into actionable business decisions and helping clients protect their interests without losing momentum.
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Jordan B.
Former Kirkland & Ellis litigator. 3x business owner before law school. Motivated to solve commercial disputes using legal tools from a business lens.
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Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
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