![]() Property Disclosure Report ( 765 ILCS 77/35) – This disclosure form must be completed by the seller and provided to the buyer before a purchase and sale agreement is signed ( 765 ILCS 77/20). ![]() Lead-Based Paint Disclosure – A federally-required disclosure form that sellers must provide to potential buyers if their property was constructed before 1978. Radon Hazards (Disclosure of Information).It is the buyer’s responsibility to complete the necessary inspections of the dwelling before signing the purchase and sale agreement, just as it is the seller’s responsibility to provide the buyer with the standardized State disclosure form. Provisions contained within the agreement set forth terms and conditions like pricing, financing, closing terms, inspections and surveys, property conditions, and other contingencies and constraints by which both parties must abide. Once signed, the contract is legally binding and cannot be broken. The two parties, “seller” and “buyer,” will negotiate the terms of the agreement with help from their broker, agent, or realtor. ![]() An Illinois residential purchase and sale agreement is a binding contract covering the two parties in a residential property transaction. ![]()
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