but a good home purchase contract pays attention to details like contingencies, the timeframe for waiving them and the remedies if one party defaults. the parties must be mentally competent and of legal age to agree on a binding contract. they must negotiate terms that are legal and spell out the specific obligations of each party. sitting down and going over one or more offers to buy your home can seem onerous, especially if you live in a state such as california, where the standard purchase agreement from the california association of realtors is 10 pages and often includes addenda and disclosures.

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an illinois residential purchase and sale agreement is a binding contract covering the two parties in a residential property transaction. once signed, the contract is legally binding and cannot be broken.