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the illinois residential purchase and sale agreement is a real estate contract that a buyer delivers to a seller when presenting an offer to purchase a property. it is not uncommon for the seller to reject the initial offer if the proposed sales price or other provisions are not to their liking. residential real estate purchase and sale contract – the chicago association of realtors® has provided this contract for the purchase and sale of a single-family home, townhome, or shared community association.

in other words, once the seller accepts your offer, you have created a contract for the sale of the home — the “home sale contract.” these types of real estate contracts have unique requirements in addition to the standard rules for contract formation. this article explains some of the essential elements in a contract for the sale of a home. buying a house falls under the statute of frauds, so all contracts for the sale of a home must be in writing. not only does the home sale contract have to be in writing, but it must also contain certain elements to be legal and enforceable. in short, the actual home sale contract does not legally need to show how you got the money for the purchase (though it is a good idea). a real estate purchase should include other details to protect the buyer and seller.