(765 ILCS 86/10-5)
(Section scheduled to be repealed on January 1, 2020)
Sec. 10-5. Sales contracts. Every sales contract relating to the purchase of real property in a subdivision shall clearly state:
(1) the legal description of the parcel being sold;
(2) the principal balance of the purchase price
outstanding at the date of the sale contract, after full credit is given for down payment;
(3) that the purchaser has the unconditional option
to rescind a contract until midnight of the seventh day following the signing of the contract if the purchaser received a copy of the property report as required in Section 5-10, and 2 years to rescind the contract if the property report was not received;
(4) which party is obligated to pay the costs of
issuance of the required title policy and recording of all documents;
(5) the latest date by which any promised services or
amenities, which shall include but not be limited to all those identified in the public property report or any form of advertising, will be provided or completed; and
(6) that any deed, contract for deed, or installment
contract shall be recorded within 180 days after the date of acceptance.
(Source: P.A. 91-338, eff. 12-30-99.)
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Last modified: February 18, 2015