Buyer’s Attorney: Reviewing and Proposing Amendments to the Multi-Board Residential Purchase Agreement
Most of the real estate buyer’s attorney’s job is done before the closing. The Multi-Board Residential Purchase Agreement 7.0 (“the Purchase Agreement”) is a standard real estate purchase form used around Newark, Yorkville, Sandwich, Oswego, Plainfield, Joliet, and surrounding areas of Illinois. The Purchase Agreement summarizes the key terms and conditions of the purchase of a residential property and is a legally-binding real estate sales contract. The essential terms of the Purchase Agreement include the following:
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The Parties. Paragraph 1 identifies the buyer and seller.
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The Real Estate. Paragraph 2 identifies the property address and Permanent Index Number.
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Fixtures and Personal Property. Paragraph 3 names the fixtures and personal property included in the sale.