Updated October 2026. For Illinois owners selling without a listing agent who need to get the purchase contract right.
An Illinois for sale by owner contract is a written purchase agreement between you and the buyer. It sets the price, earnest money, financing, inspection and closing date, and usually an attorney review period. As of October 2026, Illinois law makes you hand over a 24-item disclosure report before the contract is signed. State transfer tax is 50 cents per $500.
Jump to: 🪜 Contract terms · 📍 Illinois disclosures · 💲 Transfer taxes · 🏠 As-is sales · ❓ FAQ
Key takeaways
- The Residential Real Property Disclosure Act covers 1 to 4 unit homes and condos; the report must reach the buyer before the contract is signed.
- Illinois transfer tax is 50 cents per $500, about $296 on the typical Illinois home ($295,900, Zillow, September 2026).
- Chicago adds $5.25 per $500: by default the buyer pays $3.75 and the seller $1.50.
- Many suburbs add their own tax, often paid by the seller. Oak Park charges $8 per $1,000 and Skokie $3 per $1,000.
In most Illinois sales, the buyer’s side writes the offer and you accept, counter or decline. If the buyer has no agent, one of you starts from a standard form, and each side’s attorney reviews it. Here’s what to look for.
Who writes an Illinois FSBO contract?
Usually the buyer’s agent or attorney drafts the offer on a standard residential contract form. In the Chicago area, many resales use a multi-board form with an attorney review period. Downstate, local association forms are common. When there’s no agent on either side, a real estate attorney can prepare the contract for a flat fee.
Avoid a blank template from a random website. Standard Illinois forms already cover the Disclosure Act, lead paint, earnest money and attorney review. If you change the wording, have your attorney look at it. For the general structure of any by-owner agreement, see our guide to the real estate contract for sale by owner.
What goes into an Illinois purchase contract?
| Term | What to check |
|---|---|
| Price and earnest money | The amount, when it’s due, and who holds it (a title company or an attorney’s escrow account). |
| Financing | Cash or loan, loan type and amount, and the date the buyer must have a commitment. |
| Attorney review | A set number of business days for either attorney to approve, change or cancel. |
| Inspection | How long the buyer has to inspect, and what happens if they ask for repairs. |
| Appraisal | What happens if the appraisal comes in below the price. |
| Closing and possession | The closing date, when the buyer gets the keys, and any rent-back. |
| Prorations | How property taxes are split. Illinois taxes are paid a year behind, so this credit can be large. |
| Personal property | Appliances, window treatments and anything else that stays. |
Attorney review
Attorney review gives each side’s lawyer a short window to propose changes or cancel. If you skip it, you lose your best chance to fix a bad clause. Many Illinois sellers hire a real estate attorney even when they sell without an agent.
Property tax proration
Illinois property taxes are billed in arrears. At closing, you usually credit the buyer for taxes owed for your time in the home. Find your PIN first; our guide to finding your Illinois property tax number shows how.
What does an Illinois seller have to disclose?
The Residential Real Property Disclosure Act applies to homes with 1 to 4 units, co-op units and condos, per its definitions in 765 ILCS 77/5. Under section 20, you must complete every item and deliver the report to the buyer “before the signing of a contract.”
The form itself is set out in section 35. It has 24 statements you answer yes or no, about things you know of, such as:
- Flooding or recurring leaks in the basement or crawl space, and whether the home is in a floodplain.
- Defects in the roof, foundation, plumbing, electrical, heating or septic system.
- Unsafe radon, asbestos or lead paint.
- Boundary disputes and uncorrected code violations.
- Use of the property to make methamphetamine.
Homes built before 1978 also need the federal lead paint disclosure and pamphlet, per the EPA. Condo sellers have to provide association documents too. Our list of paperwork to sell without an agent has the rest of the file.
What transfer taxes apply in an Illinois sale?
| Tax | Rate | Who pays by default | Example |
|---|---|---|---|
| Illinois state | 50 cents per $500 | Set by the contract | $296 on $295,900 |
| Chicago, city portion | $3.75 per $500 | Buyer | $2,509 on $334,100 |
| Chicago, CTA portion | $1.50 per $500 | Seller | $1,004 on $334,100 |
| Oak Park | $8 per $1,000 | Seller | $2,400 on $300,000 |
| Skokie | $3 per $1,000 | Seller | $900 on $300,000 |
The state rate is in 35 ILCS 200/31-10. The City of Chicago says that in general the buyer pays $3.75 and the seller $1.50 of its $5.25 rate. The Cook County Clerk lists each town’s own tax and who is liable; Evanston’s rate rises with price. Counties add a tax too. All were read October 22, 2026.
Examples use Zillow’s typical home values for September 2026 (Illinois $295,900; Chicago $334,100) from Zillow Research, and a round $300,000 for the suburbs. Your contract can change who pays any of these, so read that line.
Can you sell as-is with an Illinois FSBO contract?
Yes. Many Illinois forms have an “as-is” option where the buyer can still inspect and cancel, but you don’t agree to repairs. It doesn’t remove your duty to fill out the disclosure report honestly. Don’t answer “no” to something you know about because the sale is as-is.
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On homes listed by other agents, Beycome credits you up to 2% of the price at closing (1% kept, $1,499 minimum; not on FSBO homes or homes listed by Beycome sellers).
Buy a home →As-is pricing should reflect the condition. Buyers will price in repairs from their inspection. Our guide to selling a home as-is covers how to set expectations from the first showing.
Where do Illinois FSBO sellers find buyers?
A yard sign and word of mouth still work. Some owners also post on local by-owner sites, such as CIFSBO in central Illinois. Most buyers, though, search the sites fed by the MLS. In Illinois, Beycome lists on MRED, which covers the Chicago area, on MARIS and on My State MLS.
With a Beycome Illinois flat fee MLS listing, your home goes on the MLS for $99 with $0 at closing, and you keep control of offers. State forms are in your dashboard, and offers come in with e-signature. To compare options first, read our ranking of flat fee MLS companies in Chicago, and our step-by-step guide to selling by owner in Illinois.
If the buyer has an agent, you can agree to pay that agent, or not. Since August 17, 2024, under NAR’s settlement practice changes, offers of buyer-agent compensation can’t be shown on the MLS. Put any agreement in writing.
Buying your next place at the same time? The Beycome buyer program has no upfront fee and credits part of the buyer-agent commission back to you at closing. Our Florida FSBO contract guide shows how another state handles the same steps.
What are common Illinois FSBO contract mistakes?
- Handing over the disclosure report after the buyer signs instead of before.
- Holding the earnest money yourself instead of using an escrow holder.
- Skipping attorney review to save time.
- Getting the property tax proration wrong because taxes are paid a year behind.
- Leaving the Chicago or suburban transfer tax split unclear.
Closing in Illinois? Starting November 1, 2026, Beycome Title handles title and closing in Illinois, with Prepaid Pricing of $599 at checkout (instead of $995).
Frequently asked questions
Is there a standard Illinois for sale by owner contract?
There’s no state-issued form. Sales usually use a standard residential contract from a REALTOR association or an attorney; many Chicago-area sales use a multi-board form with attorney review.
Do I need an attorney to sell my house by owner in Illinois?
It isn’t required; it’s your choice. Many Illinois sellers hire one, and many Illinois contract forms include an attorney review period.
When must I give the Illinois disclosure report?
Before the buyer signs the contract, per 765 ILCS 77/20. The report has 24 yes-or-no items.
Who pays transfer tax in Illinois?
The contract decides who pays the state tax of 50 cents per $500. In Chicago, the buyer pays $3.75 and the seller $1.50 per $500 by default. Suburbs vary.
Can I sell my Illinois home as-is by owner?
Yes. An as-is contract limits repairs, but you must still complete the disclosure report truthfully.
Can a for sale by owner home be on the MLS in Illinois?
Yes, through a licensed broker. Beycome lists Illinois homes on MRED, MARIS and My State MLS for $99 with $0 at closing.
Rates as of October 22, 2026 and subject to change; county and municipal taxes vary. “$0 at closing” means no Beycome fee at closing; transfer taxes, title charges, attorney fees, prorations and any agreed buyer-agent compensation still apply. Basic and Enhanced get offer help from the Artur AI assistant, not a person. Buyer program: no upfront fee; Beycome keeps 1% of the price (minimum $1,499); the rest is credited at closing, subject to lender approval. General information, not legal advice; have an Illinois attorney review your contract.
Sources
- 765 ILCS 77/20, disclosure timing, read October 22, 2026.
- 765 ILCS 77/35, disclosure report form.
- 35 ILCS 200/31-10, state transfer tax.
- City of Chicago, real property transfer tax.
- Cook County Clerk, transfer fees by municipality.
- EPA, real estate lead disclosures.
- Zillow Research, ZHVI, September 2026.
- Beycome, listing package features, October 2026.
Disclosure & Disclaimer
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