Mastering the Illinois 8.0 Real Estate Contract: Final Key Details Buyers & Sellers Overlook – Part 3

In Parts 1 and 2 of this series, we focused on financing, offer strategy, attorney review, and the realities behind “as-is” clauses. But there’s still more to cover. The Illinois Multi-Board 8.0 Residential Real Estate Contract is packed with important terms that can impact everything from negotiations to closing day.

This final section outlines several often-overlooked contract clauses—and why they matter more than many realize.

1. Earnest Money: A Sign of Commitment

The earnest money section outlines how much a buyer is putting down to show they're serious. This isn’t just a symbolic gesture—it becomes a key part of the deal.

• Typically 1%–2% of the purchase price

• Held in escrow, applied to closing costs

• Must be delivered on time to avoid default

If a buyer backs out for reasons not protected in the contract, the seller may be entitled to keep the earnest money. So for both sides, this deposit carries real weight.

2. Inclusions, Exclusions & Fixtures: What's Actually Staying?

What stays and what goes? It’s not always clear unless it's spelled out in the contract.

• Appliances, window treatments, mounted TVs, light fixtures—these should all be detailed

• If the seller plans to take something with them, it must be listed as an exclusion

• Don't rely on verbal promises—put it in writing

Misunderstandings here can lead to conflicts at the final walk-through or even closing delays.

3. Tax Prorations: What the Seller Owes

Since Illinois pays property taxes in arrears, this section handles how taxes are prorated between the buyer and seller.

• The most common proration rate is 105%–110% of the last tax bill

• This helps account for potential increases in future taxes

• If not calculated correctly, the buyer may end up owing more later

Both parties should review this section carefully, especially if there are exemptions involved (like homeowner or senior freezes).

4. Home Sale Contingencies: Weakening Your Offer?

Buyers who still need to sell their home often include a home sale contingency, which allows them to back out if their current property doesn’t sell.

But this can be risky for sellers:

• The sale is dependent on another transaction

• Other strong offers may get lost in the process

• Sellers may worry about multiple layers of delays or fall-throughs

If you’re a buyer, consider limiting the contingency period or showing strong financials to offset the perceived risk.

5. Possession & Post-Closing Occupancy

The contract allows you to specify when possession of the home transfers—either at closing or sometime after.

• Most common: possession at closing

• Some sellers request 1–3 days post-closing for moving

• If a rent-back agreement is involved, terms must be clear

Never assume possession timing—this should be discussed and written into the contract to prevent last-minute tension.

6. Home Warranties

Home warranties are optional, but often used in negotiations to give buyers peace of mind. They typically cover:

• HVAC, plumbing, and electrical systems

• Kitchen appliances

• Some structural items (depending on the plan)

The contract includes a section to designate whether a warranty will be provided, who pays for it, and the maximum cost. While not essential, warranties can sweeten a deal or ease inspection concerns.

7. Additional Terms and Riders

This section is often used for custom clauses or special conditions. These might include:

• Repair agreements

• Credits at closing

• Appraisal gap language

• Special disclosures

Anything unique to the transaction that isn’t covered in the standard contract should be spelled out here. Ambiguous or sloppy language in this section can lead to misunderstandings or legal disputes.

Final Thoughts

The Illinois 8.0 Contract isn’t just about numbers or signatures. It’s a complex legal agreement that sets expectations, timelines, and responsibilities for everyone involved. The small print matters—and overlooking it can cost time, money, and even the deal itself.

Buyers and sellers should work closely with an experienced agent and attorney to ensure each section is completed clearly and correctly. In competitive markets, details like possession terms or strong earnest money can set your offer apart—or cause it to be passed over.

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Always consult a licensed real estate attorney regarding your specific situation.

About the Author

With over 20 years of industry experience, Frank Campobasso is a seasoned real estate expert known for marketing single-family homes, townhomes, condos, multi-unit buildings, and investment properties. Dedicated to achieving outstanding results, Frank prioritizes customer satisfaction, ensuring that his clients’ homes sell quickly and for top dollar. His expertise in pricing, preparing, and showcasing listings has earned him recognition in leading real estate magazines, newspaper articles, and radio programs.

Call Frank at 773-425-6265 to schedule a personalized in-home consultation.
Website: www.camposellshouses.com
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Frank Campobasso
Century 21 Circle