TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.775 WRITTEN AGREEMENTS
Section 1450.775 Written Agreements
a) No licensee shall solicit, accept or execute any contract or other document relating to a real estate transaction that contains any blanks with the intention of filling them in after the parties have signed or initialed the contract or other document. This shall not be construed to mean that there will never be a blank space on a contract or any other document.
b) No licensee shall make any addition to, deletion from or alteration of any signed contract or other document relating to a real estate transaction without the written consent or direction from all signatories. No licensee shall process any contract or other document that has been altered after being signed, unless each addition, deletion or alteration is signed or initialed by all signatories at the time of the addition, deletion or alteration.
c) A true copy of the original or corrected contract or other document relating to a real estate transaction shall be delivered within 24 hours after the time of signing or initialing the original or correction to the person signing or initialing the contract or other document.
d) All forms used by licensees intended to become binding real estate contracts shall clearly state that fact in the heading in large bold type. No licensee shall use a form designated Offer to Purchase when it is intended that the form shall be a binding real estate contract.
e) This Section applies to all written agreements, whether physical or electronic.
(Source: Amended at 45 Ill. Reg. 2851, effective February 23, 2021)