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© 2016 - U.S. Legal Forms, Inc. ILLINOIS LEASE PURCHASE AGREEMENTS PACKAGE Control Number: IL-P0 33-PKG U.S. Legal Forms™ thanks you for your purchase of a Lease Purchase Agreements Package. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand. This package is a useful and necessary tool for sellers and pu rchasers entering into a legally binding obligation to sell and purchase real p roperty at the expiration of or during a lease term . TABLE OF CONTENTS I. Form List with descriptions II. Descriptions of Forms III. Tips on Completing the Forms IV. Disclaimer I. FORM LIST With your Lease Purchase Agreements Package, you will find the essential forms to assist you in successfully entering into and executing a commi tment to purchase or sell real property. Included in your package are the following forms: 1. Contract for Lease and Mandatory Purchase of Real Estate- Specif ic Performance Clause 2. Contract for Lease and Purchase of Real Estate- Purchase by Date or Leave 3. Personal Guaranty of Contract for the Lease and Purchase of R eal Estate 4. Residential Real Estate Sales Disclosure Statement II. DESCRIPTIONS OF FORMS Brief descriptions of the forms contained in your U.S. Legal Forms™ Lease Purchase Agreements Package are found below. Contract for Lease and Mandatory Purchase of Real Estate- Specifi c Performance Clause - This multi-state form is a contract providing for the mandatory purchase of real estate property, with a temporary lease of property by buy er prior to the contract's closing. This form contains a default provision stating th at if the purchaser defaults in the mandatory purchase obligation, the seller may lega lly require the purchaser to specifically perform the agreement. Contract for Lease and Purchase of Real Estate- Purchase by Date o r Leave - This multi-state form is a contract providing for the purchase of real estate property, with a temporary lease of property by buyer prior to the contract's clo sing. This form contains a termination provision stating that if the purchaser fails t o close on the purchase of the property by a certain date, the purchaser is required to vacat e the leased premises. Personal Guaranty of Contract for the Lease and Purchase of Re al Estate - This multi- state form is used when a purchaser has requested that a seller enter into a contract for the lease and purchase of real estate for certain property. As an inducement to the seller to enter into the contract for the lease and purchase of real estate, a guarantor agrees to personally guarantee the payment and performance of all of the purchaser's obligations, conditions and covenants as set forth in the con tract for the lease and purchase of real estate. Residential Real Estate Sales Disclosure Statement - This state-specifi c form is used by a seller in a residential sales transaction to disclose the condition of the property. If you need additional information, please visit www.uslegalforms.com and look up forms by subject matter. You may also wish to visit our legal definitions page at http://definitions.uslegal.com/ III. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate complet ion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of t he form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open th e Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded le tter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be abl e to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. Th e form was created to function in this manner. IV. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. ba sed upon statutes and forms for the subject state. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any war ranty, express or implied, as to their legal effect and completeness. Please use at you r own risk. If you have a serious legal problem, we suggest that you con sult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal a dvice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAM AGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.