In Illinois, what is required for a real estate contract to be enforceable?

For a real estate contract to be enforceable in Illinois, it must be in writing and signed by both parties involved. This requirement is grounded in the Statute of Frauds, which aims to prevent fraudulent claims and misunderstandings regarding agreements relating to real property. Verbal contracts for the sale of real estate are generally not enforceable, hence the necessity for written documentation.

Requiring both parties' signatures ensures that all involved have acknowledged and agreed to the terms laid out in the contract, making it a binding agreement. Furthermore, this written contract serves as evidence of the terms agreed upon should any disputes arise in the future.

While notarization is often a good practice for adding credibility to the signatures on a contract, it is not a requisite for enforceability. Similarly, filing a contract with the state or requiring broker approval is not necessary for the contract to be enforceable. These additional steps may provide benefits, such as clarity or protection, but they do not influence the fundamental enforceability of the contract itself under Illinois law.