765 ILCS 65/ Uniform Vendor and Purchaser Risk Act.

Information maintained by the Legislative Reference Bureau

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

PROPERTY
(765 ILCS 65/) Uniform Vendor and Purchaser Risk Act.

765 ILCS 65/1

(765 ILCS 65/1) (from Ch. 29, par. 8.1)

Sec. 1.

Any contract hereafter made for the purchase and sale of real
property in this State shall be interpreted as including an agreement that
the parties shall have the following rights and duties, unless the contract
expressly provides otherwise:

(a) If, when neither the legal title nor the possession of the subject
matter of the contract has been transferred, all or a material part thereof
is destroyed without fault of the purchaser or is taken by eminent domain,
the vendor cannot enforce the contract, and the purchaser is entitled to
recover any portion of the price that he has paid;

(b) If, when either the legal title or the possession of the subject
matter of the contract has been transferred, all or any part thereof is
destroyed without fault of the vendor or is taken by eminent domain, the
purchaser is not thereby relieved from a duty to pay the price, nor is he
entitled to recover any portion thereof that he has paid; provided,
however, if the purchase and sale of real property is to be consummated by
means of an escrow, title shall not be considered to have been transferred
for purposes of this act, despite the delivery and recordation of a deed to
such real property, unless the conditions of the escrow relating to the
passing of the full legal and equitable title shall have been fulfilled.

(Source: Laws 1963, p. 2099.)

765 ILCS 65/2

(765 ILCS 65/2) (from Ch. 29, par. 8.2)

Sec. 2.

This act shall be so interpreted and construed as to effectuate its
general purpose to make uniform the law of those states which enact it.

(Source: Laws 1963, p. 2099.)

765 ILCS 65/3

(765 ILCS 65/3) (from Ch. 29, par. 8.3)

Sec. 3.

This act may be cited as the Uniform Vendor and Purchaser Risk Act.

(Source: Laws 1963, p. 2099.)