(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.)
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