Legal Question in Real Estate Law in Illinois
Breach of contract?
Is it considered a breach of contract if you back out of a real estate contract on the 11th business day or are you supposed to do this by the 10th day? Do you forfeit your earnest money if you do this?
Asked on 10/24/06, 11:56 pm
1 Answer from Attorneys
Zedrick Braden III
Ainsworth & Associates PC
Re: Breach of contract?
Hello. Generally the language in your real
estate contract is what controls whether you
are in breach of the contract if you back out.
For instance, many contracts contain a clause
that the buyer shall obtain financing within
30 days and if not the contract is cancelled.
That is just an example. However, if you cancel
the contract before the language says that you
can, in most instances, you will lose your
earnest money. I am available for any additional
questions.
Answered on 10/26/06, 11:57 am
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