Legal Question in Real Estate Law in Illinois

Is there a law for a 5 day attorney review period in Illinois

Asked on 5/16/13, 8:08 am

2 Answers from Attorneys

If you mean is there a law in Illinois that mandates a 5-day attorney review period for all residential real estate sale of existing property resale contracts, the answer is no.

However, most form contracts used by brokers for such transactions in at least the Chicago metro area have incorporated some kind of attorney review provision.

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Answered on 5/16/13, 8:15 am

Henry Repay Law Offices of Henry Repay

No. The attorney review provisions are negotiated contract matters. Many of the standard form real estate purchase contracts have an attorney review provision built in, usually 5 days, but it is not required. Even if in the form contract, it can be a matter of negotiation to strike it. In some of the contracts, it is an optional provision that becomes applicable by initialing. In some cases, the contract does not contain it. If you do not have an attorney review provision, there may be little an attorney can do for to cure any issues since the contract is binding once accepted.

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Answered on 5/16/13, 9:16 am

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