Legal Question in Real Estate Law in Illinois
buyer wishes to default on real estate contract
Situation:
Seller has a legally binding signed contract with buyer for a home.
Seller is an FSBO, with an attorney's council.
NO contingencies are listed on the contract (i.e. inspection, financing, etc.).
As stated on the contract, the home is being sold ''as is''.
The closing date, as stated on the contract, is less than 15 days away.
The buyer has provided a letter from his banking institution that he is pre-approved for the loan amount.
All title work is clear. Necessary inspections (termite, etc.) have been performed.
The buyer decides he does not want the property.
Question: Can the buyer legally back out of this contract if the seller wishes to pursue the sale?
1 Answer from Attorneys
Re: buyer wishes to default on real estate contract
Let me guess. You are the Buyer. You should run, not walk, to a Real Estate Lawyer's office. Since you didn't provide your Zip Code, it is impossible to accurately answer your question as the practice varies so much from place to place.
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