Legal Question in Real Estate Law in Illinois

Typically, if the buyer does not close when they're supposed to, there is no valid extension in place, and the buyer does not intend to close, then the buyer is essentially defaulting on the contract. In that case, the seller must look to the contract to determine what his recourse is. Sometimes the seller's recourse is limited to the earnest money. Other times the seller can get the earnest money, plus a fixed amount of liquidated damages. The seller may also be able to sue the buyer. You should review your contract carefully to determine what recourse the seller may have against you.