Legal Question in Real Estate Law in Illinois

Re: contract

Under Illinois law, if you are within the 5 day attorney review/approval period, your attorney can reject the contract at your direction, without giving any reason, and you are legally entitled to all of your money back. YOu should meet with your attorney as soon as possible to be sure that the appropriate letter is issued timely to exercise the attorney review/approval clause within the time frame provided in the contract. If you don't, your money is at risk.

By the way, I've learned over the years that, on a transaction as important as this, it's important to trust your instincts. It's better to have a false start or two than commit irrevocably to a course of action you are less than positive and confident about. There are plenty of pieces of real estate out there, if your feelings later change.

Our comments are based on treating your question as a hypothetical. Accordingly, our comments could be substantially and materially different were we advised of all of the relevant facts and circumstances. Our comments are by necessity general in nature, and should not be relied upon in taking or forgoing action in your circumstances without retaining an attorney. In order to fully explore your legal matter, you should meet with us or another attorney and bring to any such meeting all relevant documents and correspondence, and any other relevant facts.

We are not hired to be your attorney, and no attorney-client relationship exists between us, unless and until you enter into a written retainer agreement with us, tender the agreed amount for a retainer and it is accepted by us. We reserve the right to decline representation should circumstances change.

As you are aware, in Illinois there are various deadlines for filing a complaint, filing an answer to a complaint, or taking other action in order to preserve your legal rights, and avoid a complete loss of those rights. You should retain counsel immediately in order to be fully advised of your rights, and to be fully informed of the applicable time period within which those rights must be asserted. If you were to delay in doing so, it might result in your potential cause of action being forever barred.