Legal Question in Real Estate Law in Illinois

Have an attorney review the contract with you. If you have no cause to pull out and you are in breach of contract, many contract forms allow jilted buyers to sue for "specific performance" meaning they can force you to sell, or if there is a broker and both sides don't agree to terminate could force an "interpleader" lawsuit between you an the buyer that could include a claim for specific performance. But before you pull that trigger I'd get an attorney involved, because most buyers rely on limited time rate locks for mortgages and if they see there's a problem with this sale may decide to move on rather than get down in the mud, especially if you may be prepared to reimburse them for their out of pocket costs to date...... Just some ideas.