Legal Question in Real Estate Law in Illinois

Expiring Contract For Closing

I signed a contract to close on a two unit building and it expires today. I am waiting to here from the sellers lender regarding the final numbers on the property. Will my contract be null and void after today or can I re-enforce the contract because I am ready to close, not the seller?


Asked on 9/15/05, 9:36 am

1 Answer from Attorneys
Zedrick Braden III Ainsworth & Associates PC

Re: Expiring Contract For Closing

Hello. It is very important that you send a letter to the seller and advise him/her that you are able to perform. In this way he/she will not

be able to say that you defaulted on the deal.

Your contract with seller probably includes language which says that the seller keeps your

earnest money, if you the buyer default on the deal. I suggests that you take care of this immediately. Of course, you can ask the seller to extend the contract, but since he/she is the one holding up the deal, telling him/her that you are ready to close the deal will offer you better protection. If you have any additional questions, I will be happy to answer them.

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Answered on 9/15/05, 7:59 pm


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