Legal Question in Real Estate Law in Illinois

Your question cannot be answered using the information you provided. Carefully reviewing the contract or having an attorney review the contract is your best bet. While the 5-days probably pertains to an attorney review or inspection contingency (unless some special contingency was added), it is probably the contract provision dealing with notice that needs to be considered regardless the type of contingency. Determining exactly when you would have notice of the buyer backing out may be difficult. While the deadlines are clear, they may be tied to certain methods of delivery (e.g., fax, mail, e-mail). For example, for the contract we most commonly encounter in your area, the notice could be effective on date of mailing, which may mean that you receive the notice days later. I do not advise proceeding without representation and matters being reviewed on your behalf may be tied to a similar deadline.

I agree with Mr. Repay but wish to emphasize that you really must look at the contract and see whether it just says "day", "calendar day" or "business day". Business day generally means any day that is not a Saturday, Sunday or legal holiday. Day alone can mean any calendar day but the contract may say under general terms and conditions also that if the date for doing something is a Saturday, Sunday or legal holiday, the date is EXTENDED to the next "business day". As to the time of the day, if the contract is silent on it, then theoretically it is up to 11:59:59 pm. As Mr. Repay says, the contract probably also has a "NOTICE" provision that talks about HOW you exercise rights and obligations, and it may depend on whether notice is good only when it is sent, or when delivery is confirmed. Simple words have complex meanings.......