Legal Question in Real Estate Law in Illinois

I am interpreting "pass" to mean that you are going to back out of the deal. First, if you are backing out for a reason, you may have a contingency in the contract that would give you that right. Otherwise, if you are simply backing out without any basis in the agreement, you would be in breach of contract and can be sued for damages. Most of the area contracts, however, limit that to the forfeiture of earnest money, which often is not much. If it is not limited to the earnest money, the sellers would have to prove their damages. If they sell to another party soon, that may be very limited. If they cannot sell, the damages can conceivably be quite high. Have a real estate closing attorney look at the documents and advise you about the terms, deadlines and ramifications. You should not be involved in a real estate closing without an attorney regardless the above.