Illinois Form Ui-3/40 Payment Coupon
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FAQ
The seller can cancel the sale agreement if: The buyer fails to make the payment. The buyer makes balance payment only if he is satisfied with property title. The seller can send legal notice to the buyer to cancel the agreement and seek damages. The buyer can back out of the agreement if he fails to secure a home loan.
Montana law requires that seller agents disclose adverse material facts that are known to the seller agent. MCA § 37-51-313(3)(a).
Specifically, the MAR Back-Up Offer Addendum expressly provides that until the buyer has received written notice that the buyer in backup position is now in primary position, the buyer may cancel or terminate the buy-sell agreement. However, there is no corresponding right in favor of the seller.
If a seller defaults, he must return all deposits, plus added reasonable expenses, to the buyer. The other party may also seek to compel the erring party to complete the deal under specific performance. From a buyer's point of view, it is advisable to get the sale agreement registered.
Both the buyer and seller can cancel the sale agreement if there is a valid reason for it.