Illinois LegalLife Multistate Guide and Handbook for Selling or Buying Real Estate
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FAQ
But unlike buyers, sellers can't back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages.
The contract is in review period: Most home sales use a standard real estate contract or purchase agreement, which provides a five day review provision. During the window, the seller or buyer can cancel the contract for any reason, allowing either party to back out without any consequences.
The states that require a real estate attorney to be involved include Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia
You Need Not Hire an Attorney, Although You Might Want To While some states require that an each party to a real estate transaction retain a lawyer to represent their interests at the closing; California does not.
To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.They can't find another home to move into.
Illinois is what is known as an 'attorney state' for residential real estate closings. People who buy or sell their home typically hire lawyers to assist them in the process.
Although Illinois law does not require a real estate attorney to be present at closings, hiring an attorney when buying or selling your home is almost always a wise decision.
Unlike in some states, Illinois law does not require that sellers involve a lawyer in the house-selling transaction.And if you are selling your home without a real estate agent (a for sale by owner or FSBO), it may be useful to hire an attorney to help with the legal paperwork.
In the Chicago area, the buyer and the seller each usually pay for their own closing lawyer. Chicago real estate attorney fees generally range from a fixed fee of $500-$1000 for a condo or single-family residential real estate closing.