Micah Nguyen is reviewing an Illinois issue in Schaumburg. The person asks what an attorney may do during the standard review period under Illinois residential contract practice. Which statement best applies?
Correct Answer
A) During review, an attorney may approve the contract, propose modifications, or disapprove/cancel it as allowed by the clause language.
The ordinary attorney-review clause allows approval, proposed modification, or disapproval/cancellation within the review window.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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