A buyer and seller sign the Illinois Multi-Board Residential Real Estate Contract on Friday. The seller's attorney receives the contract on the following Tuesday. If the attorney wants to disapprove the contract, by when must the disapproval be communicated?
Correct Answer
C) By Friday at 5:00 PM
The attorney has 3 business days from receipt (Tuesday) to disapprove, which ends Friday at 5:00 PM.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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