A residential purchase contract in Illinois is signed on Monday at 3:00 PM. The standard 5-business-day attorney review period begins on the date of acceptance, with the acceptance date counted as day zero. If no attorney modifications or disapprovals are delivered, when does the attorney review period expire?
Correct Answer
A) The following Monday at the end of the day
The Illinois standard residential contract provides a 5-business-day attorney review period beginning on the date of acceptance (counted as day zero). Counting Tuesday through the following Monday yields five business days, so the period expires at the end of that following Monday.
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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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