Parker Hayes is reviewing an Illinois issue in Chicago. The person wants to draft a complex custom legal remedy clause for the parties without involving counsel. Which statement best applies?
Correct Answer
A) The broker should avoid drafting complex legal provisions and should instead direct the parties to an attorney for legal drafting or interpretation.
Illinois brokers may use approved forms in practice, but drafting or interpreting special legal provisions crosses into attorney territory.
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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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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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