At a training session in Skokie, Sawyer Young assumes that attorney review automatically replaces every inspection, appraisal, or financing deadline in a standard Illinois residential contract. Which answer is correct?
Correct Answer
C) That assumption is wrong because attorney review and other contingencies are separate contract mechanisms unless the form language or later written modifications tie them together.
Attorney review is one contract feature. Inspection, financing, and appraisal contingencies remain distinct unless the contract or later written changes expressly connect them.
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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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