After a residential real estate contract has been signed by both parties in Illinois, the buyer and seller verbally agree to change the possession date. Under Illinois law and standard contract practice, what is the proper way to make this change enforceable?
Correct Answer
A) The change should be memorialized in a written modification or addendum signed by all required parties as specified in the contract.
Illinois real estate contracts typically contain merger and modification clauses requiring that any changes to the agreement be made in writing and signed by the parties. The Illinois Statute of Frauds (740 ILCS 80/2) requires contracts for the sale of real estate — and modifications to those contracts — to be in writing to be enforceable. A written modification or addendum signed by the required parties is the proper and legally sound method for changing contract terms after execution.
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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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