After a residential purchase contract has been signed by both parties in Illinois, the buyer and seller verbally agree to change the closing date. What is the legally sound way to document this change?
Correct Answer
B) A written modification or addendum signed by all required parties, consistent with the contract's amendment provisions.
Real estate contracts in Illinois are subject to the Statute of Frauds (740 ILCS 80/2), which requires contracts for the sale of real estate — and material modifications to those contracts — to be in writing and signed by the parties to be charged. A verbal agreement to change a closing date, even if genuinely reached, is legally unenforceable as a contract modification and creates ambiguity and risk for all parties. The proper method is a written amendment or addendum signed by the buyer, seller, and any other parties required under the contract's amendment clause.
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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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