Illinois real estate attorney modification of contracts

Attorney Modification of Illinois Residential Real Estate Contracts

Updated on:
July 7, 2018

When you sell or purchase a home, your realtor will usually present you with a widely used form contract.  The realtor will have the ability to customize that form to fit your needs. The contract will typically provide that each party's attorney will have 5 business days to (1) approve the contract; (2) reject the contract; or (3) negotiate modifications to the contract.  

‍During this 5 day period, the contract is contingent upon attorney approval.  If your attorney fails to reject or seek to modify the contract within the 5 day period, the contract will automatically be binding upon you after the 5 day period expires.  

‍​When your attorney sends a letter requesting modification of the contract, he or she will include language in the letter that states that the proposed modifications do or do not represent a counter-offer.  If the modifications do represent a counter-offer, the other side will have an opportunity to negate the contract by rejecting the modifications.  If the modifications do not represent a counter-offer, rejecting the modifications will not nullify the contract.  

‍Often, the parties cannot come to an agreement on the all of the contract modifications within the 5 day review period.  In this case, the review period is typically extended by mutual agreement.  

A good attorney will be sure to staunchly protect his client's interests while, at the same time, working to achieve a meeting of the minds between the parties so as to prevent the deal from falling through.

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O'Flaherty Law is happy to meet with you by phone or at our offices in Downers Grove, Elmhurst, Naperville, St. Charles, Lake in the Hills and Tinley Park, Illinois.

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Attorney Modification of Illinois Residential Real Estate Contracts
Disclaimer: Our articles and comment responses do not constitute legal advice and are not intended to create an attorney-client relationship.

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