Illinois real estate attorney modification of contracts

Attorney Modification of Illinois Residential Real Estate Contracts

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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.

Presented By O'Flaherty Law

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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The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

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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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