Chicago, IL asked in Real Estate Law for Illinois

Q: I'm in the process of buying a condo.

If I decide to break the contract during escrow, how much of my money can I get back?

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1 Lawyer Answer
Carol Cadiz
Carol Cadiz
  • Elgin, IL
  • Licensed in Illinois

A: This is impossible to say with certainty without seeing the actual contract and the reason for "breaking" the contract. Most contracts will provide certain provisions whereby it is legally OK to walk away & get your earnest money back (I assume this is what you mean) but without a legally justifiable reason (as set forth in the contract) you likely risk all of your money being LOST and- again- this is specific to the contract- but you could be sued too. Hopefully you are not trying to buy real estate without a lawyer - so best bet is to discuss any concerns that you have with your lawyer as everything I just said is very general and might not apply to your situation. Best of luck.

James G. Ahlberg agrees with this answer

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