Asked in Contracts for Illinois

Q: Is contingency allowed for a 22.1 disclosure negotiable, or timebound? Does buyer have an out on this basis til closing

Related Topics:
1 Lawyer Answer

Steve McCann

  • Chicago, IL
  • Licensed in Illinois

A: It depends on the language in the contract and the basis for justifying the buyer terminating the contract based on the 22.1 disclosures, as it is a fact specific determination. I recommend asking the attorney representing you in this transaction for his or her opinion on this matter, as they are in the best position to assist you based on their presumed familiarity of the transaction. If you are not represented by an attorney, you should hire one immediately. Many of us offer very reasonable flat rate fees for closings, and the value and security we can add to the transaction can save you a great deal of time and money in the long run that far outweighs the fee.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.