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

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1 Lawyer Answer

Steve McCann

Answered
  • 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.

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