Oak Park, IL asked in Real Estate Law for Illinois

Q: Can I not sign a buyer requests for verification that this offer was presented for a less than the asking price offer?

We rejected a less than the asking price offer and the buyer is asking us to sign Lines 555-557 on the IL MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 7.0 contract. Is there a legal requirement for us to sign it? What are the implications if we don't do it?

555: Illinois Real Estate License Law requires all offers be presented in a timely manner; Buyer requests verification that this offer was presented

556: Seller rejection: This offer was presented to Seller on ____ , 20 ____ at ____: ____a.m./p.m. and rejected on ____

557: ____ 20 at : a.m./p.m. ____ ____ [SELLER INITIALS]

Thank you!

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1 Lawyer Answer
Steve McCann
Steve McCann
  • Chicago, IL
  • Licensed in Illinois

A: I highly recommend you stop everything that you are doing, and hire a real estate attorney to represent you in the transaction. I do not recommend accepting an offer until you are represented.

The reasons being are voluminous. First, once you agree on the contract, you are bound by its terms. You can be on the hook for breach of contract if you make a simple mistake on the Multiboard 7.0 contract, which can end up costing you a great deal of time, stress, and money. Second, hiring a real estate attorney to represent you as the seller is disproportionately inexpensive. Many of us offer our services for around a $500 FLAT FEE for the entire transaction. This means an attorney will be able to serve as a resource for all of your questions, ensure your rights are protected, and represent your interests at the closing itself (which can sometimes take several hours) all for a $500 flat fee. Further, we will negotiate the attorney review period for you, draft all closing documents, order title insurance, and will be a direct resource for all of your questions to ensure a smooth transaction.

It truly is one of the best investments a seller of real estate in Illinois can make considering the risks for the seller, the low costs of an attorney's services, as well as the money a real estate attorney can save you in the back end when he or she ensures no mistakes are made. Contact one of us as soon as you can to discuss this transaction, and again, I recommend refraining from signing the contract until you are represented by experience counsel.

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