Can I Cancel My Real Estate Contract If I Find Issues In The Home After The Contract Is Signed?

You finally found a home that you love and a seller that agreed to sell it to you. You sign a contract with the seller. But, when you conduct your home inspection, the home has issues that you did not see or know of when you made the offer. Can you get out of the contract?

The short answer is, most likely, yes. In Illinois, the form real estate contracts allow the buyer time to conduct a home inspection after signing a contract and to advise the seller of issues they found with the home during that inspection. Usually that deadline is 5 business days after the contract is signed by both parties. In a letter usually sent by the buyer’s attorney to the seller’s attorney, the buyer’s attorney lists all the “defects” with the home and requests that the seller repair those defects before closing or provide a credit at closing for the cost of repairing those defects. Under the form contract, not every issue will be a “defect” that the buyer can request a repair or credit for; the defects must be to the major components of the home (not simply that a door is off a hinge or other “cosmetic” issues). If the parties cannot agree on what repairs, if any, will be done or what credit will be provided at closing, the buyer has the right to cancel the contract.

It is important for both the buyer and the seller to keep the deadlines in mind and to make sure that none of the deadlines are missed. That is why it is important for both sides to hire competent real estate attorneys to take them through the process and to provide counsel all along the way. If you need a real estate attorney, contact the experienced attorneys at Mag Mile Law by calling (708) 576-1624 or emailing us at [email protected].

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