Canceling A Real Estate Contract

Summary

In Illinois, a real estate contract can typically be canceled if the buyer fails to meet certain conditions. Contracts signed after their expiration are generally not valid. Contact Illinois Legal Aid for further assistance.

Full Conversation

Can I cancel a real estate contract and sell to a different buyer?
What is the reason you want to cancel the contract? Depending on the terms of your contract, you may or may not be able to cancel it.
The contract holder has had over a month and not move forward with a sale. New buyer is ready to go and offering a lot more money
What state are you in? Real estate contract laws can vary by location.
Illinois
What are the specific terms of your contract regarding cancellation? In Illinois, a real estate contract can typically be cancelled if the buyer fails to meet certain conditions.
I do not see a cancellation clause
What is the agreed upon time frame for the buyer to finalize the purchase in your contract?
Would the contract be valid if I signed it after the stated expiration date and time on the contract?
In general, a contract signed after its expiration date may not be valid. However, this can depend on the specific laws in Illinois. Can you provide the exact expiration date and time stated in the contract?
Closing was set for August 6th
What time did you sign the contract on August 6th?
Sorry misunderstood
No problem, ****. Can you please clarify what time you signed the contract on August 6th?
P. Acceptance. This agreement shall remain in full force and effect until * o'clock local time on */*/* (date). If at this time the Seller has not executed and delivered a fully executed original agreement, the contract will become of no force and effect
Did you sign the contract before or after * o'clock local time on */*/*?
Yes on */*/*
Did you sign the contract before or after * o'clock local time on */*/*?
After
Based on Illinois law:

- Contracts signed after their expiration are generally not valid.
- You may need legal advice to confirm this.

For further assistance, contact Illinois Legal Aid: *-*-*.
Can you provide a helpline for outside of cook county, as I'm not a resident
Sure, you can reach out to the Illinois Legal Aid Online at *-*-*-*. They provide statewide assistance.