Review Purchase Agreement in Illinois

I'm not 100% sure what you are asking, but in negotiatons of purchases of businesses, business real estate, and personal real estate, it's not unusual to sign amendments extending the date by which an agreement must be made, or by which closing will occur. There can be many, many reasons for this, but generally, at least in my experience, both parties must agree in writing to any extensions of any sort of dates or deadlines. Here are two very common reasons a purchase and sale agreement may need to be extended: (1) Obtaining financing or (2) Obtaining an inspection I hope that helps! Best wishes, Merry

Hello! I understand you are entering into a Purchase Agreement and want to know whether there are any cancellation fees. First, you would read the agreement to see if there is any mention of termination/cancellation fees such as the loss of the down payment if the buyer attempt to terminate the contract. But, generally, the agreement is binding contract. So, if a buyer attempts to cancel the contract, it could be considered a breach of contract. In that situation, the seller can claim damages, which usually results in a loss of the down payment but also could lead to other monetary claims or a claim to attempt to force the buyer to fulfill the purchase (general called a specific performance claim). Separately, in most cases, if the buyer's ability to purchase the property is dependent on getting a secured loan, usually there would be no cancellation or damage claim and the buyer would have the right to the return of the downpayment (this should be outlined in the contract and is usually referred to as a contingency clause). I hope that helps.