In Illinois you have 3 business days to back out of any legal contract. In real estate transactions there are a few circumstances that allow you to back out of a contract, one being the results of the home inspection. If things are found that are not acceptable or the owner refuses to fix items you find important you can back out of the contract.

Best advice is to contact a real estate attorney.

The answer is YES. In the Chicagoland area our common contingencies are: financing, inspection, attorney review, home sale and home close. If contract specifications weren't met or inspection issues weren't resolved a buyer can back out of a contract.

We use attorneys in our transactions and since this is a legal question I would recommend that you give your real estate attorney a call to find out why the buyer backed out.

Good Luck!

Sure, depending on what the contract says.

For example, most contracts have inspection contingencies. Most have financing contingencies. Sometimes there are other contingencies (sale of a current home, for instance). Or a contract may fall through because various documents weren't delivered on time. If you're in a condominium or HOA, for instance, the contract probably provided that documents must be provided within x days. If you didn't, the buyer can back out. Or if the house doesn't appraise for the purchase price, there may well be an escape clause.

There are probably a dozen or more ways a typical buyer can--under the right circumstances--back out of a signed contract.

Check with your Realtor and, if necessary, a real estate lawyer.

Good luck.

Yes, in limited situations, but it depends entirely on the language in the contract. The only way to know for sure is to thoroughly review the contract with your agent or legal counsel. No one here can give you a definitive answer to this question for your specific situation unless they have a copy of the contract to review.