Under Illinois law, how long does a seller have to pay back the earnest money after contract termination?

In Illinois, the law stipulates that a seller must return the earnest money to the buyer within 14 days after the termination of a contract, provided that the termination is due to factors that warrant a return of the earnest money to the buyer. This timeframe ensures that buyers are not left waiting indefinitely for their funds to be returned after a contract has been effectively concluded. The sellers have an obligation to rectify the financial aspect of the contract promptly, reinforcing the transactional trust between parties involved in real estate dealings.

The other options do not align with the statutory requirements set forth by Illinois law. Knowing this 14-day benchmark is important for both buyers and sellers in managing expectations and ensuring compliance with legal obligations regarding earnest money.