Contract Cancel Terms - Buyer Illinois

[Ryan Bird]

My real estate agent told me that a buyer can cancel an executed contract within 5 business days of signings for any reasons. Is this true? Are there any exclusions?

Reasons is because I was planning to give multiple offers and wanted to get out of another in case my first priority home gets accepted at my price.  

[Vincent Incopero]

@Ryan Bird - This is ABSOLUTELY TRUE, provided that you are writing an offer on a Realtor board promulgated contract. 

You would be well advised to speak to the attorney that you intend on working with if you have questions. The tactic that you are employing, while being frowned upon by MOST Realtors, is fair game and is contemplated and provided for in MOST Realtor generated/supplied contracts. 

if CAR - Paragraph 14/15

If MultiBoard - Paragraph 10