Legal Question in Real Estate Law in Illinois

I was trying to buy a condomenium and signed and paid the ernest money to the seller. About 2 weeks ago I found out that my condo HMO is exercising there ROFR and seller reached to me asking to terminate the contract. I was really pissed off because me and my agent spent a lot of time and money in trying to buy this property.

My agent contacted a lawyer and he got all the condo disclosure document from seller attorney and he read the disclosure document of HMO and found that HMO do not have there ROFR listed in disclosure document thus HMO cannot exercise ROFR. This point was raised by attorney to seller's attorney and seller's attorney acknowledge the point.

Seller is still interested in selling the property to me and request me to sign the contract extension in hope to close it in another 2 weeks.

I was told by my attorney that he talked to seller attorney and they plan to give HMO's attorney another 1 week to respond if they see any further issues.

Now what should I do in this situation?

If seller goes ahead and sells the property to me, will HMO have any right to go after me?

Will I be having to deal with any legal hassles after buying such a property?

What are some of things I should in such situation?

Thanks


Asked on 5/25/11, 9:59 pm

2 Answers from Attorneys

You have an attorney who has the most knowledge about your case. You should contact him with your concerns.

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Answered on 5/26/11, 7:22 am
Stephen Messutta

Talk to your attorney. If you don't want him or her to handle this for you any more and want someone else to do so, you will have to switch. But you can't ask us when you currently have an attorney.

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Answered on 5/26/11, 8:55 am


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