Legal Question in Real Estate Law in Illinois

Re: Condo

From what you say -his- options are "He also signed a promissory note stating that if he is unable to buy the condo at the time of closing he is entitled to pay 15%."

Your use of the pronouns "he" and "my" make me wonder if there is something else here. If you are still married then regardless of who signed the papers you both some some degree of liability. You may even have some liability if you have divorced.

Marriage is not a partnership, but they share many legal principles. Among them is that both spouses have some financial liability for contracts made by the other during the course of the marriage.

Re: Condo

Without looking at the paper work, I can only suggest that communication begin immediately with the seller. You might also be able to assign those rights to purchase to someone else. Your best bet is to hire an attorney to guide you as yours is not a simple matter. Good luck.