Legal Question in Real Estate Law in Illinois
New Construction, Under Contract, Builder sold property
I have a contract to purchase a condo in Chicago. The builder could not finish the project and has sold the property to a new builder. I sent a certified letter to the attorney representing the new builder and asked when I can expect to do a walkthrough and make a checklist. I was contacted by the real estate agent representing the new builder and he informed me that my contract was no longer valid but I could purchase the property at the newly listed price which is at about a 70% premium now.
Is my contract with the old builder still valid? Did it have to be transferred when the property was sold? Did I have to be notified that the builder was selling the property?
2 Answers from Attorneys
Re: New Construction, Under Contract, Builder sold property
You may very well have claims available to you, but it would take a review of the contract at issue.
Feel free to contact me if you desire.
-- Kenneth J. Ashman; www.AshmanLawOffices.com; [email protected]
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Re: New Construction, Under Contract, Builder sold property
I would encourage you to IMMEDIATELY seek legal counsel to determine your legal remedies.
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